43.5% Annual Increase In JA Solar’s H1/2023 Revenues

• JA Solar's H1/2023 operating income increased by 43.47% YoY owing to an increase in module shipments  
• Overseas orders made up 55% of total module shipments of 23.95 GW, with 497 MW used internally  
• Management has announced plans to invest RMB 2.7 billion into a 5 GW cell fab in Vietnam 

Leading Chinese solar PV manufacturer JA Solar Technology had overseas solar module shipments to thank for the 43.47% YoY rise in its operating income, which came in at RMB 40.8 billion ($5.60 billion) for H1/2023. Net profit jumped up to RMB 4.8 billion ($663 million) with an increase of 182.85% YoY.   

Of the 23.95 GW of total module shipments, including 497 MW for self-use, about 55% went outside China, stated the company in its financial report. In H1/2022, it locked in solar cell and module shipments at 15.7 GW (see JA Solar Shipped 15.7 GW Cells & Modules In H1/2022).   

This means the Chinese producer has already achieved over 62% of its total 38.1 GW module shipments in 2022.  

At the end of 2022, JA Solar was operating annual module production capacity of 50 GW, and its silicon wafer and cell capacities were about 80% of the module capacity.  

By the end of 2023, the company aims to increase module capacity to 95 GW with silicon wafer and cell production accounting for about 90% of the module capacity. The management said its n-type solar cell production capacity will exceed 57 GW by the year end.  

Its solar module capacity expansion target for 2023 has increased from the 80 GW forecast earlier to now 95 GW (see JA Solar's 2022 Solar Module Shipments: 38.1 GW).   

In July 2023, it announced achieving 40 GW of monocrystalline silicon ingots, 40 GW wafers and 23 GW of solar cell production capacity in China's National Qujing Economic and Technological Development Zone (see China PV News Snippets).   

JA Solar has also announced plans to invest RMB 2.7 billion to bring online a 5 GW high efficiency solar cell fab in Vietnam through JA Solar New Energy Source Vietnam. The board approved the company's proposal to expand its integrated capacity in the Southeast Asian nation.  

Construction of the fab in Vietnam-Korea Industrial Zone is expected to last 10 months. This will help it meet overseas demand for high efficiency products and increase its market share.  

JA Solar already operates a 3.5 GW high-power solar module fab in Vietnam that came online in 2021 (see China PV News Snippets: JA Solar, Jiayu, CNNC).