22 April 2009
JA Solar Holdings has broken ground on its Phase II, ingot, cell and module facility in Yangzhou, China. According to Chinese news reports, the production plant will cost approximately US$100 million and be completed by the end of 2009. The reports suggested the new plant would increase JA Solar’s production capacity by 300MW.
The new expansion project would seem to be inline with JA Solar’s planned capacity of 875MW by the end of 2009, up from 600MW in 2008. JA Solar claims a solar cell production line costs US$10 million, suggesting approximately 6-8 lines could be added.
Showing posts with label JA Solar. Show all posts
Showing posts with label JA Solar. Show all posts
Sunday, April 26, 2009
Tuesday, February 24, 2009
JA Solar signs solar cell supply agreement with BP Solar International
BEIJING, Feb 13, 2009 (Xinhua via COMTEX) -- China's high-performance solar product producer JA Solar Holdings Co., Ltd. (JASO.Nasdaq) will supply monocrystalline and polycrystalline solar cells to BP Solar International Inc. in 2009 with an initial volume of 175 MW, according to latest announcement by JA Solar.
The ultimate solar cell delivery may reach as much as 360 MW within 2009, according to the announcement.
This supply agreement is pursuant to the broader strategic cooperation agreement signed between JA Solar and BP Alternative Energy Holdings Limited in November of last year.
Samuel Yang, CEO of JA Solar, said, "We believe this extended agreement with BP will positively affect our business in 2009 and the years beyond."
Additionally, JA Solar plans to announce the operating results for the fourth quarter of 2008 and the annual financial report of 2008 in the second week of March 2009.
The ultimate solar cell delivery may reach as much as 360 MW within 2009, according to the announcement.
This supply agreement is pursuant to the broader strategic cooperation agreement signed between JA Solar and BP Alternative Energy Holdings Limited in November of last year.
Samuel Yang, CEO of JA Solar, said, "We believe this extended agreement with BP will positively affect our business in 2009 and the years beyond."
Additionally, JA Solar plans to announce the operating results for the fourth quarter of 2008 and the annual financial report of 2008 in the second week of March 2009.
JA Solar lowers 2009 revenue expectations
Associated Press, 02.11.09
Chinese solar cell maker JA Solar Holdings Co. on Wednesday again lowered its revenue forecast for 2009, citing global financial weakness and tight credit markets.
Shares of the company tumbled on the news, dropping 25 cents, or 8.3 percent, to $2.76 in aftermarket trading, having closed the regular session at $3.01.
The company currently expects 2009 revenue of $830 million to $952 million. Analysts surveyed by Thomson Reuters, on average, expect 2009 revenue of $993.8 million.
In November, the company cut its revenue projection to between $1.43 billion and $1.66 billion from a prior forecast of $2 billion to $2.2 billion.
JA Solar (nasdaq: JASO - news - people )'s target for total production output is now 500 megawatts to 550 megawatts. The nameplate production capacity by year-end 2009 is now expected to be 875 megawatts.
Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial and utility-scale power generation.
Chinese solar cell maker JA Solar Holdings Co. on Wednesday again lowered its revenue forecast for 2009, citing global financial weakness and tight credit markets.
Shares of the company tumbled on the news, dropping 25 cents, or 8.3 percent, to $2.76 in aftermarket trading, having closed the regular session at $3.01.
The company currently expects 2009 revenue of $830 million to $952 million. Analysts surveyed by Thomson Reuters, on average, expect 2009 revenue of $993.8 million.
In November, the company cut its revenue projection to between $1.43 billion and $1.66 billion from a prior forecast of $2 billion to $2.2 billion.
JA Solar (nasdaq: JASO - news - people )'s target for total production output is now 500 megawatts to 550 megawatts. The nameplate production capacity by year-end 2009 is now expected to be 875 megawatts.
Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial and utility-scale power generation.
Tuesday, January 6, 2009
JA Solar Signed 60MW Solar Cell Supply Contract with Solar Power
Roseville-based Solar Power Inc. says it has signed a contract with JA Solar Holding Co. Ltd. for up to 60 Megawatts of polycrystalline photovoltaic cells.
Solar Power says it needs the cells to meet increased customer demand in Europe, Asia, and for turnkey systems in the United States. The cells will go into SPI's solar modules.
Based in Hebei, China, JA Solar is one of the world's largest producers of high-performance solar cells.
"We are excited about our agreement with JA Solar. Their products are known for quality and performance and we are very fortunate to be able to integrate them into our own," says Steve Kircher, CEO of Solar Power. "This is a true strategic relationship with strong mutual benefit. It will allow us to leverage our vertical integration business model through a significant amount of supply."
He says the contract should put the company and its franchise holders in a strong position to compete on price.
Solar Power says it needs the cells to meet increased customer demand in Europe, Asia, and for turnkey systems in the United States. The cells will go into SPI's solar modules.
Based in Hebei, China, JA Solar is one of the world's largest producers of high-performance solar cells.
"We are excited about our agreement with JA Solar. Their products are known for quality and performance and we are very fortunate to be able to integrate them into our own," says Steve Kircher, CEO of Solar Power. "This is a true strategic relationship with strong mutual benefit. It will allow us to leverage our vertical integration business model through a significant amount of supply."
He says the contract should put the company and its franchise holders in a strong position to compete on price.
Thursday, December 11, 2008
JA Solar Again Cuts Q4 Guidance
Posted by Eric Savitz
The troubles in the solar sector continue to deepen.
JA Solar this afternoon again cut its Q4 guidance.
The solar cell company now sees revenue of about $124 million, down from previous guidance of $191.5 million to $220.9 million. The earlier guidance, which JA Solar had provided on November 12, had been dramatically below the then-consensus view of $371.4 million.
The company said it continues to see gross margin of 5% to 7%, and break-even non-GAAP earnings per ADS
JA Solar now sees 2008 production of 250-260 MW, down from earlier guidance of 310 MW.
In a statement, CEO Samuel Yang said that the company over the past few weeks has seen "a dramatic slowdown in orders" due to macro economic conditions.
Yang said he expects the company to be profitable in 2009.
After hours, JASO is down 17 cents, or 6%, to $2.68.
The troubles in the solar sector continue to deepen.
JA Solar this afternoon again cut its Q4 guidance.
The solar cell company now sees revenue of about $124 million, down from previous guidance of $191.5 million to $220.9 million. The earlier guidance, which JA Solar had provided on November 12, had been dramatically below the then-consensus view of $371.4 million.
The company said it continues to see gross margin of 5% to 7%, and break-even non-GAAP earnings per ADS
JA Solar now sees 2008 production of 250-260 MW, down from earlier guidance of 310 MW.
In a statement, CEO Samuel Yang said that the company over the past few weeks has seen "a dramatic slowdown in orders" due to macro economic conditions.
Yang said he expects the company to be profitable in 2009.
After hours, JASO is down 17 cents, or 6%, to $2.68.
Thursday, December 4, 2008
Solar-Fabrik AG signs agreement with JA Solar Holdings Co., Ltd. for the supply of 30 MWp of solar cells
Freiburg (euro adhoc) - Freiburg, 03/12/2008. Solar-Fabrik AG (ISIN: DE0006614712) has entered into an agreement with JA Solar Holdings Co., Ltd of China for the supply of 30 megawatts of solar cells. The agreement initially has a term of one year, though both firms have expressed an interest in extending it.
The agreement specifies a supply of five-inch monocrystalline wafers. However, the contractual volume is to be expanded to include the supply of six-inch monocrystalline and polycrystalline cells. "We are pleased to add JA Solar to our list of high-quality partners for the supply of raw materials", commented Christoph Paradeis, CEO at Solar-Fabrik AG. "Tests conducted in advance of the agreement confirmed the high quality of the firm's solar cells. They fulfill Solar-Fabrik's quality requirements. With JA Solar we have added yet another crucial strategic partner to our team of suppliers that will help us successfully tackle the future challenges of the solar market."
Based in China, JA Solar is a manufacturer of high-performance solar cells and is considered a reliable and quality supplier that has exhibited impressive growth rates and currently has a capacity exceeding 500 MWp.
"We are pleased to be able to work with Solar-Fabrik, a pioneer and quality leader in the international solar industry", explains Ray Wilson, Vice President Sales & Marketing of JA Solar. "These new business relations with the Solar-Fabrik Group strengthen our customer base on the global solar market."
By forming a partnership with JA Solar, Solar-Fabrik has found a partner that can not only keep up with the Group's fast growth on this highly competitive market, but also offers a lot of value for the money. The agreement will allow Solar-Fabrik to expand its market share. In fiscal 2009, Solar-Fabrik plans to ramp up sales of solar panels by at least 70%.
The agreement specifies a supply of five-inch monocrystalline wafers. However, the contractual volume is to be expanded to include the supply of six-inch monocrystalline and polycrystalline cells. "We are pleased to add JA Solar to our list of high-quality partners for the supply of raw materials", commented Christoph Paradeis, CEO at Solar-Fabrik AG. "Tests conducted in advance of the agreement confirmed the high quality of the firm's solar cells. They fulfill Solar-Fabrik's quality requirements. With JA Solar we have added yet another crucial strategic partner to our team of suppliers that will help us successfully tackle the future challenges of the solar market."
Based in China, JA Solar is a manufacturer of high-performance solar cells and is considered a reliable and quality supplier that has exhibited impressive growth rates and currently has a capacity exceeding 500 MWp.
"We are pleased to be able to work with Solar-Fabrik, a pioneer and quality leader in the international solar industry", explains Ray Wilson, Vice President Sales & Marketing of JA Solar. "These new business relations with the Solar-Fabrik Group strengthen our customer base on the global solar market."
By forming a partnership with JA Solar, Solar-Fabrik has found a partner that can not only keep up with the Group's fast growth on this highly competitive market, but also offers a lot of value for the money. The agreement will allow Solar-Fabrik to expand its market share. In fiscal 2009, Solar-Fabrik plans to ramp up sales of solar panels by at least 70%.
Friday, November 21, 2008
JA Solar says it plans to work with BP
JA Solar Holdings and BP subsidiary say they plan long-term development and marketing deal
November 20, 2008: 11:17 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. and an alternative-energy subsidiary of oil giant BP PLC said Thursday they plan to jointly develop and sell solar-power unit components over the next five years.
A final agreement is expected before year-end.
JA Solar said it expected to contribute manufacturing and access to third-party silicon or wafers used in photovoltaic units, while BP expected to add access to its own supplies and customer list.
JA Solar, based in Hebei, China, makes monocrystalline solar cells for sale to manufacturers that assemble them into systems to convert sunlight into electricity.
BP Alternative Energy Holdings Ltd. has 2,300 employees and makes solar-energy products for residential, commercial and industrial customers.
November 20, 2008: 11:17 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. and an alternative-energy subsidiary of oil giant BP PLC said Thursday they plan to jointly develop and sell solar-power unit components over the next five years.
A final agreement is expected before year-end.
JA Solar said it expected to contribute manufacturing and access to third-party silicon or wafers used in photovoltaic units, while BP expected to add access to its own supplies and customer list.
JA Solar, based in Hebei, China, makes monocrystalline solar cells for sale to manufacturers that assemble them into systems to convert sunlight into electricity.
BP Alternative Energy Holdings Ltd. has 2,300 employees and makes solar-energy products for residential, commercial and industrial customers.
Friday, November 14, 2008
JA Solar cuts forecast, sees solar "panic"
Wed Nov 12, 2008
By Matt Daily
NEW YORK (Reuters) - Chinese solar cell maker JA Solar Holdings Co Ltd said on Wednesday the global economic slump had triggered a "panic" in the solar market, prompting it to slash its sales forecasts and sending its shares down more than 30 percent.
Sales of solar cells and panels have risen sharply in recent quarters as companies such as JA Solar ramped up production of the clean power source, but the global economic slowdown has caused that growth to slow, leading to a supply glut.
"At this moment the market reaction has been panic," Samuel Yang, chief executive officer, told a conference call.
The company, which posted a quarterly loss from its ties to defunct investment bank Lehman Brothers, said it had cut back on output of the cells that turn sunlight into electricity and would seek to renegotiate its polysilicon supply contracts.
That effort to cut costs for polysilicon, the key material in its cells, was an attempt to offset an expected 20 percent price decline in the average selling prices of its products.
"Just recently the euro depreciated dramatically, more than 23 percent. So we have to adjust our ASP (average selling price) to support our customers," Yang said.
Europe is the largest market for photovoltaic solar equipment because of the subsidy programs set up by the German and Spanish governments.
JA Solar's stock plunged as much as 32 percent to $2.27 following the announcement, bringing its loss since the beginning of September to nearly 90 percent.
"We do not believe in the 'disaster scenario' implied by the stock's sharp drop during today's session," Raymond James analyst Pavel Molchanov said in a client note, noting that the stock was trading nearly 40 percent below its book value. "JA Solar's low cost structure and healthy balance sheet place it in a strong competitive position."
JA Solar said it would seek a 20 percent drop in the price it pays its suppliers for polysilicon in 2009, and that it had already won price concessions for 2008. The company would seek to push its contracted costs for silicon below the spot market price of about $200 to $220 per kilogram.
SALES TO SLOW
The company cut its 2008 revenue forecast to between $849.5 million to $878.9 million from the $1.05 billion to $1.17 billion it had forecast in October, and said its earnings per share would be near break-even.
It also cut its 2009 revenue forecast to $1.5 billion to $1.7 billion from the previously issued $2.0 billion to $2.2 billion.
Fourth quarter growth margins would drop to 5 to 7 percent, the company said, from 21.6 percent in the third quarter and 23.3 percent in the second quarter.
JA Solar said it lost a net $21.0 million, or 36 cents per American Depositary Receipt, in the third quarter. In the same quarter a year ago it earned $24.4 million, or 17 cents per ADS.
Excluding one-time items, the Hebei, China-based company reported earnings of 25 cents per share, just short of Wall Street analysts' average forecast of 26 cents per share, according to Reuters Estimates'
Total revenue rose to $312.3 million from $125.2 million, and beat estimates of $302.1 million, according to Reuters Estimates, as the company more than doubled its solar cell sales.
JA Solar posted a one-time loss of $100 million in investments it made with Lehman, a $7.3 million loss from the derivatives deals with the bank and a 1.1 million share dilution based on shares lent to the collapsed investment bank.
By Matt Daily
NEW YORK (Reuters) - Chinese solar cell maker JA Solar Holdings Co Ltd said on Wednesday the global economic slump had triggered a "panic" in the solar market, prompting it to slash its sales forecasts and sending its shares down more than 30 percent.
Sales of solar cells and panels have risen sharply in recent quarters as companies such as JA Solar ramped up production of the clean power source, but the global economic slowdown has caused that growth to slow, leading to a supply glut.
"At this moment the market reaction has been panic," Samuel Yang, chief executive officer, told a conference call.
The company, which posted a quarterly loss from its ties to defunct investment bank Lehman Brothers, said it had cut back on output of the cells that turn sunlight into electricity and would seek to renegotiate its polysilicon supply contracts.
That effort to cut costs for polysilicon, the key material in its cells, was an attempt to offset an expected 20 percent price decline in the average selling prices of its products.
"Just recently the euro depreciated dramatically, more than 23 percent. So we have to adjust our ASP (average selling price) to support our customers," Yang said.
Europe is the largest market for photovoltaic solar equipment because of the subsidy programs set up by the German and Spanish governments.
JA Solar's stock plunged as much as 32 percent to $2.27 following the announcement, bringing its loss since the beginning of September to nearly 90 percent.
"We do not believe in the 'disaster scenario' implied by the stock's sharp drop during today's session," Raymond James analyst Pavel Molchanov said in a client note, noting that the stock was trading nearly 40 percent below its book value. "JA Solar's low cost structure and healthy balance sheet place it in a strong competitive position."
JA Solar said it would seek a 20 percent drop in the price it pays its suppliers for polysilicon in 2009, and that it had already won price concessions for 2008. The company would seek to push its contracted costs for silicon below the spot market price of about $200 to $220 per kilogram.
SALES TO SLOW
The company cut its 2008 revenue forecast to between $849.5 million to $878.9 million from the $1.05 billion to $1.17 billion it had forecast in October, and said its earnings per share would be near break-even.
It also cut its 2009 revenue forecast to $1.5 billion to $1.7 billion from the previously issued $2.0 billion to $2.2 billion.
Fourth quarter growth margins would drop to 5 to 7 percent, the company said, from 21.6 percent in the third quarter and 23.3 percent in the second quarter.
JA Solar said it lost a net $21.0 million, or 36 cents per American Depositary Receipt, in the third quarter. In the same quarter a year ago it earned $24.4 million, or 17 cents per ADS.
Excluding one-time items, the Hebei, China-based company reported earnings of 25 cents per share, just short of Wall Street analysts' average forecast of 26 cents per share, according to Reuters Estimates'
Total revenue rose to $312.3 million from $125.2 million, and beat estimates of $302.1 million, according to Reuters Estimates, as the company more than doubled its solar cell sales.
JA Solar posted a one-time loss of $100 million in investments it made with Lehman, a $7.3 million loss from the derivatives deals with the bank and a 1.1 million share dilution based on shares lent to the collapsed investment bank.
Tuesday, November 11, 2008
China Solar Companies Reportedly Slowing Production
November 10, 2008, 1:12 pm
China Solar Companies Reportedly Slowing Production
Posted by Eric Savitz
The China-based solar cell and module manufacturers are slowing down production in anticipation of slowing demand and falling prices, according to Wedge MKI, the Asia-based research arm of investment research boutique Wedge Partners. In a research note this morning, Wedge provided a rundown on the moves some of the companies in the industry are making in response to the rapidly shifting economic conditions, including much tighter credit markets, falling module and polysilicon prices and a sharp appreciation in the dollar. "Companies are doing their best to hold on while pricing falls apart, but market visibility is very poor," Wedge reports.
Here's a rundown on the steps Wedge finds unfolding at some of the key players:
Suntech (STP): "Quietly laying off about 10% of its 10,000 employees, and has idled half its production lines." Wedge says the company is "lobbying regional banks for short-term financial support in order to ballast the company during this downturn." The company has "put on ice" its plans to expand from 700 MW to 1.2 GW by the end of the year. European orders are down, and depreciation of the dollar means ASPs "are untenably low." Prices proposed for new contracts would put solar manufacturers "into a loss position."
JA Solar (JASO): Customer orders are "drastically down." Channel sources say the company has "large volumes of inventory which will ultimately have to be sold at much-reduced prices." Contends that half of the company's production lines have been closed down.
Yingli (YGE): Postponed or canceled planned expansion from 400 MW to 600 MW. Trying unsuccessfully to renegotiate contact with equipment supplier GT Solar (SOLR); seeking to retrieve its down payment.
Trina (TSL): Halted plans to expand its plan to 700 MW, at least through Q1.
Canadian Solar (CSIQ): "Canadian Solar may also have slowed its ingot plant in Luoyang, Henan."
Wedge notes that the spot price of polysilicon in the China market is down to $233, from $280 last week. "Although the lowered input cost should offer relief, we understand that purchasing is very sluggish due to lack of visibility on market demand and also weak financing for pre-payments," Wedge reports.
China Solar Companies Reportedly Slowing Production
Posted by Eric Savitz
The China-based solar cell and module manufacturers are slowing down production in anticipation of slowing demand and falling prices, according to Wedge MKI, the Asia-based research arm of investment research boutique Wedge Partners. In a research note this morning, Wedge provided a rundown on the moves some of the companies in the industry are making in response to the rapidly shifting economic conditions, including much tighter credit markets, falling module and polysilicon prices and a sharp appreciation in the dollar. "Companies are doing their best to hold on while pricing falls apart, but market visibility is very poor," Wedge reports.
Here's a rundown on the steps Wedge finds unfolding at some of the key players:
Suntech (STP): "Quietly laying off about 10% of its 10,000 employees, and has idled half its production lines." Wedge says the company is "lobbying regional banks for short-term financial support in order to ballast the company during this downturn." The company has "put on ice" its plans to expand from 700 MW to 1.2 GW by the end of the year. European orders are down, and depreciation of the dollar means ASPs "are untenably low." Prices proposed for new contracts would put solar manufacturers "into a loss position."
JA Solar (JASO): Customer orders are "drastically down." Channel sources say the company has "large volumes of inventory which will ultimately have to be sold at much-reduced prices." Contends that half of the company's production lines have been closed down.
Yingli (YGE): Postponed or canceled planned expansion from 400 MW to 600 MW. Trying unsuccessfully to renegotiate contact with equipment supplier GT Solar (SOLR); seeking to retrieve its down payment.
Trina (TSL): Halted plans to expand its plan to 700 MW, at least through Q1.
Canadian Solar (CSIQ): "Canadian Solar may also have slowed its ingot plant in Luoyang, Henan."
Wedge notes that the spot price of polysilicon in the China market is down to $233, from $280 last week. "Although the lowered input cost should offer relief, we understand that purchasing is very sluggish due to lack of visibility on market demand and also weak financing for pre-payments," Wedge reports.
Saturday, October 18, 2008
CHINESE SOLAR COMPANIES ON THE UP
ROTTERDAM - The Netherlands, Shanghai - China, October 17, 2008. Chinese solar companies are on the up. Led by major growth strategies, Chinese solar module manufacturers are hoping to push past the competition. Only the strongest will survive under current market conditions. Ignoring an expected oversupply situation in 2009, Chinese companies are aiming for growth rates of 100-400% a year. In recent years, we have already witnessed a reshuffle among the top 10 solar manufacturers; formerly high ranking European and Japanese producers have been replaced by Chinese manufacturers claiming positions among the top 10.
Although Q-cells still heads the table and First Solar is still the leading thin film company, the Chinese will be claiming more and more top-10 positions. Solarplaza, the global solar energy business portal, has made a shortlist of some of these high-potential companies and has taken a look at their growth ambitions and strategies.
Thin film
China has been in no doubt about the marked rise in the global production of thin film over the past two years. The first dozen thin film manufacturers to surface in China appeared no less than two to three years ago. Nowadays, dozens of Chinese thin film manufacturers are expanding their factories and have either started production or else will be doing so in the near future.
One of the largest investments has been made by Best Solar. With a contract worth $1.9 billion signed with Applied Materials they hope to grow from around 200 MW at the beginning of 2009 to almost 1 GW of thin film tandem junction production capacity by 2010, doubling this to 2GW by 2011.
To put this in perspective, First Solar (FSLR) will reach a production capacity of more than 1 GW by the end of 2009. Best Solar will start shipping products in Q1 of 2009.
Another young company with less capital but equal eagerness is QS Solar. This company is aiming to produce 500MW in thin film solar cells within 3 years (2010). QS Solar, together with companies like Nanosolar, Firstsolar, and Moserbaer, was one of the companies to present its products at the first thin film conference in Munich, June 2008.
Crystalline
There are already hundreds of manufacturers producing solar modules in China with regard to the crystalline side of things. A dozen are listed on foreign stock exchanges, four of them are listed on the New York stock exchange: JA Solar, Suntech Power, Trina Solar, and Solarfun.
The latter has received investments from Good Energies and is showing steady growth (from 240 MW output capacity to 360 MW by the end of 2008). Unlike Trina Solar, for instance, Solarfun focuses on producing solar cells and modules.
Founded in 1997, Trina Solar's year-end goal for 2009 is to have a production capacity of 600 MW, and it plans to ship between 360 to -400 MW in 2009 as they ramp up toward 600MW capacity. Trina has pursued a vertical integration model and thus produces, or aims to produce, nearly all the components for its PV panels. To demonstrate just how committed it was to this principle, Trina actually announced plans to open a polysilicon factory. It abandoned these plans in April this year.
The company argued that the polysilicon supply would become increasingly available as new plants came online; therefore, the supply of silicon would be both sufficient and ever more affordable in the years and months to come. Trina Solar, like Suntech, will be heavily reliant on the US as a market for their products.
Apart from these stock listed companies, there are also hundreds of small but ambitious companies actively involved in the solar industry.
Take Astronergy/Chint, for example. This company, founded in 2006, has a major focus on technology and is producing solar cells as well as thin film solar modules. It is striving to be the first among its competitors to reduce PV module costs to below $1/Wp. With a production goal of 380 MW by 2010, this company is also aiming to be one of the big players.
Bearing the scale of these ambitions and growth plans in mind, the Chinese solar industry will be able to take solar to the next level; and with prices that are almost the lowest in the industry, China will be giving European manufacturers a hard time in terms of the ability to compete.
Fully organized trade mission
For the purpose of exploring business opportunities and visiting the factories of some of the companies mentioned above, Solarplaza is organizing an open international PV trade mission to China. The program includes a brokerage event and factory visits to the companies mentioned above (Best Solar, Trina Solar, Solarfun Power, QS Solar, Chint Solar).
About SolarPlaza
Solarplaza is a global solar energy business portal with worldwide news and information on photovoltaic products and services. Solarplaza organizes solar-dedicated events and assists in large solar deals. Solarplaza has its headquarters in the Netherlands and also has offices in Spain and China.
Although Q-cells still heads the table and First Solar is still the leading thin film company, the Chinese will be claiming more and more top-10 positions. Solarplaza, the global solar energy business portal, has made a shortlist of some of these high-potential companies and has taken a look at their growth ambitions and strategies.
Thin film
China has been in no doubt about the marked rise in the global production of thin film over the past two years. The first dozen thin film manufacturers to surface in China appeared no less than two to three years ago. Nowadays, dozens of Chinese thin film manufacturers are expanding their factories and have either started production or else will be doing so in the near future.
One of the largest investments has been made by Best Solar. With a contract worth $1.9 billion signed with Applied Materials they hope to grow from around 200 MW at the beginning of 2009 to almost 1 GW of thin film tandem junction production capacity by 2010, doubling this to 2GW by 2011.
To put this in perspective, First Solar (FSLR) will reach a production capacity of more than 1 GW by the end of 2009. Best Solar will start shipping products in Q1 of 2009.
Another young company with less capital but equal eagerness is QS Solar. This company is aiming to produce 500MW in thin film solar cells within 3 years (2010). QS Solar, together with companies like Nanosolar, Firstsolar, and Moserbaer, was one of the companies to present its products at the first thin film conference in Munich, June 2008.
Crystalline
There are already hundreds of manufacturers producing solar modules in China with regard to the crystalline side of things. A dozen are listed on foreign stock exchanges, four of them are listed on the New York stock exchange: JA Solar, Suntech Power, Trina Solar, and Solarfun.
The latter has received investments from Good Energies and is showing steady growth (from 240 MW output capacity to 360 MW by the end of 2008). Unlike Trina Solar, for instance, Solarfun focuses on producing solar cells and modules.
Founded in 1997, Trina Solar's year-end goal for 2009 is to have a production capacity of 600 MW, and it plans to ship between 360 to -400 MW in 2009 as they ramp up toward 600MW capacity. Trina has pursued a vertical integration model and thus produces, or aims to produce, nearly all the components for its PV panels. To demonstrate just how committed it was to this principle, Trina actually announced plans to open a polysilicon factory. It abandoned these plans in April this year.
The company argued that the polysilicon supply would become increasingly available as new plants came online; therefore, the supply of silicon would be both sufficient and ever more affordable in the years and months to come. Trina Solar, like Suntech, will be heavily reliant on the US as a market for their products.
Apart from these stock listed companies, there are also hundreds of small but ambitious companies actively involved in the solar industry.
Take Astronergy/Chint, for example. This company, founded in 2006, has a major focus on technology and is producing solar cells as well as thin film solar modules. It is striving to be the first among its competitors to reduce PV module costs to below $1/Wp. With a production goal of 380 MW by 2010, this company is also aiming to be one of the big players.
Bearing the scale of these ambitions and growth plans in mind, the Chinese solar industry will be able to take solar to the next level; and with prices that are almost the lowest in the industry, China will be giving European manufacturers a hard time in terms of the ability to compete.
Fully organized trade mission
For the purpose of exploring business opportunities and visiting the factories of some of the companies mentioned above, Solarplaza is organizing an open international PV trade mission to China. The program includes a brokerage event and factory visits to the companies mentioned above (Best Solar, Trina Solar, Solarfun Power, QS Solar, Chint Solar).
About SolarPlaza
Solarplaza is a global solar energy business portal with worldwide news and information on photovoltaic products and services. Solarplaza organizes solar-dedicated events and assists in large solar deals. Solarplaza has its headquarters in the Netherlands and also has offices in Spain and China.
Saturday, October 4, 2008
JA Solar Reaffirms FY08, 09 Revenue Outlook
10/1/2008 (RTTNews) - JA Solar Holdings Co., Ltd., a China-based developer of photovoltaic solar cells, Wednesday reconfirmed its revenue guidance for fiscal 2008 and 2009, both indicated to be above the market expectation.
The company said it continues to expect revenues for fiscal 2008 to be in the range of RMB 7.22 billion or US1.05 billion to RMB 8.02 billion or US$1.17 billion. Full year gross margin is still estimated to be more than 20%.
On average, 14 analysts polled by First Call/Thomson Financial expect the company to report revenues of US$1.05 billion for 2008.
JA Solar reiterated its fiscal 2009 revenue guidance in the range of RMB 13.6 billion or US$2.0 billion to RMB 15.0 billion or US$2.2 billion. The company continues to expect its 2009 gross margin to be above 20%.
Analysts expect revenues of US$1.92 billion for fiscal 2009.
The company notified that the translation of RMB to US dollars in the guidance is based on the translation rate applied in the 2008 second quarter.
Additionally, JA Solar said it still expects its average selling prices for fiscal 2009 to drop between 8% and 10% from last year on an RMB basis.
The company plans to reserve a major portion of its remaining 2009 projected output for potential strategic partners in Europe and the U.S and continues to be cautiously optimistic about the potential for raising its 2009 projected output beyond 700 MW.
JA Solar is currently trading on the Nasdaq at $11.33, up $0.79 or 7.50%, on a volume of about 3.46 million shares.
by RTT Staff Writer
The company said it continues to expect revenues for fiscal 2008 to be in the range of RMB 7.22 billion or US1.05 billion to RMB 8.02 billion or US$1.17 billion. Full year gross margin is still estimated to be more than 20%.
On average, 14 analysts polled by First Call/Thomson Financial expect the company to report revenues of US$1.05 billion for 2008.
JA Solar reiterated its fiscal 2009 revenue guidance in the range of RMB 13.6 billion or US$2.0 billion to RMB 15.0 billion or US$2.2 billion. The company continues to expect its 2009 gross margin to be above 20%.
Analysts expect revenues of US$1.92 billion for fiscal 2009.
The company notified that the translation of RMB to US dollars in the guidance is based on the translation rate applied in the 2008 second quarter.
Additionally, JA Solar said it still expects its average selling prices for fiscal 2009 to drop between 8% and 10% from last year on an RMB basis.
The company plans to reserve a major portion of its remaining 2009 projected output for potential strategic partners in Europe and the U.S and continues to be cautiously optimistic about the potential for raising its 2009 projected output beyond 700 MW.
JA Solar is currently trading on the Nasdaq at $11.33, up $0.79 or 7.50%, on a volume of about 3.46 million shares.
by RTT Staff Writer
Thursday, May 15, 2008
JA Solar Holdings to offer $300M in senior notes
NEW YORK - Associated Press 05.12.08
China-based JA Solar Holdings Co. said Monday it plans to offer $300 million in convertible senior notes, due 2013.
JA Solar will grant underwriters an option to purchase up to an additional $45 million in notes, if more than $300 million of the notes are sold.
In some instances, the notes will be convertible into cash, American depositary shares, or a combination of both.
JA Solar will use proceeds to purchase and construct equipment and facilities, in addition to working capital and other corporate purposes.
JA Solar said the offering will be made under a shelf registration already filed with the Securities and Exchange Commission.
China-based JA Solar Holdings Co. said Monday it plans to offer $300 million in convertible senior notes, due 2013.
JA Solar will grant underwriters an option to purchase up to an additional $45 million in notes, if more than $300 million of the notes are sold.
In some instances, the notes will be convertible into cash, American depositary shares, or a combination of both.
JA Solar will use proceeds to purchase and construct equipment and facilities, in addition to working capital and other corporate purposes.
JA Solar said the offering will be made under a shelf registration already filed with the Securities and Exchange Commission.
JA Solar Reports First Quarter 2008 Results
First Quarter 2008 Highlights
* Revenue of RMB 1.12 billion (US$160.0 million), an increase of 234.8% over Q1 2007
* Total gross profit of RMB 235.9 million (US$33.6 million), an increase of 243.0% over Q1 2007 * Gross margin of 21.0% as compared to 20.5% in Q1 2007
* Income from operations of RMB 163.6 million (US$23.3 million), an increase of 181.7% over Q1 2007
* Basic and diluted earnings per ADS of RMB 1.00 (US$0.14) and RMB 0.99 (US$0.14) as compared to RMB 0.53 (US$0.08) and RMB 0.52 (US$0.07) in Q1 2007
* Shipped 51.4 MW of solar cells during the quarter Outlook for 2008
* Reiterate expected full year 2008 revenue in the range of RMB 7.22 billion (US$1.03 billion) to RMB 8.02 billion (US$1.14 billion)
* New solar cell manufacturing lines in both Ningjin and Yangzhou to commence production on schedule during second half 2008
* Reiterate expected 2008 production output of no less than 340 MW and annual production capacity of no less than 500 MW by the end of 2008
* Gross margin above 20%
HEBEI, China, May 12, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) today reported financial results for the first quarter ended March 31, 2008.
First Quarter 2008 Results
Total revenue for the first quarter 2008 was RMB 1.12 billion (US$160.0 million), an increase of 234.8% from first quarter 2007 revenue of RMB 335.1 million (US$47.8 million), and an increase of 6.7% from fourth quarter 2007 revenue of RMB 1.05 billion (US$150.0 million).
Total gross profit for the first quarter 2008 was RMB 235.9 million (US$33.6 million) compared to RMB 68.8 million (US$9.8 million) in the first quarter 2007, and RMB 222.7 million (US$31.8 million) in the fourth quarter 2007. Gross margin was 21.0% in the first quarter 2008 compared to 20.5% in the first quarter 2007, and 21.2% in the fourth quarter 2007.
Net income available to ordinary shareholders for the first quarter 2008 was RMB 154.5 million (US$22.0 million) compared to net income available to ordinary shareholders of RMB 58.3 million (US$8.3 million) for the first quarter 2007, and net income available to ordinary shareholders of RMB 98.3 million (US$14.0 million) for the fourth quarter 2007.
For the first quarter 2008 basic and diluted earnings per ADS were RMB 1.00 (US$0.14) and RMB 0.99 (US$0.14), respectively. These are compared to basic and diluted earnings per ADS of RMB 0.53 (US$0.08) and RMB 0.52 (US$0.07), respectively, for the same period of 2007; and, RMB 0.65 (US$0.09) and RMB 0.64 (US$0.09), respectively, for the fourth quarter 2007. The first quarter 2008 included share-based compensation expense of RMB 52.2 million (US$7.4 million), foreign exchange losses of RMB 38.6 million (US$5.5 million) and a positive change of RMB 40.7 million (US$5.8 million) in fair value of embedded foreign exchange derivatives, relating to some of our supply agreements. This is compared to share-based compensation expenses of RMB 2.0 million (US$0.3 million) and foreign exchange losses of RMB 6.2 million (US$0.9 million) for the same period of 2007; and, share-based compensation expenses of RMB 61.2 million (US$8.7 million) and foreign exchange losses of RMB 57.3 million (US$8.2 million) for the fourth quarter of 2007.
Capital expenditures were RMB 69.5 million (US$9.9 million) in the first quarter 2008, as compared to RMB 101.2 million (US$14.4 million) in the first quarter 2007, and RMB 128.9 million (US$18.4 million) in the fourth quarter 2007. Depreciation and amortization expenses in the first quarter 2008 were RMB 13.5 million (US$1.9 million), as compared to RMB 5.2 million (US$0.7 million) in the first quarter 2007, and RMB 11.9 million (US$1.7 million) in the fourth quarter 2007.
As of March 31, 2008, JA Solar had cash and cash equivalents of RMB 1.45 billion (US$206.8 million) compared with RMB 1.80 billion (US$256.1 million) at the end of the first quarter 2007, and RMB 1.15 billion (US$163.3 million) at the end of the fourth quarter 2007. Short-term debt decreased to nil at the end of the first quarter 2008 from RMB 200.0 million (US$28.5 million) at the end of the first quarter 2007, and RMB 200.0 million (US$28.5 million) at the end of fourth quarter 2007.
Summary of megawatts produced and shipped
(includes cell processing service)
---------------------------------------------------------------------
Three months ended
---------------------------------------------------------------------
Megawatts March 31, 2007 December 31, 2007 March 31, 2008
---------------------------------------------------------------------
Produced 17.6 MW 48.7 MW 49.2 MW
---------------------------------------------------------------------
Shipped 14.4 MW 50.2 MW 51.4 MW
---------------------------------------------------------------------
Cost per watt excluding wafer cost US$0.234/Wp US$0.198/Wp US$0.200/Wp
---------------------------------------------------------------------
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 31, 2008, which was RMB 7.012 to US$1.0000. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2008, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
Samuel Yang, JA Solar's Chief Executive Officer, said, "We are excited about our results for the first quarter, as we achieved continued revenue growth and a strong increase in income from operations. We are experiencing strong market demand this year, and we anticipate continued high customer demand for 2009. To strengthen our supply position, we recently added GCL as another supply partner during the quarter, which gives us further confidence in meeting increased customer demand as we ramp up our production capacity.
"We have made significant progress with our key operational and R&D initiatives. Installation of our new cell lines is on track. We are confident that we will achieve our target of 500 MW of annual production capacity by year-end 2008. Our R&D programs are moving forward and have started delivering results."
JA Solar's CFO, Mr. Daniel Lui said, "Our Q1 results once again demonstrated that our operational execution and disciplined financial management enabled us to achieve impressive revenue growth, increase profitability, and maintain our margin target. As we rapidly increase our size and scale with a continued emphasis on operational and cost efficiencies, we are confident that we will meet our growth targets, maintain profit margins, and grow profitably."
2008 Outlook
Based on current customer demand and market forecasts, we reiterate our expectations for revenue for the full year 2008 in the range of RMB 7.22 billion (US$1.03 billion) to RMB 8.02 billion (US$1.14 billion). Our revenue guidance in RMB remains unchanged. The higher amount in USD is due to a lower USD/RMB exchange rate used in the first quarter 2008 than the fourth quarter 2007. Gross margin for 2008 is expected to remain above 20%.
We reiterate our target for total production output of no less than 340 MW for 2008, with a total annual production capacity of no less than 500 MW by year-end 2008. Currently, we are building ten new solar cell manufacturing lines in Ningjin, Hebei Province. Between June to October 2008, we will add two 25 MW lines per month, totaling 250 MW of new capacity by the end of October. In our new production base in Yangzhou, we will add three 25 MW lines by the end of the fourth quarter 2008, totaling 75 MW of new capacity. The capital expenditures are expected to be RMB 966.8 million (US$137.9 million), primarily for capacity expansion. R&D expense is expected to be RMB 35.1 million (US$5.0 million).
* Revenue of RMB 1.12 billion (US$160.0 million), an increase of 234.8% over Q1 2007
* Total gross profit of RMB 235.9 million (US$33.6 million), an increase of 243.0% over Q1 2007 * Gross margin of 21.0% as compared to 20.5% in Q1 2007
* Income from operations of RMB 163.6 million (US$23.3 million), an increase of 181.7% over Q1 2007
* Basic and diluted earnings per ADS of RMB 1.00 (US$0.14) and RMB 0.99 (US$0.14) as compared to RMB 0.53 (US$0.08) and RMB 0.52 (US$0.07) in Q1 2007
* Shipped 51.4 MW of solar cells during the quarter Outlook for 2008
* Reiterate expected full year 2008 revenue in the range of RMB 7.22 billion (US$1.03 billion) to RMB 8.02 billion (US$1.14 billion)
* New solar cell manufacturing lines in both Ningjin and Yangzhou to commence production on schedule during second half 2008
* Reiterate expected 2008 production output of no less than 340 MW and annual production capacity of no less than 500 MW by the end of 2008
* Gross margin above 20%
HEBEI, China, May 12, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) today reported financial results for the first quarter ended March 31, 2008.
First Quarter 2008 Results
Total revenue for the first quarter 2008 was RMB 1.12 billion (US$160.0 million), an increase of 234.8% from first quarter 2007 revenue of RMB 335.1 million (US$47.8 million), and an increase of 6.7% from fourth quarter 2007 revenue of RMB 1.05 billion (US$150.0 million).
Total gross profit for the first quarter 2008 was RMB 235.9 million (US$33.6 million) compared to RMB 68.8 million (US$9.8 million) in the first quarter 2007, and RMB 222.7 million (US$31.8 million) in the fourth quarter 2007. Gross margin was 21.0% in the first quarter 2008 compared to 20.5% in the first quarter 2007, and 21.2% in the fourth quarter 2007.
Net income available to ordinary shareholders for the first quarter 2008 was RMB 154.5 million (US$22.0 million) compared to net income available to ordinary shareholders of RMB 58.3 million (US$8.3 million) for the first quarter 2007, and net income available to ordinary shareholders of RMB 98.3 million (US$14.0 million) for the fourth quarter 2007.
For the first quarter 2008 basic and diluted earnings per ADS were RMB 1.00 (US$0.14) and RMB 0.99 (US$0.14), respectively. These are compared to basic and diluted earnings per ADS of RMB 0.53 (US$0.08) and RMB 0.52 (US$0.07), respectively, for the same period of 2007; and, RMB 0.65 (US$0.09) and RMB 0.64 (US$0.09), respectively, for the fourth quarter 2007. The first quarter 2008 included share-based compensation expense of RMB 52.2 million (US$7.4 million), foreign exchange losses of RMB 38.6 million (US$5.5 million) and a positive change of RMB 40.7 million (US$5.8 million) in fair value of embedded foreign exchange derivatives, relating to some of our supply agreements. This is compared to share-based compensation expenses of RMB 2.0 million (US$0.3 million) and foreign exchange losses of RMB 6.2 million (US$0.9 million) for the same period of 2007; and, share-based compensation expenses of RMB 61.2 million (US$8.7 million) and foreign exchange losses of RMB 57.3 million (US$8.2 million) for the fourth quarter of 2007.
Capital expenditures were RMB 69.5 million (US$9.9 million) in the first quarter 2008, as compared to RMB 101.2 million (US$14.4 million) in the first quarter 2007, and RMB 128.9 million (US$18.4 million) in the fourth quarter 2007. Depreciation and amortization expenses in the first quarter 2008 were RMB 13.5 million (US$1.9 million), as compared to RMB 5.2 million (US$0.7 million) in the first quarter 2007, and RMB 11.9 million (US$1.7 million) in the fourth quarter 2007.
As of March 31, 2008, JA Solar had cash and cash equivalents of RMB 1.45 billion (US$206.8 million) compared with RMB 1.80 billion (US$256.1 million) at the end of the first quarter 2007, and RMB 1.15 billion (US$163.3 million) at the end of the fourth quarter 2007. Short-term debt decreased to nil at the end of the first quarter 2008 from RMB 200.0 million (US$28.5 million) at the end of the first quarter 2007, and RMB 200.0 million (US$28.5 million) at the end of fourth quarter 2007.
Summary of megawatts produced and shipped
(includes cell processing service)
---------------------------------------------------------------------
Three months ended
---------------------------------------------------------------------
Megawatts March 31, 2007 December 31, 2007 March 31, 2008
---------------------------------------------------------------------
Produced 17.6 MW 48.7 MW 49.2 MW
---------------------------------------------------------------------
Shipped 14.4 MW 50.2 MW 51.4 MW
---------------------------------------------------------------------
Cost per watt excluding wafer cost US$0.234/Wp US$0.198/Wp US$0.200/Wp
---------------------------------------------------------------------
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 31, 2008, which was RMB 7.012 to US$1.0000. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2008, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
Samuel Yang, JA Solar's Chief Executive Officer, said, "We are excited about our results for the first quarter, as we achieved continued revenue growth and a strong increase in income from operations. We are experiencing strong market demand this year, and we anticipate continued high customer demand for 2009. To strengthen our supply position, we recently added GCL as another supply partner during the quarter, which gives us further confidence in meeting increased customer demand as we ramp up our production capacity.
"We have made significant progress with our key operational and R&D initiatives. Installation of our new cell lines is on track. We are confident that we will achieve our target of 500 MW of annual production capacity by year-end 2008. Our R&D programs are moving forward and have started delivering results."
JA Solar's CFO, Mr. Daniel Lui said, "Our Q1 results once again demonstrated that our operational execution and disciplined financial management enabled us to achieve impressive revenue growth, increase profitability, and maintain our margin target. As we rapidly increase our size and scale with a continued emphasis on operational and cost efficiencies, we are confident that we will meet our growth targets, maintain profit margins, and grow profitably."
2008 Outlook
Based on current customer demand and market forecasts, we reiterate our expectations for revenue for the full year 2008 in the range of RMB 7.22 billion (US$1.03 billion) to RMB 8.02 billion (US$1.14 billion). Our revenue guidance in RMB remains unchanged. The higher amount in USD is due to a lower USD/RMB exchange rate used in the first quarter 2008 than the fourth quarter 2007. Gross margin for 2008 is expected to remain above 20%.
We reiterate our target for total production output of no less than 340 MW for 2008, with a total annual production capacity of no less than 500 MW by year-end 2008. Currently, we are building ten new solar cell manufacturing lines in Ningjin, Hebei Province. Between June to October 2008, we will add two 25 MW lines per month, totaling 250 MW of new capacity by the end of October. In our new production base in Yangzhou, we will add three 25 MW lines by the end of the fourth quarter 2008, totaling 75 MW of new capacity. The capital expenditures are expected to be RMB 966.8 million (US$137.9 million), primarily for capacity expansion. R&D expense is expected to be RMB 35.1 million (US$5.0 million).
Monday, April 21, 2008
JA Solar signs supply agreement with GCL Silicon Technology
JA Solar to receive silicon wafers from GCL Silicon Technology under long-term deal
April 21, 2008: 08:40 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. said Monday that Jiangsu Zhongneng Polysilicon Technology Development Co., a unit of GCL Silicon Technology Holdings Ltd., has agreed to supply the Chinese solar cell maker with silicon wafers under a long-term deal.
Financial terms were not disclosed.
Under the agreement, GCL Silicon Technology will supply about 6,000 megawatts of silicon wafers to JA Solar through December 2015 at predetermined prices.
JA Solar said delivery of the wafers began this month.
"This agreement is an important part of our growth strategy, as we further strengthen and diversify our supply position to support JA Solar's rapid growth and increased customer demand," said JA Solar Chief Executive Samuel Yang in a statement.
April 21, 2008: 08:40 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. said Monday that Jiangsu Zhongneng Polysilicon Technology Development Co., a unit of GCL Silicon Technology Holdings Ltd., has agreed to supply the Chinese solar cell maker with silicon wafers under a long-term deal.
Financial terms were not disclosed.
Under the agreement, GCL Silicon Technology will supply about 6,000 megawatts of silicon wafers to JA Solar through December 2015 at predetermined prices.
JA Solar said delivery of the wafers began this month.
"This agreement is an important part of our growth strategy, as we further strengthen and diversify our supply position to support JA Solar's rapid growth and increased customer demand," said JA Solar Chief Executive Samuel Yang in a statement.
Thursday, April 10, 2008
JA Solar Appoints New Chief Financial Officer
HEBEI, China, April 10, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) announced today that it has appointed Mr. Daniel Lui as the new Chief Financial Officer of the Company. Mr. Lui will assume the role of CFO effective May 10, 2008. JA Solar's current CFO, Mr. Herman Zhao, will retire from the Company and relocate back to the United States.
"I am very pleased to welcome Mr. Lui to our management team," said Samuel Yang, Chief Executive Officer. "His experience and expertise as a CFO at public and private companies, as well as startup ventures, will add additional strength to our financial management and will be a key contributor to our long-term success."
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
"I am very pleased to welcome Mr. Lui to our management team," said Samuel Yang, Chief Executive Officer. "His experience and expertise as a CFO at public and private companies, as well as startup ventures, will add additional strength to our financial management and will be a key contributor to our long-term success."
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
Thursday, March 13, 2008
JA Solar Reports Fourth Quarter and Full Year 2007 Results
Fourth Quarter 2007 Highlights
* Revenue of RMB 1.05 billion (US$ 144.2 million), an increase of 201.0% over Q4 2006
* Income from operations of RMB 132.9 million (US$ 18.2 million), an increase of 79.3% over Q4 2006
* Total gross profit of RMB 222.7 million (US$ 30.5 million) compared to RMB 83.7 million (US$ 11.5 million) in Q4 2006
* Gross margin was 21.2% compared to 23.9% in Q4 2006
* Net income of RMB 0.64 (US$ 0.09) per diluted ADS, which included a foreign exchange loss of RMB 57.3 million (US$ 7.9 million) compared to RMB 0.82 (US$ 0.11) per diluted ADS, which included a foreign exchange gain of RMB 1.0 million (US$ 0.1 million) in Q4 2006
* Shipped 50.2 MW, up 266.4%over Q4 2006 Full Year 2007 Highlights
* Full year 2007 revenues of RMB 2.69 billion (US$ 369.3 million), an increase of 286.8% over 2006
* Income from operations of RMB 446.4 million (US$ 61.2 million), an increase of 240.0% over 2006
* Total gross profit of RMB 600.9 million (US$ 82.4 million) compared to RMB 172.3 million (US$ 23.6 million) in 2006
* Gross margin was 22.3% compared to 24.7% in 2006
* Net income of RMB 2.93 (US$ 0.40) per diluted ADS compared to RMB 1.08 (US$ 0.15) per diluted ADS for the full year 2006
* Shipped 132.4 MW in 2007, an increase of 403.4% from 2006
* Increased annual manufacturing capacity from 75MW to 175MW Outlook for 2008
* Expect Full Year 2008 revenues in the range of RMB 7.22 billion (US$ 990.0 million) to RMB 8.02 billion (US$ 1.10 billion)
* Expect 2008 gross margin to be above 20%
* Expect to break ground on new solar cell manufacturing facility in Yangzhou, China during second half 2008
* Raising annual production capacity to 500 MW from 425 MW by the end of 2008
* Expect 2008 production output of 340 MW
HEBEI, China, March 12, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) today reported financial results for the fourth quarter and year ended December 31, 2007.
Fourth Quarter 2007 Results
Total revenues for the fourth quarter 2007 were RMB 1.05 billion (US$ 144.2 million), an increase of 201.0% from fourth quarter 2006 quarter revenues of RMB 349.4 million (US$ 47.9 million), and an increase of 23.7% from third quarter 2007 revenues of RMB 850.0 million (US$ 116.5 million).
Total gross profit for the fourth quarter 2007 was RMB 222.7 million (US$ 30.5 million) compared to RMB 83.7 million (US$ 11.5 million) in the fourth quarter 2006, and RMB 199.3 million (US$ 27.3 million) in the third quarter 2007. Gross margin was 21.2% in the fourth quarter of 2007 compared to 23.9% in the fourth quarter of 2006, and 23.5% in the third quarter of 2007.
Net income available to ordinary shareholders for the fourth quarter 2007 was RMB 98.3 million (US$ 13.5 million) compared to a net income available to ordinary shareholders of RMB 66.9 million (US$ 9.2 million) for the fourth quarter 2006, and net income available to ordinary shareholders of RMB 165.9 million (US$ 22.7 million) for the third quarter 2007.
For the fourth quarter 2007 basic and diluted earnings per ADS were RMB 0.65 (US$ 0.09) and RMB 0.64 (US$ 0.09), respectively. The fourth quarter 2007 included share-based compensation expense of RMB 61.2 million (US$ 8.4 million) and foreign exchange loss of RMB 57.3 million (US$ 7.9 million).
Capital expenditures were RMB 128.9 million (US$ 17.7 million) in the fourth quarter 2007, as compared to RMB 23.6 million (US$ 3.2 million) in the fourth quarter 2006, and RMB 144.3 million (US$ 19.8 million) in the third quarter 2007. Depreciation and amortization expenses in the fourth quarter 2007 were RMB 11.9 million (US$ 1.6 million), as compared to RMB 4.9 million (US$ 0.7 million) in the fourth quarter 2006, and RMB 10.7 million (US$ 1.5 million) in the third quarter 2007.
As of December 31, 2007, JA Solar had cash and cash equivalents of RMB 1.15 billion (US$ 157.0 million) compared with RMB 95.8 million (US$ 13.1 million) at the end of the fourth quarter 2006, and RMB 0.79 billion (US$ 108.9 million) at the end of the third quarter 2007. Short term debt increased to RMB 200.0 million (US$ 27.4 million) at the end of the fourth quarter 2007 from RMB 150.0 million (US$ 20.6 million) at the end of the fourth quarter 2006, and RMB 150.0 million (US$ 20.6 million) at the end of third quarter 2007.
Summary of megawatts produced and shipped (includes cell processing service)
---------------------------------------------------------------
Three months ended
---------------------------------------------------------------
Dec. 31, Sept. 30, Dec. 31,
Megawatts 2006 2007 2007
---------------------------------------------------------------
Produced 17.1MW 44.6MW 48.7MW
---------------------------------------------------------------
Shipped 13.7MW 43.8MW 50.2MW
---------------------------------------------------------------
Cost per
watt
excluding
wafer cost US$0.228/Wp US$ 0.192/Wp US$ 0.190/Wp
---------------------------------------------------------------
2007 Full Year Results
Revenues for the full year 2007 were RMB 2.69 billion (US$ 369.3 million), an increase of 286.8% from the full year 2006 revenues of RMB 696.5 million (US$ 95.5 million). The increase was principally due to continued strong growth in market demand for PV industry and our ability to expand the Company's production capacity to support the business growth.
Total gross profit for 2007 was RMB 600.9 million (US$ 82.4 million) compared to RMB 172.3 million (US$ 23.6 million). Total gross margin was 22.3% for 2007 compared to 24.7% for 2006.
Net income available to ordinary shareholders for the full year 2007 was RMB 398.2 million (US$ 54.6 million) compared to a net income available to ordinary shareholders of RMB 86.4 million (US$ 11.8 million) for the full year 2006.
For the full year 2007 basic and diluted earnings per ADS were RMB 2.96 (US$ 0.41) and RMB 2.93 (US$ 0.40), respectively.
The full year 2007 included share-based compensation expense of RMB 88.8 million (US$ 12.2 million) and foreign exchange loss of RMB 112.8 million (US$ 15.5 million).Diluted earnings per ADS calculations for the full year 2007 were based on 136.72 million weighted average numbers of ADSs outstanding, compared to 80.17 million ADSs in 2006.
Capital expenditures were RMB 421.8 million (US$ 57.8 million) for the full year 2007, as compared to RMB 107.6 million (US$ 14.8 million) for the full year 2006. The increase was primarily due to expanding of new production capacity. Depreciation and amortization expenses for the full year 2007 were RMB 34.1 million (US$ 4.7 million), as compared to RMB 11.2 million (US$ 1.5 million) for the full year 2006.
Effective from February 7, 2008, the Company changed its ADS to ordinary share ratio from the one ADS for every three ordinary shares to one ADS for every one ordinary share. Both the basic and diluted earnings per ADS and both the basic and diluted weighted average number of ADSs outstanding for all periods presented have been restated to conform to the current ADS ratio accordingly.
The conversion of Renminbi into U.S. dollars for the full year of 2007 and the fourth quarter of 2007 in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2007, which was RMB 7.2946 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2007, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
"We once again achieved record revenues in the fourth quarter of 2007 and extraordinary business growth for the full year," said Samuel Yang, JA Solar's Chief Executive Officer. "During the year, we increased our annual production capacity from 75MW to 175MW, and achieved impressive throughput and yield from our cell lines without compromising profitability. The several key additions in talent to our teams in sales and marketing, technology, and at the executive level helped ensure the smooth execution of our expansion. Our strategic decision to expand our supply sources and our practice of holding JA Solar's products to one of the highest performance standards in the industry were also contributing factors to our success. On the supply side, we were able to expand our base of major suppliers from two to four and contractually secured sufficient wafer supply to cover our anticipated 2008 production capacity."
"In 2008 we plan to build on JA Solar's strong brand and technology platform through increased sales and marketing efforts, greater investment in R&D, and continued expansion of our production capacity. We have already broken ground for ten new cell lines in Hebei, and plan to break ground for another ten cell lines at a new facility in Yangzhou during the second half of 2008. On the technology front, we plan to open a research laboratory in Silicon Valley, California.
We believe the true driving force for broader application of solar technology and the achievement of grid parity is low cost. By 2010, JA Solar strives to be a cost leader in the industry and establish the industry cost benchmark through technical innovation and operational efficiency. We have enormous confidence that our production scale and execution capability would position JA Solar to achieve aggressive cost reductions as we address a rapidly evolving market."
JA Solar's CFO, Herman Zhao, said, "In 2007 JA Solar demonstrated our financial discipline through the ability to more than double our annual production capacity while achieving impressive top line growth and profitability. While our performance was strong in Q4, we experienced foreign exchange losses in the quarter, which impacted our bottom line. Due to the depreciation of the U.S. dollar against the RMB in Q4, we recorded foreign exchange losses of RMB 57.3 million (US$ 7.9 million) for the quarter. Going forward we plan to manage the foreign exchange impact to our bottom line through focused initiatives which involve converting foreign currencies into RMB, currency hedging, diversification of our international supplier base, and the addition of pricing clauses in our international sales contracts. While the economic environment is expected to remain volatile, we expect another record year for our Company in terms of growth and profitability in 2008. We are fully committed to bringing further value to our shareholders in 2008 and future years."
2008 Outlook
Based on current customer demand and market forecasts, we expect revenues for the full year 2008 in the range of RMB 7.22 billion (US$ 990.0 million) to RMB 8.02 billion (US$ 1.10 billion). Gross margins for 2008 are expected to be above 20%.
We expect total production output of approximately 340MW for 2008, with a total annual production capacity of 500MW, which is above our previous annual production capacity guidance of 425MW.
The capital expenditures are expected to be RMB 966.8 million (US$ 132.5 million), primarily for capacity expansion. R&D expense is expected to be RMB 36.6 million (US$ 5.0 million).
* Revenue of RMB 1.05 billion (US$ 144.2 million), an increase of 201.0% over Q4 2006
* Income from operations of RMB 132.9 million (US$ 18.2 million), an increase of 79.3% over Q4 2006
* Total gross profit of RMB 222.7 million (US$ 30.5 million) compared to RMB 83.7 million (US$ 11.5 million) in Q4 2006
* Gross margin was 21.2% compared to 23.9% in Q4 2006
* Net income of RMB 0.64 (US$ 0.09) per diluted ADS, which included a foreign exchange loss of RMB 57.3 million (US$ 7.9 million) compared to RMB 0.82 (US$ 0.11) per diluted ADS, which included a foreign exchange gain of RMB 1.0 million (US$ 0.1 million) in Q4 2006
* Shipped 50.2 MW, up 266.4%over Q4 2006 Full Year 2007 Highlights
* Full year 2007 revenues of RMB 2.69 billion (US$ 369.3 million), an increase of 286.8% over 2006
* Income from operations of RMB 446.4 million (US$ 61.2 million), an increase of 240.0% over 2006
* Total gross profit of RMB 600.9 million (US$ 82.4 million) compared to RMB 172.3 million (US$ 23.6 million) in 2006
* Gross margin was 22.3% compared to 24.7% in 2006
* Net income of RMB 2.93 (US$ 0.40) per diluted ADS compared to RMB 1.08 (US$ 0.15) per diluted ADS for the full year 2006
* Shipped 132.4 MW in 2007, an increase of 403.4% from 2006
* Increased annual manufacturing capacity from 75MW to 175MW Outlook for 2008
* Expect Full Year 2008 revenues in the range of RMB 7.22 billion (US$ 990.0 million) to RMB 8.02 billion (US$ 1.10 billion)
* Expect 2008 gross margin to be above 20%
* Expect to break ground on new solar cell manufacturing facility in Yangzhou, China during second half 2008
* Raising annual production capacity to 500 MW from 425 MW by the end of 2008
* Expect 2008 production output of 340 MW
HEBEI, China, March 12, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) today reported financial results for the fourth quarter and year ended December 31, 2007.
Fourth Quarter 2007 Results
Total revenues for the fourth quarter 2007 were RMB 1.05 billion (US$ 144.2 million), an increase of 201.0% from fourth quarter 2006 quarter revenues of RMB 349.4 million (US$ 47.9 million), and an increase of 23.7% from third quarter 2007 revenues of RMB 850.0 million (US$ 116.5 million).
Total gross profit for the fourth quarter 2007 was RMB 222.7 million (US$ 30.5 million) compared to RMB 83.7 million (US$ 11.5 million) in the fourth quarter 2006, and RMB 199.3 million (US$ 27.3 million) in the third quarter 2007. Gross margin was 21.2% in the fourth quarter of 2007 compared to 23.9% in the fourth quarter of 2006, and 23.5% in the third quarter of 2007.
Net income available to ordinary shareholders for the fourth quarter 2007 was RMB 98.3 million (US$ 13.5 million) compared to a net income available to ordinary shareholders of RMB 66.9 million (US$ 9.2 million) for the fourth quarter 2006, and net income available to ordinary shareholders of RMB 165.9 million (US$ 22.7 million) for the third quarter 2007.
For the fourth quarter 2007 basic and diluted earnings per ADS were RMB 0.65 (US$ 0.09) and RMB 0.64 (US$ 0.09), respectively. The fourth quarter 2007 included share-based compensation expense of RMB 61.2 million (US$ 8.4 million) and foreign exchange loss of RMB 57.3 million (US$ 7.9 million).
Capital expenditures were RMB 128.9 million (US$ 17.7 million) in the fourth quarter 2007, as compared to RMB 23.6 million (US$ 3.2 million) in the fourth quarter 2006, and RMB 144.3 million (US$ 19.8 million) in the third quarter 2007. Depreciation and amortization expenses in the fourth quarter 2007 were RMB 11.9 million (US$ 1.6 million), as compared to RMB 4.9 million (US$ 0.7 million) in the fourth quarter 2006, and RMB 10.7 million (US$ 1.5 million) in the third quarter 2007.
As of December 31, 2007, JA Solar had cash and cash equivalents of RMB 1.15 billion (US$ 157.0 million) compared with RMB 95.8 million (US$ 13.1 million) at the end of the fourth quarter 2006, and RMB 0.79 billion (US$ 108.9 million) at the end of the third quarter 2007. Short term debt increased to RMB 200.0 million (US$ 27.4 million) at the end of the fourth quarter 2007 from RMB 150.0 million (US$ 20.6 million) at the end of the fourth quarter 2006, and RMB 150.0 million (US$ 20.6 million) at the end of third quarter 2007.
Summary of megawatts produced and shipped (includes cell processing service)
---------------------------------------------------------------
Three months ended
---------------------------------------------------------------
Dec. 31, Sept. 30, Dec. 31,
Megawatts 2006 2007 2007
---------------------------------------------------------------
Produced 17.1MW 44.6MW 48.7MW
---------------------------------------------------------------
Shipped 13.7MW 43.8MW 50.2MW
---------------------------------------------------------------
Cost per
watt
excluding
wafer cost US$0.228/Wp US$ 0.192/Wp US$ 0.190/Wp
---------------------------------------------------------------
2007 Full Year Results
Revenues for the full year 2007 were RMB 2.69 billion (US$ 369.3 million), an increase of 286.8% from the full year 2006 revenues of RMB 696.5 million (US$ 95.5 million). The increase was principally due to continued strong growth in market demand for PV industry and our ability to expand the Company's production capacity to support the business growth.
Total gross profit for 2007 was RMB 600.9 million (US$ 82.4 million) compared to RMB 172.3 million (US$ 23.6 million). Total gross margin was 22.3% for 2007 compared to 24.7% for 2006.
Net income available to ordinary shareholders for the full year 2007 was RMB 398.2 million (US$ 54.6 million) compared to a net income available to ordinary shareholders of RMB 86.4 million (US$ 11.8 million) for the full year 2006.
For the full year 2007 basic and diluted earnings per ADS were RMB 2.96 (US$ 0.41) and RMB 2.93 (US$ 0.40), respectively.
The full year 2007 included share-based compensation expense of RMB 88.8 million (US$ 12.2 million) and foreign exchange loss of RMB 112.8 million (US$ 15.5 million).Diluted earnings per ADS calculations for the full year 2007 were based on 136.72 million weighted average numbers of ADSs outstanding, compared to 80.17 million ADSs in 2006.
Capital expenditures were RMB 421.8 million (US$ 57.8 million) for the full year 2007, as compared to RMB 107.6 million (US$ 14.8 million) for the full year 2006. The increase was primarily due to expanding of new production capacity. Depreciation and amortization expenses for the full year 2007 were RMB 34.1 million (US$ 4.7 million), as compared to RMB 11.2 million (US$ 1.5 million) for the full year 2006.
Effective from February 7, 2008, the Company changed its ADS to ordinary share ratio from the one ADS for every three ordinary shares to one ADS for every one ordinary share. Both the basic and diluted earnings per ADS and both the basic and diluted weighted average number of ADSs outstanding for all periods presented have been restated to conform to the current ADS ratio accordingly.
The conversion of Renminbi into U.S. dollars for the full year of 2007 and the fourth quarter of 2007 in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2007, which was RMB 7.2946 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2007, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
"We once again achieved record revenues in the fourth quarter of 2007 and extraordinary business growth for the full year," said Samuel Yang, JA Solar's Chief Executive Officer. "During the year, we increased our annual production capacity from 75MW to 175MW, and achieved impressive throughput and yield from our cell lines without compromising profitability. The several key additions in talent to our teams in sales and marketing, technology, and at the executive level helped ensure the smooth execution of our expansion. Our strategic decision to expand our supply sources and our practice of holding JA Solar's products to one of the highest performance standards in the industry were also contributing factors to our success. On the supply side, we were able to expand our base of major suppliers from two to four and contractually secured sufficient wafer supply to cover our anticipated 2008 production capacity."
"In 2008 we plan to build on JA Solar's strong brand and technology platform through increased sales and marketing efforts, greater investment in R&D, and continued expansion of our production capacity. We have already broken ground for ten new cell lines in Hebei, and plan to break ground for another ten cell lines at a new facility in Yangzhou during the second half of 2008. On the technology front, we plan to open a research laboratory in Silicon Valley, California.
We believe the true driving force for broader application of solar technology and the achievement of grid parity is low cost. By 2010, JA Solar strives to be a cost leader in the industry and establish the industry cost benchmark through technical innovation and operational efficiency. We have enormous confidence that our production scale and execution capability would position JA Solar to achieve aggressive cost reductions as we address a rapidly evolving market."
JA Solar's CFO, Herman Zhao, said, "In 2007 JA Solar demonstrated our financial discipline through the ability to more than double our annual production capacity while achieving impressive top line growth and profitability. While our performance was strong in Q4, we experienced foreign exchange losses in the quarter, which impacted our bottom line. Due to the depreciation of the U.S. dollar against the RMB in Q4, we recorded foreign exchange losses of RMB 57.3 million (US$ 7.9 million) for the quarter. Going forward we plan to manage the foreign exchange impact to our bottom line through focused initiatives which involve converting foreign currencies into RMB, currency hedging, diversification of our international supplier base, and the addition of pricing clauses in our international sales contracts. While the economic environment is expected to remain volatile, we expect another record year for our Company in terms of growth and profitability in 2008. We are fully committed to bringing further value to our shareholders in 2008 and future years."
2008 Outlook
Based on current customer demand and market forecasts, we expect revenues for the full year 2008 in the range of RMB 7.22 billion (US$ 990.0 million) to RMB 8.02 billion (US$ 1.10 billion). Gross margins for 2008 are expected to be above 20%.
We expect total production output of approximately 340MW for 2008, with a total annual production capacity of 500MW, which is above our previous annual production capacity guidance of 425MW.
The capital expenditures are expected to be RMB 966.8 million (US$ 132.5 million), primarily for capacity expansion. R&D expense is expected to be RMB 36.6 million (US$ 5.0 million).
Saturday, January 19, 2008
JA Solar Holdings signs supply agreement for M.SETEK
January 17, 2008: 08:43 AM EST
NEW YORK, Jan. 17, 2008 (Thomson Financial delivered by Newstex) -- JA Solar Holdings Co. (NASDAQ:JASO) Thursday said it had signed a polysilicon supply agreement with M.SETEK Co.Under the terms of the agreement, M.SETEK will supply 458 metric tons of polysilicon to JA in 2008.Financial terms of the agreement weren't disclosed.
NEW YORK, Jan. 17, 2008 (Thomson Financial delivered by Newstex) -- JA Solar Holdings Co. (NASDAQ:JASO) Thursday said it had signed a polysilicon supply agreement with M.SETEK Co.Under the terms of the agreement, M.SETEK will supply 458 metric tons of polysilicon to JA in 2008.Financial terms of the agreement weren't disclosed.
Tuesday, January 8, 2008
JA Solar Announces 3-For-1 ADS Split
HEBEI, China, Jan 7, 2008 (PrimeNewswire via COMTEX) -- JA Solar Holdings Co., Ltd. ("JA Solar," "the Company") (Nasdaq:JASO) announced today that its Board of Directors has approved a change of ratio from 1 American Depositary Shares ("ADSs"): 3 Ordinary Shares, to 1 ADS: 1 Ordinary Share, resulting in a three-for-one split (or 200% distribution) of the Company's ADSs to be effected on February 7, 2008. Each shareholder of record at the close of business on February 6, 2008 will receive two additional ADSs for every ADS held on the record date. Trading on the split-adjusted price resulting from the change of ratio will be effected on February 8, 2008. For JA Solar's ADS holders, this ratio change will have the same effect as a three-for-one ADS split. There will be no change to JA Solar's underlying ordinary shares. No action is required by ADS holders to effect the ratio change.
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
Wednesday, December 19, 2007
JA Solar Inks New Wafer Supply Agreement With ReneSola
December 18, 2007: 08:17 AM EST
HEBEI, China, Dec. 18, 2007 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar," "the Company") (Nasdaq:JASO) today announced that it has signed a new wafer supply agreement with ReneSola Ltd. ("ReneSola") (LSE:SOLA). Under the new agreement, ReneSola will supply an additional 600MW of wafers to JA Solar from 2008 to 2013. This latest agreement is in addition to the 60MW wafer supply agreement with ReneSola the Company announced in September 2007.
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
HEBEI, China, Dec. 18, 2007 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar," "the Company") (Nasdaq:JASO) today announced that it has signed a new wafer supply agreement with ReneSola Ltd. ("ReneSola") (LSE:SOLA). Under the new agreement, ReneSola will supply an additional 600MW of wafers to JA Solar from 2008 to 2013. This latest agreement is in addition to the 60MW wafer supply agreement with ReneSola the Company announced in September 2007.
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
Friday, October 12, 2007
JA Solar gains after completing follow-on
By Anette Jönsson 12 October 2007
The $266 million debut follow-on is priced at a 2.2% discount but triggers a 5.6% rally in the secondary market.
Nasdaq-listed solar cell manufacturer JA Solar Holdings priced its marketed follow-on offering at a 2.2% discount to Wednesday's close, allowing it to raise a total of $266 million. Only 63% of the shares on offer were new, however, which means not all the proceeds went to the company.
This was the first offering of shares in China-based JA Solar since it went public in February this year and the sale met with strong demand. According to one source, the deal was about four times covered and attracted about 50 to 60 investors, including some existing shareholders. The interest continued in the secondary market last night, pushing the share price to a new intraday record of $49. It ended the session 5.6% higher at $45.35, suggesting at least some investors weren't happy with their allocations and chose to top up their holdings in the market.
One observer notes that the strong interest is part of a recent trend whereby US investors are increasing their exposure to Asia through discounted share offers. China Digital TV Holding, which debuted on the New York Stock Exchange on Friday last week, soared 219% in the first three sessions to above $51, after pricing its IPO at $16. Since then, the provider of connectivity access services for digital TV systems has eased back somewhat, however, and finished Thursday's session at $42.27 - less excessive, but still 164% up since its debut.
Including Thursday's gains, JA Solar has more than tripled since its IPO at $15.
The solar power play offered 6.33 million shares, or 12.6% of its enlarged share capital, and priced the deal at $42. This equalled a 2.2% discount to Wednesday's close of $42.93. Four million of the shares were new, while the rest were existing shares sold by three different entities controlled by the chairman, the chief executive officer and the chief technology officer. The chairman remains the single largest shareholder with a 25.3% stake after this transaction (pre-greenshoe).
There is a 15% greenshoe that could boost the total deal size to $306 million.
The company said it will use $50 million of the proceeds to purchase and make prepayments for raw materials, which remain in short supply. In the listing document, the company said it believes it has contractually secured an adequate supply of silicon wafers to meet its anticipated production needs for the remaining months of 2007 and a large portion of its anticipated production needs for 2008.
It will spend $70 million to buy manufacturing equipment and to construct manufacturing facilities in order to expand capacity and $10 million to enhance its research and development facilities. JA Solar plans to add up to 10 new manufacturing lines to boost its solar cell manufacturing capacity to 425 megawatt per year by 2008 from 175MW at present.
Credit Suisse and Lehman Brothers were joint bookrunners for the deal.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
The $266 million debut follow-on is priced at a 2.2% discount but triggers a 5.6% rally in the secondary market.
Nasdaq-listed solar cell manufacturer JA Solar Holdings priced its marketed follow-on offering at a 2.2% discount to Wednesday's close, allowing it to raise a total of $266 million. Only 63% of the shares on offer were new, however, which means not all the proceeds went to the company.
This was the first offering of shares in China-based JA Solar since it went public in February this year and the sale met with strong demand. According to one source, the deal was about four times covered and attracted about 50 to 60 investors, including some existing shareholders. The interest continued in the secondary market last night, pushing the share price to a new intraday record of $49. It ended the session 5.6% higher at $45.35, suggesting at least some investors weren't happy with their allocations and chose to top up their holdings in the market.
One observer notes that the strong interest is part of a recent trend whereby US investors are increasing their exposure to Asia through discounted share offers. China Digital TV Holding, which debuted on the New York Stock Exchange on Friday last week, soared 219% in the first three sessions to above $51, after pricing its IPO at $16. Since then, the provider of connectivity access services for digital TV systems has eased back somewhat, however, and finished Thursday's session at $42.27 - less excessive, but still 164% up since its debut.
Including Thursday's gains, JA Solar has more than tripled since its IPO at $15.
The solar power play offered 6.33 million shares, or 12.6% of its enlarged share capital, and priced the deal at $42. This equalled a 2.2% discount to Wednesday's close of $42.93. Four million of the shares were new, while the rest were existing shares sold by three different entities controlled by the chairman, the chief executive officer and the chief technology officer. The chairman remains the single largest shareholder with a 25.3% stake after this transaction (pre-greenshoe).
There is a 15% greenshoe that could boost the total deal size to $306 million.
The company said it will use $50 million of the proceeds to purchase and make prepayments for raw materials, which remain in short supply. In the listing document, the company said it believes it has contractually secured an adequate supply of silicon wafers to meet its anticipated production needs for the remaining months of 2007 and a large portion of its anticipated production needs for 2008.
It will spend $70 million to buy manufacturing equipment and to construct manufacturing facilities in order to expand capacity and $10 million to enhance its research and development facilities. JA Solar plans to add up to 10 new manufacturing lines to boost its solar cell manufacturing capacity to 425 megawatt per year by 2008 from 175MW at present.
Credit Suisse and Lehman Brothers were joint bookrunners for the deal.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
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