JA SOLAR(002459) 光大证券·2024-09-05 06:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for H1 2024, with revenue at 37.357 billion yuan, down 8.54% year-on-year, and a net loss of 0.874 billion yuan, down 118.16% year-on-year [2] - Despite the decline in profitability due to falling prices in the industry chain, the company achieved a record high in battery module shipments, exceeding 38 GW, a year-on-year increase of approximately 59% [2] - The company is steadily advancing its integrated production capacity, expecting to exceed 100 GW in module capacity by the end of 2024, with N-type battery capacity reaching 57 GW [2] - The company holds approximately 3 GW of solar power plants and is optimizing its asset-liability structure through public REITs issuance [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 37.357 billion yuan, a decrease of 8.54% year-on-year, and a net loss of 0.874 billion yuan, a decrease of 118.16% year-on-year [2] - In Q2 2024, revenue was 21.385 billion yuan, an increase of 5.02% year-on-year, with a net loss of 0.391 billion yuan, down 117.54% year-on-year [2] - The gross margin for H1 2024 decreased by 15.44 percentage points to 3.91%, with Q2 gross margin at 3.05% [2] Market Position and Product Development - The company’s overseas revenue accounted for approximately 61.45% of total revenue, with overseas sales reaching 22.956 billion yuan [2] - The company is launching differentiated products to meet diverse customer needs, including offshore photovoltaic products and high-efficiency components [2] Capacity and Future Outlook - The company is expected to have over 100 GW of module capacity by the end of 2024, with 80% of silicon wafer and battery capacity aligned with module capacity [2] - Profit forecasts have been adjusted downward due to continuous price declines in the industry, with expected net profits for 2024-2026 at -1.912 billion yuan, 2.283 billion yuan, and 3.071 billion yuan respectively [2][3]