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Company Profile　　JA Solar Technology Co Ltd is a China-based company mainly engaged in the research and development, production and sales of silicon wafers, solar cells and solar modules. The Company is also engaged in the development, construction and operation of solar photovoltaic power plants. The Company"s main products are solar modules, including polycrystalline silicon solar modules and monocrystalline silicon solar modules. Its silicon wafers include monocrystalline silicon wafers and polycrystalline silicon wafers. Its monocrystalline silicon wafers are mainly used for processing monocrystalline silicon solar cells, while its polycrystalline silicon wafers are mainly used for processing polycrystalline silicon solar cells. Its solar cells mainly include monocrystalline silicon cells and polycrystalline silicon cells. The Company mainly distributes its electricity produced by photovoltaic power plants to grid companies. The Company conducts its businesses in domestic and overseas markets.　　(Source:MarketScreener).　　Event　　JA Solar Technology (“the company”) releases its preliminary earnings report for 2022.　　The company reported CNY72.989 billion in revenue for 2022, a year-on-year increase of 76.72%.　　The company reported CNY5.533 billion in net profit attributable to shareholders for 2022, a year-on-year growth of 171.40%. The company also reported CNY5.557 billion in net profit attributable to shareholders and excluding gains and losses from non-recurring items for 2022, up 200.90% YoY.　　For the fourth quarter of 2022, the company reported CNY23.666 billion in revenue, up 55.65% YoY and 13.48% QoQ. The company reported CNY2.243 billion in net profit attributable to shareholders for Q4, up 208.89% YoY and +41.34% QoQ. The company reported CNY2.316 billion in net profit attributable to shareholders and excluding gains and losses from non-recurring items for Q4, up 200.85% YoY and 44.08% QoQ.　　The company’s profitability has grown strongly.　　Comments　　The company’s product volume and profit both grow, making it among the top in the industry.　　The company is a leading provider of photovoltaic products. In recent years, the company has been strengthening its capacity of supplying photovoltaic products through capacity expansion and industrial chain expansion, in a bid to meet the growing and diversifying downstream market demand and consolidate its leading position in the photovoltaic industry.　　From 2017 to 2021, the company’s module shipments ranked among the top three in the world. In 2022, the company’s battery module shipments reached 39.75GW, including 672MW of self-sustaining power stations, ranking at the　　forefront of the industry.　　The profitability per watt of the company’s modules is on the rise, mainly due to reasons as follows. (1) The upstream polysilicon supply grows, so the raw material prices go down and profits in the industrial chain are redistributed. (2) The US policy has gradually eased, so the customs clearance of photovoltaic modules has accelerated, and the profitability is significantly higher than that in the rest of the world. (3) The sea freight is greatly cut. The company enhances the technical level of its products as the photoelectric conversion efficiency continues to grow.　　The company ramps up investment in research and development, and its battery and module products are leading in the industry. The company’s latest mass-produced n-type Bycium cell has a conversion efficiency of up to 25.3%.　　The maximum power of DeepBlue 4.0 X high-density modules can reach 625W (version 78), which can reduce the BOS cost by about 2.1% and the LCOE cost by about 4.6% compared with the mainstream P-type components, creating higher value for customers.　　In 2022, the company had completed the impairment of small-size battery products below 166. In 2023, the company will maintain advanced production capacity and move forward without any burden. The company expands integrated production capacity to build advantages in the whole industry chain.　　Since 2010, the company has expanded its business from battery to upstream and downstream, and it has established a whole industry chain model from silicon wafers to modules, smart energy, photovoltaic new materials and so on.　　At the end of 2022, the company’s wafer/cell/module production capacity reached 40/40/50GW, respectively. It is expected that the company’s wafer/cell/module production capacity will reach 70/70/80GW respectively in 2023, further deepening its business integration.　　Earnings forecast and investment recommendation　　At present, the supply and demand pattern of upstream polysilicon has changed and has started to drop, and profits in the industrial chain are redistributed, so the company’s profitability is expected to growth steadily. In addition, with the introduction of new production capacity, the company’s market share is on the rise as it continues to lead the industry.　　It is expected that the company’s PV module shipments will be 60-65GW in 2023, of which TOPcon shipments will account for a third. We adjust our forecast of the company’s EPS to CNY4.03 and CNY5.09 for 2023 and 2024 respectively. We also estimate its 2025 EPS at CNY6.00.　　We maintain the rating of “Buy”.　　Potential risks　　Industry policy changes; less-than-expected downstream demand; less-than-expected launch of new production capacity; sharper-than-expected price fluctuations of raw materials in the upstream.【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

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