Chinese vertically integrated solar PV manufacturer JA Solar expects to report annual net profit growth of 124.28% to 152.32% for the period H1/2022, and counts its solar module shipments during the period as adding up to nearly 16 GW.
It has guided for net profit during the reporting period to range between RMB 1.6 billion to RMB 1.8 billion.
In Q1/2022, it shipped over 8.39 GW worth of module capacity, and in Q2/2022 also shipment levels hovered around 8 GW and 9 GW. In comparison, its module shipments were 10.21 GW in H1/2021 (see JA Solar Shipped 10.12 GW Solar Modules In H1/2021).
In a stock exchange announcement, the company shared while silicon wafer and cell businesses were profitable, it was the module segment that suffered losses mainly due to high prices of raw materials and the time lag between delivery price and current market order price.
Other factors that impacted its module business were related to the company sourcing a part of its solar cell supply from 3rd parties. Freight charges and exchange rates also played their part.
JA Solar currently has 1.3 GW n-type solar cell capacity under construction that's likely to come online by July 2022. In Qujing, Yangzhou and Yunnan, it has 10 GW high efficiency cell production projects scheduled to enter commercial production in 2023 when the company sees its total n-type cell capacity to reach about 26 GW.
It is also building 2.5 GW silicon wafer capacity in Southeast Asia where it already has about 2 GW vertically integrated production capacity. By the end of 2022, it will have about 4 GW of vertically integrated capacity in the region.
For 2022, the management expects its module shipments to grow to a total of between 35 GW to 40 GW and says its order book is full.