JA Solar Shipped 15.7 GW Cells & Modules In H1/2022

• In H1/2022, JA Solar shipped 15.67 GW solar cells and modules with overseas shipments accounting for 67% of the total
• Its operating income improved 75.81% annually to RMB 28.46 billion while net profit went up 138.64% to RMB 1.7 billion
• It targets total module production capacity to exceed 50 GW by the end of 2022, up from around 40 GW in 2021

Chinese solar cell and module producer JA Solar shipped 15.67 GW worth of products in H1/2022 with overseas module shipments accounting for about 67% of the total while shipments to itself were 108 MW. Its net profit went up 138.64% to RMB 1.7 billion.

Operating income of the company improved annually by 75.81% to RMB 28.46 billion. According to JA Solar's preliminary financials for H1/2022, it counted having shipped 8 GW to 9 GW modules in Q2/2022 and 8.39 GW in Q1/2022 (see JA Solar Expects Net Profit Growth For H1/2022).

JA Solar continues to invest in research and development (R&D) activities having increased these expenses in H1/2022 to RMB 2.048 billion, representing 7.20% of its operating income.

At the end of 2021, its total module production capacity reached a total of around 40 GW. It aims to exceed 50 GW by the end of 2022 and further expand to exceed 75 GW by 2023-end. Production of silicon wafer and cells was about 80% of the module capacity in 2021 and is likely to remain at the same levels by 2022-end, but will increase in 2023.

It currently rolls out solar cells and modules from its production facilities in Xingtai and Langfang in Hebei, Yangzhou and Lianyungang in Jiangsu, Hefei in Anhui, Fengxian in Shanghai, Yiwu in Zhejiang, Qujing in Yunnan and Baotou in Inner Mongolia all within China. Overseas production plants are located in Beijiang, Vietnam and Penang, Malaysia.

During the reporting period, it commissioned phase II of 20 GW crystal pulling and slicing project at Qujing comprising 10 GW, 3.5 GW cell facility in Vietnam, 5 GW cell fab in Yiwu and 2.5 GW module capacity in Hefei.

Additionally, it claims to be on track to bring online a 20 GW crystal pulling and slicing project in Baotou, 2.5 GW crystal pulling and slicing line in Vietnam, 1.3 GW cell capacity in Ningjin, an additional 5 GW slicing and 6 GW cell capacity in Ningjin, 10 GW cell capacity in Yangzhou, 10 GW cell and 5 GW module capacity in Qujing, and 5 GW module production in Hefei (see China PV News Snippets).

Recently, it announced plans to publicly issue convertible corporate bonds to raise RMB 10 billion to finance phase III of its 20 GW Baotou crystal pulling and slicing project, 10 GW high efficiency cell and 5 GW high efficiency modules, 10 GW high efficiency cell projects and supplementary working capital.