JA SOLAR(SZ:002459) Changjiang Securities·2025-11-13 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first three quarters of 2025, the company achieved a revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%. The net profit attributable to the parent company was -3.553 billion yuan. In Q3 2025, the revenue was 12.904 billion yuan, down 24.05% year-on-year and 2.48% quarter-on-quarter, with a net profit of -0.973 billion yuan, indicating a slight increase in loss compared to the previous quarter [2][6]. Financial Performance - The company reported a gross margin of -0.88% in Q3 2025, showing a slight improvement of 0.07 percentage points quarter-on-quarter despite rising upstream and auxiliary material prices [12]. - The operating expense ratio increased by 3.02 percentage points to 8.25% in Q3, primarily due to financial expenses influenced by exchange rate fluctuations [12]. - The company has maintained positive operating cash flow since the beginning of 2025, indicating strong cash flow management [12]. Future Outlook - The company has ample cash reserves and strong risk resistance capabilities, with reduced financial pressure following the adjustment of convertible bond prices. The quality of the financial statements is solid, and the company has expressed confidence in future performance through previous announcements of equity incentives and employee stock ownership plans [12]. - The recent progress in photovoltaic anti-involution is expected to yield positive results, positioning the company as a leading integrated component manufacturer with significant advantages [12].