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| 晶澳太阳能公布2010年第二季度（截至6月30日）财务报告。第二季度公司出货量为311兆瓦，比上一季度增长14%；总收入3.51亿美元，较上季度增长了25%。二季度毛利率为23.1%，净收入2890万美元，每股净利润0.18美元。 JA Solar Holdings Co., Ltd. today announced financial results for its second quarter 2010, ended June 30, 2010. Second Quarter Highlights: - Q2 shipments of 311MW, above guidance of 275MW, an increase of 14% sequentially - Q2 revenue of $351M, an increase of 25% sequentially - Q2 gross margins of 23.1%, up from 22.9% in Q1 - Q2 operating income of $53.4 million and operating margin of 15.2% - Net income of $28.9 million and GAAP EPS of $0.18 per fully diluted ADS - Strong balance sheet with a cash balance of $324.6 million and working capital of $535.9 million - Increasing annual shipment guidance to exceed 1.35GW, compared with prior guidance of 1GW - Achieved 18.9% conversion efficiency for its high-efficiency "SECIUM" solar cells, independently certified by The Fraunhofer Institute for Solar Energy Systems (ISE) in Germany - Began successful pilot production of "SECIUM" solar cells Highlights Subsequent to June 30, 2010: - Announced strategic multi-year supply agreement with MEMC Electronic Materials Inc. - Signed 70MW supply agreement with Solar-Fabrik AG "We are pleased to deliver another quarter of record shipments, with strong operating performance," commented Dr. Peng Fang, CEO of JA Solar. "Our first half 2010 shipment has surpassed our full year shipment in 2009, while our second quarter shipment has exceeded the full year shipment in 2008. Business momentum remains strong, and we continue to see very strong orders from existing and new customers, with customers' requirements exceeding our productive capacity. "We continue to invest in our sales and marketing platform to support a global sales network. Consistent with our strategic goals, we have strengthened relationships with our key customers and expanded partnerships with strategic new customers. We have grown our customer base tremendously, and JA Solar now has a strong presence in multiple geographies at key solar end markets, including Germany, Italy, U.S., Spain, India, Korea, China and Japan. "Based on strong customer orders and increasing visibility, we are raising our full year 2010 shipment guidance from 1GW to 1.35GW. We are also seeing strong order visibility for 2011, with customers already placing orders and requesting volume commitments. While we expect to see continued strong demand from major European countries, many emerging new geographies, including China, India, U.S., Canada and other regions, represent significant growth opportunities for the industry. "Building upon our success in high-efficiency solar cell technology, we have made additional technology investments during the quarter and expanded our R and D team to further develop cost-effective manufacturable high-efficiency solar cell technologies. We plan to begin commercial production of our SECIUM solar cells in the second half of 2010. We have also made further improvements in our multi-crystalline solar cell process technology, and expect to begin commercial delivery of sixteen point six percent efficiency multi-crystalline solar cells, a significant improvement from conversion efficiency of sixteen point two percent with our previous production process. We have a clear technology roadmap which we believe would enable us to increase conversion efficiency to above 20 percent to extend our technological lead, while at the same time maintaining our cost leadership. "Our primary goal is to build JA Solar into the most technologically advanced solar company with significant manufacturing scale, high product quality and the lowest cost structure, and we believe we are on track to achieve these aspirations," he said. Second Quarter 2010 Financial Results Revenue in the second quarter of 2010 was RMB 2.4 billion ($351.2 million), an increase of 25 percent from RMB 1.9 billion ($281.0million) reported in the first quarter of 2010 and compared with RMB 600.7 million ($88.6 million) in the second quarter a year ago. Sales to international customers expanded substantially during the quarter to 46 percent of total revenue, an increase of 1,000 basis points from the previous quarter. Total shipments in the second quarter of 2010 were a record 311MW, compared with first quarter shipments of 272MW, representing a sequential growth of 14 percent, primarily due to improvements in line throughput and yield. Gross margins increased to 23.1 percent in the second quarter, from 22.9 percent reported in the first quarter of 2010. Total operating expenses in the second quarter were RMB 188.3 million ($27.8 million), an increase of RMB 104.0 million ($15.3 million) from the previous quarter. During the quarter, we recorded RMB 65.4 million ($9.6 million) as a full provision against the prepayments to Shunda Holdings Co., Ltd., a manufacturer of polysilicon and silicon wafers. Based on information available, Shunda is currently undergoing significant reorganization due to its debt obligations. The impact of the provision, as well as increased in R and D spending plus an increase in selling and overall general and administrative expenses corresponding to higher shipment volume, resulted in the second quarter increase in total operating expenses. GAAP earnings per diluted ADS in the second quarter were RMB 1.20 ($0.18), compared with RMB 1.61 ($0.24) in the first quarter of 2010. Provision for prepayments to Shunda as well as change in fair value of derivatives related to convertible bonds totaled RMB 99.3 million ($14.6 million) loss in Q2 compared with RMB 1.9 million ($0.3 million) gain in Q1 2010. The impact of these two non-cash items on earnings per diluted ADS was RMB0.61 ($0.09) in the second quarter and the impact to the first quarter 2010 was insignificant. Financial Position and Liquidity The company continues to maintain a strong balance sheet with cash and cash equivalents of RMB 2.2 billion ($324.6 million), and total working capital of RMB 3.6 billion ($535.9 million) at June 30, 2010. Average DSOs were 24 days and average inventory turns were 36 days. The company's total long-term bank borrowings were RMB 1.2 billion ($174.0 million). The face value of the convertible bonds, due 2013, outstanding was RMB 1.5 billion ($228.2 million) at June 30, 2010. Outlook Based on strong customer demand for JA Solar's products, the company is raising its outlook for the full year of 2010. The company currently expects shipments to exceed 1.35GW in 2010, compared with prior guidance of 1GW. Shipments in the third quarter of 2010 are expected to be approximately 375MW. Manufacturing Capacity Update Due to improvements in product mix, production throughput and solar cell conversion efficiency, as well as other process improvement efforts, JA Solar was able to further increase the effective production output for its solar cell manufacturing lines. Based on the additional increase in effective productive capacity per line, JA Solar now expects to achieve actual solar cell production capacity of 1.8GW by the end of 2010, compared with 1.5GW, as previously discussed, without adding more production lines. Module capacity is expected to reach 500MW, and wafer capacity is expected to reach 300MW by the end of 2010. The capital expenditure for the full year is expected to be approximately $250 million, in the range of prior guidance. The capital expenditure amount does not include the acquisition of Shanghai Jinglong Solar Technology Co., Ltd announced in July. JA Solar expects to fund the capacity expansion through its existing cash balance, operating cash flow, as well as credit facilities through Chinese banks. |
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