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Summary of JD Solar Energy (钧达股份) Research Report

Company Overview

JD Solar Energy (钧达股份, HK:2865, A-Share:002865.SZ) is a leading professional photovoltaic battery sheet manufacturer, listed as the first "A+H" main photovoltaic industry company. Established in 2017, it specializes in N-type TOPCon and P-type PERC batteries, with a global TOPCon production capacity of 44.4GW. The company excels in competing for market share, holding a 24.7% TOPCon market share among professional manufacturers in 2024 based on shipment data. Its battery sheet production efficiency exceeds 25.5%, positioning it in the top tier of the industry.

Market Position and Performance

• The company holds a 7.5% TOPCon market share among professional and integrated manufacturers, indicating strong presence in the evolving photovoltaic supply chain.
• In 2025 Q1-3, overseas revenue surged by 92% to HK$29.0 billion, contributing over 50% of total income, up from less than 1% in 2022. This growth is driven by expansion in emerging markets like the Middle East, India, and Africa.
• Financially, the Q3 2025 report showed reduced net losses (-CNY1.55 billion), with TopCon prices stabilizing after previous declines, expected to improve Q4 profitability due to higher overseas margins.

Investment Recommendation

The company is recommended for "逢低布局" (buy on dips) based on its competitive edge in battery cells, strong overseas revenue growth, and valuation opportunities. With an H-share valuation that is ~60% below A-share, it offers potential upside compared to peers like Fotona Glass. The "A+H" listing provides a unique advantage in global liquidity and market access.

Key Risks

Risks include intensified competition, rapid technological changes in photovoltaic batteries, and geopolitical instability that could disrupt supply chains or markets.

Financial Highlights

• Key metrics: Market share 24.7% in TOPCon batteries, overseas revenue CAGR ~92% over 2022-2024, and improved Q3 Earnings Before Interest and Taxes (EBIT).
• Peer comparison shows JD Solar undervalued in Hong Kong markets, with potential for valuation increases if operational improvements materialize.