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JA Solar Holdings Co., Ltd. (



Q4 2010 Earnings Call

February 22, 2011 8:00 AM ET


Martin Reidy – Brunswick Group, IR

Dr. Peng Fang – Chief Executive Officer

Anthea Chung – Chief Financial Officer

Ming Yang – VP, Business Development and Corporate Communications


Min Xu – Jefferies

Jay Green – Barclays Capital

Shawn Lockman – Piper Jaffray

Edwin Mok – Needham & Company

Colin Rusch – ThinkEquity

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Hello. And thank you for standing by for JA Solar’s Fourth 2010 and Full Year 2010 Earnings Conference Call. At this time, all participants are in a listen-only mode. After managements prepared remarks there will be a question-and-answer session. Today’s conference is being recorded, if you have any objections you may disconnect at this time.

I would now like to turn the meeting over to your host for today’s conference, Martin Reidy of Brunswick Group.

Martin Reidy

Thank you. And welcome to JA Solar’s fourth quarter and full year 2010 earnings conference call. Joining us from the company are Dr. Peng Fang, CEO; Ms. Anthea Chung, CFO; and Mr. Ming Yang, VP of Business Development and Corporate Communications.

As stated in the press release, the oversimplified transition of CNY into U.S. dollars, which is set at CNY6.6000 to $1, is made solely for the convenience of the audience. References to dollars are the lawful currency of the U.S.A. The press release published today provides detailed financial tables under conversion from CNY to USD.

On this call, Dr. Fang will begin with an overview of our Q4 results covering business and operational developments. Following that, Anthea will provide details of the company’s financial performance and outlook. Following our prepared remarks, we will open it up for questions for the remainder of the call and we expect the entire call to last approximately one hour.

Before we begin the formal remarks, I would like to remind you that certain statements on today’s call, including statements regarding expected future financial and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the Safe Harbor provision of the U.S. Private Securities Litigation Reform Act of 1995.

Factors that could cause actual results to differ include general business and economic conditions in the solar industry, governmental support for the development of solar power, future shortage or availability of the supply of high purity silicon, demand for end-user products by customers and inventory levels of such products in the supply chain, changes in demand from significant customers, changes in demand for our major markets, changes in product mix, capacity utilization, level of competition, pricing pressures and declines in average selling prices, delays in the introduction of new product lines, continued success and technological innovations, shortage in supply of raw materials, availability of financing, exchange rate fluctuation, litigation and other risks as describe in the company’s SEC filings, including its annual report on Form 20-F filed with the SEC.

Although, the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results. You should not place undue reliance on these forward-looking statements. All information provided in today’s conference call speaks as of today’s date, unless otherwise stated and the company undertakes no duty to update such information, except as required under applicable law.

I will now turn the call over to Dr. Peng Fang, CEO of JA Solar.

Peng Fang

Hello, everyone and welcome to today’s call. We appreciated your interest in JA Solar. 2010 has been the most successful year in our company’s history. And I would like to thank all of the team members at JA Solar for their contribution to JA’s success. Over the past year, we achieved record results in the company’s history in both operational and the financial metrics and building strong long-term relationships with key global PV companies. We substantially diversified and improved our customer base and geographic distribution and established JA Solar as the world largest solar cell company, in terms of both shipments and the manufacturing scale.

As we are gained marketing share during the year, we increased the revenue 187% year-over-year and reached the profitability and audience to a record level, building a solid platform for sustainable future growth. Through our success in 2010 and our experience over the last five years, we have identified three primary competitive advantages for JA Solar.

First, our low cost largest player, manufacturing capability as the world’s largest solar cell producer, second, our emphasis on building global strategical partnerships, third, our industry leading manufacture technology.

Our success last year was supported by major scale up in capacity and the shipment. In 2010, we shifted 1.46-gigawatt of solar cells and the modules, which is almost 50% more than the entire our cumulative shipments in JA’s entire history from 2005 to 2009, and an increase of more than 200% from 2009 level.

We are now the clear industry leader in terms of solar cell production capacity, which currently stands just over 2.1 gigawatts, as we increased our capacity in response to the customer demand. We’ve increased the international sales from 29% of sales at the end of 2009 to more than 50% in Q4 2010, resulting in a more diversified global customer base closer to local and the -- local end market and driving a strong demand for our products.

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