1.252 Billion Yuan Net Profit for JA Solar in 2019; Module Production Capacity to Exceed 16 GW in 2020

PVTIME – On March 29, JA Solar released
its first financial report since its return to the Chinese stock market. In 2019, the
company realized operating income of 21.155 billion yuan, a year-on-year
increase of 7.67%; net profit of 1.252 billion yuan, a year-on-year increase of
74.09%; and surpassed the 10GW milestone for module shipments for the first
time.

During the reporting period, the company's module
shipments reached 10.26GW, a year-on-year increase of 27.26%. Overseas module
shipments were 7.55GW, a year-on-year increase of 55.35%, and accounted for
73.61% of the total, an increase
of 13.31% from the previous reporting period.

JA Solar also calculates that, by the end of 2020,
the company’s module production capacity will exceed 16GW, and the silicon
wafer and solar cell production capacities will reach about 80% of the module
production capacity. At the same time, in accordance with the needs of overseas
markets, JA Solar will advance the technological transformation and expansion
of its overseas production capacity, improve the company's global supply chain,
establish strategic partnerships with upstream suppliers to ensure the continuous
supply of raw materials, and provide customers and partners with a stable
supply of products and services.

The company also specifically pointed out the
risks associated with potential changes in domestic industrial policies, "presently,
domestic photovoltaic industry policy orientation has shifted from highlighting
the scale of development to the orderly development and improvement in quality
and efficiency. In this context, the state has introduced new guidelines for industrial
upgrading, rational investments, market-based transactions, promoting
consumption. and subsidies. Policy changes in these areas will impact the
entire photovoltaic industry and bring certain uncertainty to the operations of
photovoltaic enterprises. "

JA Solar’s operating and net
profit targets for 2020 are 23 billion and 1.3 billion yuan respectively.

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