SPWR is a must and I still like JASO as a high/risk very high reward type of "value" play. I liked both JASO and SOL as "value" plays in the industry, but SOL turned out to be a dog. They are not truthful to shareholders and now their balance sheet is starting to look really ugly. JASO on the other hand has the best balance sheet of all Chinese solars (including CSIQ, TSL, or JKS) and they still have some underutilitization that can quickly get absorbed with increasing global demand.
Chinese news sites are reporting that JASO is hiring like crazy and that they are now running at full capacity. They also have 300MW of unused module capacity because it required manual operation, so they are automating it. JASO has also ordered new machinery from a German manufacturer that proves that they are expanding module capacity. After all they have 2.5GW of cell capacity and 1.8GW of module capacity. It makes sense to turn all of those cells into modules. They have high quality monocrystalline modules for the most part.
Comparing JASO and SOL is like the tortoise and the hare story:
JASO - will not sell modules at low margins, only does high margin sales, hence the lower utilitization rate. The company is conservative and that is why they are slightly behind on projects when compared to CSIQ or JKS, but still on level playing field with TSL and miles ahead of some others. Conservatism is also the reason for their best of breed balance sheet. Their margins have been growing steadily QoQ as well.
SOL - quick to gain market share at all cost. Sold out for a couple quarters in advance, and using outsourcing in order to increase module shipment (this yields nothing in terms of profits). Got into the poly race and lost, which is now very costly. Got into projects, but is now abandoning them because they are too capital intensive.
SOL has now become a speculative play and JASO is still a relatively safe (due to balance sheet) play. JASO had a good Q3 ER and got punished and that creates a great buying opportunity (TSL fits this category as well). SOL had a horrific Q3 ER and got punished, and rightfully so.
CSIQ, SPWR, and JKS are the safe bets, but JASO might yield the greatest return in 2014 if things continue to improve and they don't have any skeletons in their closets (risk of investing abroad).