ROTH Capital expects strong PV module shipment growth of JA Solar through 2015

Facebook
Twitter
LinkedIn
Reddit
Email

JA Solar’s PV module shipments are projected to grow at strong 44% CAGR through 2015, according to ROTH Capital equity analyst, Philip Shen in an investor report that gives the company a buy rating.

ROTH Capital believes JA Solar is “flying under the radar” of many investors as the company had transformed itself from a tier one solar cell producer to a top ten PV module supplier and is further transforming into a Photovoltaics Energy Provider (PVEP) by moving downstream and developing a PV power plant projects business.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Its PV project pipeline was said to be in the range of 470MW, targeting 200MW of completions in 2014, primarily in China.

JA Solar was also noted for having strong market presence in Japan, the second largest PV market to China in 2013, with over 40% of solar cell and PV module shipments in the third quarter of 2013 shipped to customers in the country.

ROTH Capital equity analyst, Shen also highlighted JA Solar’s financial strength in comparison to many of its Chinese tier one peers. Shen noted that JA Solar’s third quarter, 2013 net-debt to total capital stood at 24% versus its peer average of 53%. Its interest payments of 3.2% of revenues are not expected to ‘drag’ on JA Solar’s eventual return to profitability, which Shen expects in the second quarter of 2014.

The equity analyst also noted that JA Solar commanded higher PV module ASP’s than many of its peers, with current ASPs at US$0.67/W.

However, Shen expects solar cell shipments to decline over the next two years as the company consumes an increasingly larger amount of in-house production to meet PV module and project pipeline demand.

According to Shen, JA Solar has a fast growing PV module business, and an emerging projects business that is expected to contribute to bottom-line growth over the coming years.

Read Next

June 20, 2025
Utility giant Engie North America has incorporated a precycling provision to incorporate solar panel and project component recycling into power purchase agreements (PPA) at four solar PV plants across the Midwest, US.
June 20, 2025
Akuo has signed a 15-year power purchase agreement (PPA) with Imerys to develop a solar power plant in Texas.
Premium
June 20, 2025
Panellists discuss some of the challenges in European solar's financial landscape at an event organised at Intersolar Europe 2025 by PV Tech.
June 20, 2025
The Energy Corporation of New South Wales (EnergyCo) has confirmed that construction on Australia’s first Renewable Energy Zone (REZ) has started.
June 20, 2025
The Australian government has given the green light for a landowner-led 250MW solar-plus-storage project in Tasmania.
June 19, 2025
Spanish independent power producer (IPP) Sonnedix has launched Project Douro, a 150MW solar plant in Tarouca, northern Portugal.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico