晶澳财务分析报告_图文.pdfVIP

UNITED STATES JA Solar JASO US Neutral Price (at 15:36, 05 Jun 2012 GMT) US$0.89 Upping the ante on module sales 12-month target US$ 1.00 Event 12-month TSR % +12.4  Ongoing module transition critical. Times have been painful for cell makers and Valuation US$ 1.00 - PER JASO is in a tough position given the US decision to impose tariffs on Chinese cell GICS sector imports. This makes success increasing its module sales that much more crucial, Semiconductors Semiconductor in our view. Solid progress has been made but losses abound due to the intensely Equipment competitive backdrop. A relatively strong balance sheet helps and we expect losses Market cap US$m 180 to narrow in 2H12 but a reversion back to profitability will take until at least 2H13. 30-day avg turnover US$m 1.6 Number shares on issue m 202.2 Impact Investment fundamentals  More volume means more red ink. Revenue of $254m topped $235m forecasts Year end 31 Dec 2011A 2012E 2013E 2014E and 366MW of 1Q shipments far exceeded 320-350MW guidance but at a 2.1% Revenue m 1,666.5 1,395.2 1,848.7 2,247.9 gross margin steeper losses ensued. $(0.20) EPS included $2.9m of provisions for EBIT m -68.8 -29.8 47.1 104.9 Reported profit m -92.0 -89.3 -14.1 30.4 US import tariffs. Margin would have been still disappointing at 3.2% otherwise. Adjusted profit m -9