JA SOLAR(002459) 中银证券·2024-11-10 09:18Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company has shown significant improvement in Q3 performance, transitioning from a loss to a profit, with a strong ability to control costs [3]. - The company is expected to continue its cost reduction efforts, which may enhance profitability in the future [3]. - The forecasted earnings per share for 2024-2026 have been adjusted to -0.04, 1.06, and 1.56 RMB respectively, reflecting a significant change in expectations [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 54,347.86 million RMB, a decrease of 9.39% year-on-year, and a net profit attributable to shareholders of -4.84 million RMB, down 107.16% year-on-year [3][5]. - In Q3 2024, the company achieved a net profit of 3.90 million RMB, a decrease of 80.02% year-on-year but a recovery from previous losses [3][5]. - The gross margin for Q3 2024 improved to 8.67%, an increase of 5.62 percentage points from the previous quarter [3][5]. Production and Sales - The company shipped over 57 GW of battery modules in the first three quarters of 2024, with N-type components accounting for approximately 63% of total shipments [3]. - In Q3 2024, the company shipped 18.5 GW of battery modules, with N-type components making up about 75% of the total [3]. Cost Control and Capacity Expansion - The company plans to exceed 100 GW of module production capacity by the end of 2024, with N-type battery capacity reaching 70 GW [3]. - The sales cost of battery modules in Q3 2024 was approximately 0.84 RMB/W, reflecting a decrease of about 11% from the previous quarter [3]. Valuation - The adjusted earnings per share forecasts for 2024-2026 are -0.04, 1.06, and 1.56 RMB, with corresponding price-to-earnings ratios of -523.4, 17.4, and 11.8 times [3][4].