JA Solar Technology Co., Ltd.

SZSE:002459 Stock Report

Market Cap: CN¥56.0b

JA Solar Technology Valuation

Is 002459 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 002459 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 002459 (CN¥17.06) is trading below our estimate of fair value (CN¥109.04)

Significantly Below Fair Value: 002459 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 002459?

Key metric: As 002459 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 002459. This is calculated by dividing 002459's market cap by their current revenue.
What is 002459's PS Ratio?
PS Ratio0.7x
SalesCN¥75.92b
Market CapCN¥56.00b

Price to Sales Ratio vs Peers

How does 002459's PS Ratio compare to its peers?

The above table shows the PS ratio for 002459 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
688599 Trina Solar
0.6x12.5%CN¥52.5b
600460 Hangzhou Silan MicroelectronicsLtd
4.6x12.5%CN¥48.5b
002156 Tongfu MicroelectronicsLtd
2.1x18.2%CN¥48.4b
688472 CSI Solar
1x18.9%CN¥48.2b
002459 JA Solar Technology
0.7x15.0%CN¥56.0b

Price-To-Sales vs Peers: 002459 is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does 002459's PS Ratio compare vs other companies in the CN Semiconductor Industry?

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.7.1x23.9%
002459 JA Solar Technology
 0.7x15.0%US$7.73b
688223 Jinko Solar
0.8x11.4%US$12.09b
688599 Trina Solar
0.6x12.5%US$7.26b
002459 0.7xIndustry Avg. 7.1xNo. of Companies23PS048121620+
11 CompaniesEstimated GrowthMarket Cap
Industry Avg.7.1x48.1%
002459 JA Solar Technology
 0.7x83.0%US$7.73b
No more companies

Price-To-Sales vs Industry: 002459 is good value based on its Price-To-Sales Ratio (0.7x) compared to the CN Semiconductor industry average (7.1x).

Price to Sales Ratio vs Fair Ratio

What is 002459's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

002459 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: 002459 is good value based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 002459 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥17.06
CN¥20.82
+22.1%
32.6%CN¥32.62CN¥9.20n/a11
Nov ’25CN¥18.15
CN¥19.19
+5.7%
39.0%CN¥32.62CN¥9.20n/a11
Oct ’25CN¥13.55
CN¥14.19
+4.7%
45.6%CN¥32.62CN¥8.80n/a11
Sep ’25CN¥9.89
CN¥15.88
+60.6%
40.0%CN¥32.62CN¥8.00n/a12
Aug ’25CN¥10.64
CN¥17.48
+64.3%
37.0%CN¥32.62CN¥8.00n/a12
Jul ’25CN¥11.25
CN¥18.61
+65.4%
30.8%CN¥32.62CN¥10.90n/a12
Jun ’25CN¥15.10
CN¥20.80
+37.7%
36.8%CN¥35.00CN¥10.90n/a13
May ’25CN¥14.22
CN¥26.95
+89.5%
35.3%CN¥51.66CN¥12.90n/a14
Apr ’25CN¥17.89
CN¥27.70
+54.9%
32.5%CN¥51.66CN¥15.30n/a14
Mar ’25CN¥18.87
CN¥27.63
+46.4%
32.9%CN¥51.66CN¥15.30n/a14
Feb ’25CN¥17.78
CN¥27.63
+55.4%
32.9%CN¥51.66CN¥15.30n/a14
Jan ’25CN¥20.72
CN¥30.82
+48.7%
35.9%CN¥51.68CN¥17.00n/a12
Dec ’24CN¥19.70
CN¥31.49
+59.8%
32.7%CN¥51.68CN¥18.00n/a12
Nov ’24CN¥21.98
CN¥36.16
+64.5%
35.8%CN¥61.43CN¥18.00CN¥18.1513
Oct ’24CN¥25.58
CN¥42.97
+68.0%
22.0%CN¥61.43CN¥28.00CN¥13.5513
Sep ’24CN¥27.75
CN¥51.02
+83.9%
14.9%CN¥61.43CN¥36.48CN¥9.8912
Aug ’24CN¥32.18
CN¥54.54
+69.5%
9.7%CN¥61.43CN¥44.00CN¥10.6412
Jul ’24CN¥41.70
CN¥55.42
+32.9%
8.2%CN¥61.43CN¥47.30CN¥11.2511
Jun ’24CN¥35.20
CN¥55.33
+57.2%
8.2%CN¥61.43CN¥47.30CN¥15.1011
May ’24CN¥40.39
CN¥57.45
+42.2%
9.0%CN¥69.28CN¥49.57CN¥14.2212
Apr ’24CN¥40.96
CN¥58.73
+43.4%
10.7%CN¥69.93CN¥47.79CN¥17.8911
Mar ’24CN¥42.04
CN¥60.94
+45.0%
10.6%CN¥73.71CN¥51.43CN¥18.878
Feb ’24CN¥46.46
CN¥60.94
+31.2%
10.6%CN¥73.71CN¥51.43CN¥17.788
Jan ’24CN¥42.92
CN¥60.22
+40.3%
10.3%CN¥71.44CN¥51.43CN¥20.727
Dec ’23CN¥41.52
CN¥65.11
+56.8%
7.9%CN¥71.44CN¥58.50CN¥19.705
Nov ’23CN¥46.93
CN¥63.74
+35.8%
7.7%CN¥71.44CN¥58.50CN¥21.984

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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