JA Solar Holdings is a China-based company engaged in the design, development, manufacture and marketing of high-end performance solar energy products. The company has two main solar cell manufacturing facilities. They're located in Ningjin in Hebei Province and Yangzhou in Jiangsu Province. They have a total capacity of 1 gigawatt. For the quarter ended Sept. 30, the company's shipments exceeded 410 megawatts on strong customer orders, from the earlier guidance of 375 MW given on Aug. 10. The new guidance is 31.8% higher than the shipments in the second quarter, and up 131.6% from the third quarter of 2009. Early this month, JA Solar announced supply agreements with BP ( BP) solar to supply 185 megawatts of monocrystalline and multicrystalline solar cells in 2010 and through 2011. The company also announced a supply agreement for 13 MW of monocrystalline solar cells with a leading U.S. solar manufacturer. Focusing on R&D, JA Solar is improving its solar cells conversion efficiency through a commercial launch of "SECIUM" solar cells, which could boost profit margins and improve market traction. In addition, the company, unlike its competitors, met its capital obligations through low-cost borrowings. Despite gaining 96.0% after testing lows on June 2009, the stock is trading at an attractive forward P/E multiple of 7.4.