JA SOLAR(002459) 国金证券·2024-09-01 07:14Investment Rating - The report maintains a "Buy" rating for JA Solar Technology (002459 SZ) [2] Core Views - Despite industry challenges, JA Solar shows signs of recovery with narrowing losses and positive operating cash flow [2] - The company's leading position in TOPCon technology, overseas capacity, and channel layout supports market share growth and profit recovery [3] - JA Solar's operating cash flow turned positive in Q2 2024, with cash reserves increasing significantly to RMB 24 9 billion, up 66% from Q1 [3] Financial Performance - H1 2024 revenue reached RMB 37 4 billion, down 9% YoY, with a net loss of RMB -8 7 billion [2] - Q2 2024 revenue was RMB 21 4 billion, up 5% YoY and 34% QoQ, with a net loss of RMB -3 9 billion [2] - The company's module shipments exceeded 38GW in H1 2024, a 59% YoY increase, with Q2 shipments surpassing 21GW, up 37% QoQ [2] - Gross margin declined by 2 0 percentage points to 3 05% in H1 2024 due to industry price reductions [2] Capacity and Technology - JA Solar's module capacity is expected to exceed 100GW by the end of 2024, with wafer and cell capacity reaching 80% of module capacity [3] - The company's N-type cell capacity reached 57GW, with mass-produced N-type cell conversion efficiency reaching 26 5% [3] Overseas Expansion - JA Solar's overseas module shipments accounted for 54% of total shipments in H1 2024, with overseas revenue contributing 61 5% [3] - The company has established a global sales network covering 165 countries and regions, with production bases in Southeast Asia and the US [3] Valuation and Forecast - The report revised down JA Solar's 2024-2026 net profit forecasts to RMB -6 2 billion, RMB 23 7 billion, and RMB 34 4 billion, respectively [3] - The company's current market valuation corresponds to a PB ratio below 1x [3] Historical Ratings - JA Solar has consistently received "Buy" ratings from analysts over the past two years, with 45 "Buy" ratings in the last six months [6][7]