JA Solar +6.5% on Q1 beat, Q2 guidance, strong Japanese demand

|About: JA Solar Holdings, Co., Ltd. (JASO)|By:, SA News Editor

JA Solar's (JASO) Q1 cell/module shipments totaled 638.1MW, -4.1% Q/Q and +44.1% Y/Y, and soundly above guidance of 580MW-610MW. Shipments are expected to grow to 670MW-700MW in Q2.

For now, full-year guidance of 2.7GW-2.9GW (200MW for JA's downstream projects) is being reiterated.

Gross margin rose to 16.7% in Q1 from 15.5% in Q4 and 6% a year ago. Opex rose 18% Y/Y, less than rev. growth of 35.7%.

While cell shipments fell 17.2% Q/Q to 250MW, module shipments rose 6.8% to 388MW.

Thanks to surging Japanese demand, Asia-Pac markets other than China made up 52.8% of Q1 shipments. Europe (14.8% of shipments) was also a geographic strong point. China only accounted for 26% of Q1 shipments (seasonality), and the U.S. 4.1%.

Q1 results, PR