ja solar company presentation - סולגל · ja solar company presentation - september, 2013....
TRANSCRIPT
Shanghai, China (with EU, US & Japan Offices)
May 2005 / February 2007 JASO (NASDAQ)
c-Si solar module , cell & system supplier
1.7GW in 2012
High efficiency, reliability
1.8 GW Module, 2.5 GW Cell, 1.0 GW Wafer
Mission: Responsible Partners
9,784 as of December 31, 2012
Headquarters
Shipments
Mission
Founded / IPO
Product Highlights
Capacity (Annual)
Employees
Business
Company Overview
1
Selectively Optimized Vertically Integrated Model
2
Polysilicon Silicon wafer Cell Module System
Solar wafers Solar cells PV modules EPC
Low-cost, high-quality
production
Leading the industry
in high-efficiency
wafer research
One of the world’s
largest manufacturers
Recognized for top
tech at low cost
High-performance
mono- and multi-
crystalline solar cells
High-quality product
with high-quality BOM
Additional channel for
product distribution
Working with leading
brands on OEM
modules
Partnering with top-
tier developers in
China
Cooperation with
global leading IPPs
on utility scale
projects
3
Lianyungang Wafer Facility
500MW Capacity
Shanghai Head Quarter
Fengxian Module Facility
1300MW Capacity
Yangzhou Cell Facility
1600MW Capacity
State-of-the-art PV R&D Center
Ningjin Cell Facility
900MW Capacity
Hefei Solar Products Facility
3GW Capacity (Started from Y11)
Current Module Capacity 500MW
Yanjiao Wafer Facility
500MW Capacity
…with State-of-the-art Production Facilities
Rank 2010 2011 2012
1 Yingli
2 Suntech Suntech
3 Sharp Trina Trina
4 Q-Cells Yingli Suntech
5 Trina Motech solar Motech solar
6 Yingli Hareon Gintech Solar
7 Motech Gintech solar Canadian Solar
8 Gintech Q-Cells Jinko
9 Kyocera NEO Solar NEO Solar
10 Others Canadian Solar Sunpower
World‟s Leading Cell Manufacturer
4
TOP 10 c-Si cell manufacturer in the world
Source: IMS & SolarBuzz, 2012
World‟s Fastest-growing Leading Module Manufacturer
5
Module shipment ranked 8th globally in 2012, increasing 7 spots YoY
Successful transformation into a major module supplier
Cell74.8%
Module25.2%
Cell85.1%
Module14.9%
Cell 44.9%
Module55.1%
2010
2011
2012
Shipments (% of total MW shipped)
April 2012: Financial Times Germany
Report on a study on the solar industry by the strategy consultancy
Simon-Kucher identifying companies with strong financials.
Germany: Solarworld, Aleo, Payom, Solarfabrik
USA: First Solar
China: JA Solar, TrinaSource: Die Solarbranche kann es noch schaffen, April 13, 2012.
Financial Time Deutschland
August 2012: China Development Bank
JA was enlisted to be one of the top Chinese solar manufacturers whose credit
lines are supported by CDB and other major domestic commercial banks.
Sep.2012: Goldman Sachs „Transforming China‟ ReportJA placed at long term hold.
Predicted to become industry survivor and amongst leaders
October 2012: GTM Research USA
Researchers placed JA Solar in the forecasted 9 major global module
manufacturers of 2015.
http://www.pv-magazine.com/news/details/beitrag/dead-manufacturers-walking--study-predicts-
solar-firms-survival_100008863/#axzz29Xwhi700
Experts Rank JA Solar Amongst Future Leaders
Confidential
6
7
Sustainable Development
Globalization Market Strategy
Sustainable
Developmen
t
Healthy Financial Conditions
Social Responsibility
Product Reliability
Customer Service
Innovation
Sustainable
Development
Average efficiency in mass production:
− Mono-crystalline cell: 19.4%
− Multi-crystalline cell: 17.9%
Excellent solderability
− Application of double printing technology in
production enhances solderability
Innovation – Highest Efficiency in Main Stream Cells & Modules (P-type, 80% market share in the world)
8
Industrial Average:
18.9% Industrial Average:
17.6%
+0.5%
+0.3%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%
Mono Cell Multi Cell
JA :19.4%
JA :17.9%
High efficiency cells in mass production
High efficiency solar module
Average efficiency in mass production:
− Mono-crystalline module: 16.5%
− Multi-crystalline module: 15.9%
Reliable Quality
− 100% EL double-inspection ensures modules
are defect free
− Potential Induced Degradation (PID) Resistant
High efficiency modules in mass production
Industrial
Average:
15.9%
Industrial
Average:
15.3%
+0.6%
+0.6%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
Mono Module Multi Module
JA: 16.5%
JA: 15.9%
CYPRESS Series high efficiency solar cell
Innovative solar cell technology
PERCIUM Solar Cell (P-type): ~20.1%
BYCIUM Solar Cell (N-type): >20.1%
WRACIUM Back-contact Cell: ~ 18.6% (Poly), ~19.9% (Mono)
Proprietary technology and innovative processing to continuously improve solar cell conversion
efficiency
DT(Dry Texturing ) Poly Cell: >18.3%
Develop new module manufacturing and system integration technology based on existing high
efficiency cell technology
Long-term research for next generation PV cell and module technology
High efficiency and low cost solar cell and module technology
Innovation – Global Leading R&D Capabilities
9
Mono Multi Black Silicon Cell (Multi.)
Product Reliability – Long-term Reliability & Special Tests
TÜV-Rheinland Ammonia Resistance Test Certificate
Intertek Salt Fog Spray Test Certificate
TÜV-NORD Salt Mist Spray Test Certificate
Certificate for H2S Acid Test
Overall Factory Audit by Third-party PI-Berlin
DH1000 to DH3000
TC200 to TC600
Mechanical load test 5400Pa to 10000Pa
HAST test DH1000 to 121℃ and 100%RH
PID test:-1000V, 85℃、85%RH, 96h
Thresher test: HF 30, Hot Spot 20h
Special Test Certification & Factory Audit Program
Long-term Reliability Test
10
Global Service Network
Customer Service
Linear Warranty
“The linear warranty of JA Solar modules offers the
additional insurance of electricity generation, they
even offered retroactive warranty upgrade for
modules originally purchased under the staircase
warranty.”
– Customer A
Prompt Response
Immediate feedback within 24 hours
Service E-mail: [email protected]
10 year warranty on material and workmanship
25 year linear power output warranty
Customized Services, caring for clients‟ unique demand
11
Japan Germany U.S.A Process
Planning
Quality assurance
12
Globalization Market Strategy –Well Positioned in Major Emerging Markets
Japan: Top 2 Chinese module supplier in year of 2012 and 1H 2013.
Middle East: No.1 Chinese module supplier in 1H 2013.
China: 3rd largest module supplier in 2012.
Other APAC market: India, Thailand breakthroughs
Africa Market: Morocco breakthroughs
Source: Solarzoom & China Customs
Europe26%
China58%
APAC8%
Americas8%
Total shipments by region
2011
2012
Europe61%
China14%
APAC10%
Americas15%
Module shipments by region
2011
2012Europe
44%
China34%
APAC17%
Americas
5%
(% of total MW shipped)
(% of total module MW shipped)
Europe30%
China50%
APAC16%
Americas4%
JA Solar has established long-term strategic partnerships with various leading corporations around the world.
Globalization Market Strategy – Selected Strategic Partners
13
Healthy Financial Conditions – Strong Credit Profile Relative to Peers
Total Liabilities / Total Equity
Cash & Cash Equivalent(1) / Short-term Borrowings
14
81%72% 66% 66% 64%
53% 42% 42%
12%
0%
40%
80%
120%
JASO Jinko Hanwha CSIQ Trina Renesola Suntech** Yingli LDK
Average: 52.1%
153%241% 275%
445%
602%658% 665%
788%
1163%
Average: 604.8%
0%
200%
400%
600%
800%
1000%
1200%
1400%
JASO Trina Hanwha Suntech** CSIQ Jinko Renesola Yingli LDKPeer A Peer B^ Peer C Peer DPeer G** Peer FPeer E Peer H*
Source: Company filings.
Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).
Peer H* Total Liabilities / Total Equity value is negative, illustrated in absolute value for comparison purpose
(1): including restricted cash
Peer APeer B^Peer C Peer DPeer E Peer FPeer G** Peer H*Peer APeer B^Peer C Peer E Peer D Peer FPeer G**Peer APeer B^Peer C Peer E
Healthy Financial Conditions – Ability to Meet Short-term Obligations
Current Ratio
15
(Current Assets – Inventories – Short-term Pre-payment) / Current Liabilities
86% 87% 84% 77%63% 63% 46% 44%
13%
0%
40%
80%
120%
JASO CSIQ Hanwha Trina Jinko Yingli Renesola Suntech** LDK
Average: 59.6%
113% 109%102% 100%
86%72% 66%
64%
19%
Average: 77.2%
0%
50%
100%
150%
JASO Hanwha CSIQ Trina Yingli Jinko Renesola Suntech** LDKPeer HPeer D Peer G**Peer CPeer FPeer EPeer B^ Peer A
Source: Company filings.
Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).
Peer B^Peer E Peer A Peer FPeer C Peer D Peer G** Peer H
Healthy Financial Conditions – Strong Balance Sheet for Future Growth
16
Assets Liabilities and Stockholders‟ Equity
Strong cash position and unused credit lines provides adequate liquidity to
ensure sustainable development.
(1) Includes restricted cash(2) All figures converted from RMB to USD using exchange rates of 6.285, 6.298, 6.353, 6.285, 6.230 at 12/31/2011, 3/31/2012, 6/30/2012, 9/30/2012, and 12/31/2012 respectively.
1,000 920 870 785 769 758
697473 445 377 217 296
7721,051 955
945 1,125 861
0
500
1,000
1,500
2,000
2,500
2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2
Stockholders' Equity
Non-current Liabilities
Current Liabilities
(US$ million)
1,105 1,077 999 960 941 943
673 745 664 630 676 618
691 623 606 518 493 355
-
500
1,000
1,500
2,000
2,500
2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2
Non-Current Assets
Current Asset Excluding Cash & Cash Equivalents
Cash & Cash Equivalents
(US$ million)
17
Successfully closed a registered direct offering of up to $96 million.
Extended the terms of an outstanding loan with the Hefei High-tech Development
Committee in the amount of $234.6 million.
Together with Jinglong Group, secured RMB 550 million loan with Bank of
Communications of China. Of the RMB 550 million, RMB 250 million (roughly $41 million)
will be available to JA Solar.
Healthy Financial Conditions – Strong Bank Partnership
Recent activities to further strengthen our balance sheet
Supported by Leading Banks
Healthy Financial Conditions – Strong Operation Management
18
Prudent inventory control and working capital management ensure
long-term viability.
Source: Company filings.
Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).
66 39
67 69 76 82 90
113 118
0
50
100
150
JASO Jinko Hanwha CSIQ Trina Renesola Yingli Suntech** LDK
Days of Inventory (DOI)
Average: 82 Days
Peer B^ Peer E Peer A Peer FPeer C Peer D Peer G** Peer H
19
By the end of 2012, the global PV cumulative installed capacity reached 100GW, the cost
of PV power generation has been lower than the retail price of natural gas.
The decline in the cost of PV power generation is faster than the projection of Professor
Sachs. Currently, some regions with high consumer electricity price and rich solar
irradiation have already reached “grid parity”.
CSR – the Upcoming “Grid Parity” era
Source: Professor Emanuel Sachs,
Massachusetts Institute of TechnologySource: Bloomberg, 2012
Residential Grid Parity Regions in 2013
Germany: JA Solar is the Chief Official Sponsor
of German Cycling Federation.
USA: Donated modules to Stanford University
for its construction of the Bioengineering &
Chemical Engineering building.
China: Sponsors Peking University, Tsinghua
University, and Tongji University in their
participation at the “Solar Decathlon SD”.
Haiti: Following Haiti’s earthquake, JA donated
PV modules to the local fish farmers for
electricity generation
20
CSR – Corporate Activities