JA Solar Technology Co Ltd

JA Solar maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 2.17 and long-term debt of CNY 48.45 billion against total equity of CNY 22.35 billion. The company holds a current ratio of 1.21, indicating adequate short-term liquidity coverage, though the risk assessment flags medium liquidity risk due to negative net cash after subtracting total debt. The market capitalization stands at CNY 24.82 billion, trading at a price-to-book ratio of 1.11, which suggests the market values the company close to its tangible book value despite current operational losses.

Profitability metrics are severely negative, with a return on equity of -20.62% and a return on assets of -4.39%. The company reported a gross profit of -CNY 1.12 billion and an operating income of -CNY 5.11 billion, resulting in a net income loss of CNY 4.61 billion. These figures indicate that the company is currently unable to cover its operating costs with its revenue, leading to significant erosion of shareholder equity. The negative EV/EBITDA of -14.34 further underscores the lack of current earnings power relative to enterprise value.