JA SOLAR(SZ:002459) Changjiang Securities·2025-09-01 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant recovery in gross margin in Q2 2025, alongside the announcement of a stock option incentive plan and employee stock ownership plan, indicating confidence in its future [4][11] - In H1 2025, the company achieved revenue of 23.905 billion yuan, a year-on-year decrease of 36.01%, with a net profit attributable to shareholders of -2.58 billion yuan [2][4] - The company plans to repurchase 200 to 400 million yuan worth of shares within the next 12 months for employee stock ownership or incentive plans, representing approximately 0.35% to 0.70% of total share capital [3][4] Financial Performance - In Q2 2025, the company reported revenue of 13.232 billion yuan, a year-on-year decline of 38.12%, but a quarter-on-quarter increase of 23.99%, with a net profit of -942 million yuan [2][4] - The company’s battery module shipment volume reached 33.79 GW in H1 2025, with overseas shipments accounting for approximately 45.93% [11] - The gross margin in Q2 2025 improved significantly by 5.76 percentage points to -0.95% due to increased operating rates and price recovery [11] - The company had cash reserves exceeding 26 billion yuan in Q2 2025, with a debt ratio reduced by 0.4 percentage points to 75.9% [11] Incentive Plans - The 2025 stock option incentive plan targets 1,975 individuals, including directors (excluding independent directors), senior management, core technical personnel, and key staff, with the proposed stock options accounting for 4.89% of the total [5] - The employee stock ownership plan for 2025 includes a maximum of 57 participants, with the stock involved representing approximately 1.28% [5]