JA SOLAR(002459) 浙商证券·2024-09-13 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The photovoltaic industry chain prices are at a bottom range, leading to a temporary pressure on the company's performance. In H1 2024, the company achieved operating revenue of 37.357 billion yuan, a year-on-year decrease of 8.54%, and a net profit attributable to the parent company of -0.874 billion yuan, transitioning from profit to loss [2] - The N-type capacity ramp-up is accelerating, with continuous growth in component shipments. In H1 2024, the company shipped over 38GW of battery components, with overseas shipments accounting for approximately 54%. By the end of 2024, the company's component capacity is expected to exceed 100GW [2][3] - Significant achievements in technological innovation have led to an increase in product competitiveness. The company invested 1.959 billion yuan in R&D in H1 2024, accounting for 5.24% of operating revenue, and holds 1,827 valid patents [3] - The profit forecast has been revised downwards, but the "Buy" rating is maintained. The company is a leading player in the domestic photovoltaic integration sector, with notable scale and technological advantages. The revised net profit forecasts for 2024-2026 are -1.13 billion, 2.052 billion, and 3.282 billion yuan, respectively [3][4] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 37.357 billion yuan, a decrease of 8.54% year-on-year, and a net profit of -0.874 billion yuan, transitioning from profit to loss. The gross profit margin was 3.91%, down 15.44 percentage points year-on-year [2] - The company’s N-type battery capacity has rapidly reached production targets, with significant improvements in product yield and efficiency, leading to a notable reduction in production costs [2][3] Research and Development - The company’s R&D investment in H1 2024 was 1.959 billion yuan, representing 5.24% of operating revenue. The company has a total of 1,827 valid patents, including 977 invention patents [3] Profit Forecast and Valuation - The profit forecast has been adjusted downwards, with expected net profits for 2024-2026 being -1.13 billion, 2.052 billion, and 3.282 billion yuan, respectively. The corresponding EPS estimates are -0.34, 0.62, and 0.99 yuan, with P/E ratios of /, 17, and 10 times [4][3]