JA Solar Technology (002459) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was ¥16.99 billion, down 11.22% year-over-year; YTD revenue was ¥54.35 billion, down 9.39% year-over-year.

• Net profit attributable to shareholders in Q3 was ¥389.84 million, down 80.02% year-over-year; YTD net loss was ¥484.36 million.

• Adjusted net profit (excluding non-recurring items) in Q3 was ¥224.59 million, down 87.97% year-over-year.

• Solar module shipments for the first three quarters reached approximately 57GW, with overseas shipments accounting for 52.4%.

Financial highlights

• Gross margin declined as product prices fell, impacting cash received from sales.

• Operating cash flow for the first nine months was ¥232.87 million, down 96.74% year-over-year.

• Basic and diluted EPS for Q3 were both ¥0.12, down about 79% year-over-year; YTD EPS was -¥0.15.

• Total assets at quarter-end were ¥116.29 billion, up 9.1% from year-end; equity attributable to shareholders was ¥31.73 billion, down 9.64%.

• Financing cash flow increased 179.67% year-over-year due to higher borrowings.

Segment performance

• Solar cell and module shipments grew significantly year-over-year, with strong overseas demand.