‘Solar Module Super League’ (SMSL) member JA Solar surpassed 10GW of PV module shipments in 2019 for the first time, while targeting further growth of 16GW of shipments in 2020.
The SMSL has reported full year financial results having returned to the Chinese stock market via a small cap takeover.
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JA Solar reported full year 2019 revenue of approximately RMB 19.6 billion (US$2.982 billion), up 7.67% from the prior year but has not yet surpassed record revenue set in 2017 when listed on NASDAQ. This is mainly due to ASP pressure as module shipments have increased year-on-year.
Net profit attributable to shareholders was RMB 1.252 billion (US$176.4 million) a year-on-year increase of 74.09%.
PV shipments in 2019 were reported to be 10,260MW, a record annual shipment figure and the first time the company had surpassed the 10GW milestone of annual shipments and the second only SMSL to have surpassed the milestone to date for 2019 financial reporting.
PV module shipments year-on-year increase was 27.26%, with overseas module shipments of 7.55GW, a year-on-year increase of 55.35%.
Manufacturing update
JA Solar said that at the end of 2019, wafer capacity stood at 11.5GW, solar cell capacity stood at 11GW, and a module assembly capacity had reached 11GW.
JA Solar has already announced significant capacity expansion plans for 2020 onwards, which includes 10GW of high-efficiency solar cell and module assembly capacity in a four-phased, multi-year expansion. The company also has plans for major mono solar cell technology upgrades totaling 3.6GW at its facilities in Xingtai City, Hebei Province, China.
The company is projecting PV module capacity to exceed 16GW in 2020, while targeting 16GW of module shipments. Wafer and solar cell capacity are expected reach around 13GW by the end of 2020, according to PV Tech’s analysis.
