Solar Module Super League (SMSL) member JA Solar achieved an operating revenue of RMB49.323 billion (US$6.8 billion) in the first three quarters on 2022, a year-on-year increase of 89%, according to the company’s financial results released yesterday.
Its net profit was RMB3.29 billion (US$450 million), up by 150% YoY, and net profit after deducting non-recurring gains and losses was RMB3.24 billion, up by 200% YoY.
JA Solar’s Q3 revenue exceeded RMB20 billion for the first time, reaching as much as RMB20.86 billion, up by 110% YoY. Its net profit after deducting non-recurring gains and losses reached RMB1.608 billion, up by 199% YoY.
JA Solar claimed the rapid growth was attributed to the consistent optimisation and upgrading of product structures and the continuous expansion of sales scale. The company has upgraded sales efforts, steadily implemented new production capacity construction and has optimised its supply chain management, it said in it results.
JA Solar’s global cell and module shipments in the first three quarters were 27.10GW (including 352.20MW for self-use), up by 68% YoY. Among them, the overseas shipment of modules accounted for about 64%, with distribution shipments accounting for about 37%.
In particular, cell and module shipments jumped significantly in the third quarter to 11.43GW, up by 89% YoY.
Delivery of n-type modules begins
With silicon material prices soaring this year, JA Solar has put its new N-type production capacity into operation, as planned.
Specifically, the company has put its Ningjin 1.3GW cell project into production and has started to deliver n-type high-efficiency modules. JA Solar has advanced several new manufacturing projects, including the 20GW Baotou ingot pulling and slicing facility, the 2.5GW Vietnam ingot pulling and slicing plant, the 5GW NingJin slicing and 6GW cell project, the 10GW Yangzhou cell project, the 10GW Qujing cell project and 5GW module project, the 5GW Xingtai module project as well as its 11HW Hefei module project.
JA Solar said its vertically integrated layout mitigated the impact of silicon material price increases, effectively hedging risks.
At the same time, JA continues to strengthen technological innovation and launched new products into the market. The company will launch DeepBlue 4.0X, a new generation of commercially manufactured N-type high-efficiency modules for the global market. It adopts high-efficiency N-type Bycium+ cell technology with higher matrix materials and structures.
According to the company’s existing planning, its production capacity will exceed 27GW by the end of 2023.