晶澳太阳能公布2017年第二季度财报

发布于 2017年8月24日
晶澳太阳能有限公司 
JA Solar Holdings Co., Ltd. announced its unaudited financial results for its second quarter ended June 30, 2017.

Second Quarter 2017 Highlights

- Total shipments were 2,389.2MW, consisting of 2,147.5MW of modules and 167.2MW of cells to external customers, and 74.5MW of modules to the Company's downstream projects. External shipments were up 88.3% y/y and 68.3% sequentially

- Shipments of modules were 2,147.5MW, an increase of 89.3% y/y and 62.1% sequentially

- Shipments of cells were 167.2MW, an increase of 75.8% y/y and 233.1% sequentially

- Net revenue was RMB 6.0 billion ($878.1 million), an increase of 44.7% y/y and 61.2% sequentially

- Gross margin was 12.9%, a decrease of 240 basis points y/y and an increase of 120 basis points sequentially

- Operating profit was RMB 255.1 million ($37.6 million), compared to RMB 188.0 million ($27.7 million) in the second quarter of 2016, and RMB 80.0 million ($11.8 million) in the first quarter of 2017

- Net income was RMB 134.6 million ($19.9 million), compared to RMB 164.1 million ($24.2 million) in the second quarter of 2016, and RMB 8.1 million ($1.2 million) in the first quarter of 2017

- Earnings per diluted ADS were RMB 2.87 or $0.42, compared to RMB 2.87 or $0.42 in the second quarter of 2016, and RMB 0.17 or $0.03 in the first quarter of 2017

- Cash and cash equivalents were RMB 3.2 billion ($477.0 million), an increase of RMB 947.6 million ($139.8 million) during the quarter

- Non-GAAP earnings1 per diluted ADS were RMB 2.87 or $0.42, compared to RMB 2.04 or $0.30 in the second quarter of 2016, and RMB 0.17 or $0.03 in the first quarter of 2017

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Second quarter results exceeded our expectations. Robust shipments in China, primarily attributable to accelerated activity ahead of subsidy reductions, drove our year-over-year double-digit revenue growth in the quarter. Additionally, better-than-expected average selling price and lower blended costs resulted in 120 basis-point sequential improvement in gross margin."

Mr. Jin continued, "We remain cautious on our business outlook as we enter the second half of 2017, given the slowdown in demand in our domestic market, coupled with the uncertainty around the Section 201 trade case in the U.S. While anticipated changes in incentives is expected to slow the Chinese market in the second half of the year, we continue to believe our balanced global footprint and flexible business model will enable us to adjust to evolving market conditions. Our team remains focused on prudently managing our working capital, strengthening our balance sheet and executing our business strategy to provide our customers with high-quality products.”

All shipment and financial figures refer to the quarter ended June 30, 2017, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended June 30, 2016. All "sequential" comparisons are against the quarter ended March 31, 2017.

Total shipments were 2,389.2MW, well above the guidance of 1,550 to 1,650MW. This is mainly due to stronger than expected pull-in orders from the China market. External shipments of 2,314.7MW increased 88.3% year over year and 68.3% sequentially.

External shipments breakdown by product (MW)



External shipments breakdown by region (percentage)



Net revenue was RMB 6.0 billion ($878.1 million), an increase of 44.7% y/y and 61.2% sequentially.

Gross profit of RMB 770.8 million ($113.7 million) increased 22.7% y/y and 77.9% sequentially. Gross margin was 12.9%, which compares to 15.3% in the year-ago quarter, and 11.7% in the first quarter of 2017.

Total operating expenses of RMB 515.7 million ($76.1 million) were 8.7% of revenue. This compares to operating expenses of 10.7% of revenue in the year-ago quarter, and 9.6% of revenue in the first quarter of 2017.

Operating profit was RMB 255.1 million ($37.6 million), compared to RMB 188.0 million ($27.7 million) in the year-ago quarter, and RMB 80.0 million ($11.8 million) in the first quarter of 2017. Operating margin was 4.3%, compared with 4.6% in the prior year period and 2.2% in the previous quarter.

Interest expense was RMB 82.6 million ($12.2 million), compared to RMB 68.8 million ($10.1 million) in the year-ago quarter, and RMB 83.3 million ($12.3 million) in the first quarter of 2017. 

The change in fair value of warrant derivatives was nil, compared with positive RMB 47.4 million ($7.0 million) in the year-ago quarter, and nil in the first quarter of 2017. 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 2.87 or $0.42, compared to earnings per diluted ADS of RMB 2.87 or $0.42 in the year-ago quarter, and earnings per diluted ADS of RMB 0.17 or $0.03 in the first quarter of 2017.

Liquidity

As of June 30, 2017, the Company had cash and cash equivalents of RMB 3.2 billion ($477.0 million), and total working capital of RMB 857.2 million ($126.5 million). Total short-term borrowings were RMB 3.3 billion ($491.7 million). Total long-term borrowings were RMB 2.8 billion ($419.4 million), of which RMB 792.1 million ($116.8 million) were due in one year.

Business Outlook

For the third quarter of 2017, the Company expects total cell and module shipments to be in the range of 1,600 to 1,700MW. Nearly all will be external shipments.

For the full year 2017, the Company is raising its shipment outlook. Total cell and module shipments are now expected to range between 6.5 and 7.0GW, up from 6.0-6.5GW in the prior guidance. This includes 100-150MW of module shipments to the Company's downstream projects, down from 200-250MW in the previous guidance. Revenues will not be recognized for the modules shipped to the Company's downstream projects as required by US GAAP.

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