晶澳太阳能公布2017年第一季度财报

发布于 2017年5月27日
晶澳太阳能有限公司 
JA Solar Holdings Co., Ltd. announced its unaudited financial results for its first quarter ended March 31, 2017.

First Quarter 2017 Highlights

- Total shipments were 1,392.7 megawatts ("MW"), consisting of 1,325.1MW of modules and 50.2MW of cells to external customers, and 17.4 MW of modules to the Company's downstream projects. External shipments were up 32.5% y/y and down 2.6% sequentially

- Shipments of modules were 1,325.1MW, an increase of 44.1% y/y and a decrease of 2.1% sequentially

- Shipments of cells were 50.2 MW, a decrease of 57.8% y/y and 14.8% sequentially

- Net revenue was RMB 3.7 billion ($536.4 million), an increase of 6.4% y/y and a decrease of 7.5% sequentially

- Gross margin was 11.7%, a decrease of 490 basis points y/y and 120 basis points sequentially

- Operating profit was RMB 80.0 million ($11.6 million), compared to RMB 223.3 million ($32.4 million) in the first quarter of 2016, and RMB 370.5 million ($53.8 million) in the fourth quarter of 2016

- Net income was RMB 8.1 million ($1.2 million), compared to RMB 158.0 million ($23.0 million) in the first quarter of 2016, and RMB 353.4 million ($51.3 million) in the fourth quarter of 2016

- Earnings per diluted ADS were RMB 0.17 or $0.03, compared to RMB 2.74 or $0.40 in the first quarter of 2016, and RMB 6.80 or $0.99 in the fourth quarter of 2016

- Cash and cash equivalents were RMB 2.3 billion ($332.1 million), a decrease of RMB 283.4 million ($41.2 million) during the quarter

- Non-GAAP earnings1 per diluted ADS were RMB 0.17 or $0.03, compared to RMB 2.33 or $0.34 in the first quarter of 2016, and RMB 6.80 or $0.99 in the fourth quarter of 2016

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Our operating results were in line with our expectations. We delivered high-single-digit year over year revenue growth on robust external shipments, driven by strength in the Asia Pacific markets. We expect solid demand from China in the second quarter, driven by accelerated activity ahead of subsidy reductions. Despite this near-term strength, we are cautious on the business outlook for the second half of 2017, given limited visibility into customer demand, as well as the competitive pricing environment across multiple geographies."

Mr. Jin continued, "We remain committed to streamlining our operations in order to optimize efficiencies, and are focused on executing our business strategy to provide our customers with high-quality products. We continue to believe that our geographic exposure, prudent cost control and flexible business model will enable us to navigate through industry cycles. As market conditions improve, we will be positioned for sustainable long-term growth."

All shipment and financial figures refer to the quarter ended March 31, 2017, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended March 31, 2016. All "sequential" comparisons are against the quarter ended December 31, 2016.

Total shipments were 1,392.7 MW, in line with our previously announced guidance. External shipments of 1,375.3 MW increased 32.5% year over year and decreased 2.6% sequentially.


Net revenue was RMB 3.7 billion ($536.4 million), an increase of 6.4% y/y and a decrease of 7.5% sequentially.

Gross profit of RMB 433.3 million ($63.0 million) decreased 24.7% y/y and 15.9% sequentially. Gross margin was 11.7%, which compares to 16.6% in the year-ago quarter, and 12.9% in the fourth quarter of 2016. The decrease in gross margin was primarily due to a decline of average selling price of solar modules in the first quarter of 2017.

Total operating expenses of RMB 353.3 million ($51.3 million) were 9.6% of revenue. This compares to operating expenses of 10.1% of revenue in the year-ago quarter, and 3.6% of revenue in the fourth quarter of 2016. Included in operating expenses in the fourth quarter of 2016 were a one-time reversal of RMB 348.3 million ($50.6 million) of previously recorded expenses due to the resolution of the Company’s dispute with Hemlock Semiconductor Pte. Ltd, and a one-time charge of RMB 99.6 million ($14.5 million) resulted from the termination of business relationship with one of the Company's business partners.

Operating profit was RMB 80.0 million ($11.6 million), compared to RMB 223.3 million ($32.4 million) in the year-ago quarter, and RMB 370.5 million ($53.8 million) in the fourth quarter of 2016. Operating margin was 2.2%, compared with 6.4% in the prior year period and 9.3% in the previous quarter.

Interest expense was RMB 83.3 million ($12.1 million), compared to RMB 67.3 million ($9.8 million) in the year-ago quarter, and RMB 72.9 million ($10.6 million) in the fourth quarter of 2016.

The change in fair value of warrant derivatives was nil, compared with positive RMB 23.4 million ($3.4 million) in the year-ago quarter, and nil in the fourth quarter of 2016. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering, and expired on August 16, 2016.

Earnings per diluted ADS were RMB 0.17 or $0.03, compared to earnings per diluted ADS of RMB 2.74 or $0.40 in the year-ago quarter, and earnings per diluted ADS of RMB 6.80 or $0.99 in the fourth quarter of 2016.

Liquidity

As of March 31, 2017, the Company had cash and cash equivalents of RMB 2.3 billion ($332.1 million), and total working capital of RMB 0.8 billion ($118.0 million). Total short-term borrowings were RMB 3.2 billion ($467.1 million). Total long-term borrowings were RMB 2.9 billion ($425.4 million), of which RMB 870.9 million ($126.5 million) were due in one year.

Business Outlook

For the second quarter of 2017, the Company expects total cell and module shipments to be in the range of 1,550 to 1,650 MW. Nearly all will be external shipments.


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