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Polycrystalline silicon photovoltaic industry change in the situation brewing

In Electronic Infomation Category: R | on February   13, 2011

With renewable and MIC38C42BM datasheet and environmentally friendly solar power and MIC38C42BM price and other characteristics, the advantages to many countries including China, will focus on the development of new solar energy as the energy industry.

Major supplier of photovoltaic products in mainland China to Europe market, the domestic market share is small. In recent years, due to the increasing market demand for Europe and MIC38C42BM suppliers and America, China PV industry has achieved rapid development in recent years, the average annual growth rate of 5 to 40%. Further increase in the policy context of efforts to support the future growth prospects for the PV industry will be more broad.

PV industry chain from upstream to downstream, including the industrial chain, including polysilicon, wafers, cells and cell components. In the industrial chain, from polysilicon to the battery components, the production of increasingly low technical threshold, and accordingly, the number of distribution companies is also increasing. Therefore, the profits of the entire PV industry chain mainly in the upstream polysilicon production process, the profitability of the upstream business was better than downstream.

Present, mainland China polysilicon production for profit in the final battery component products the highest proportion of total profits, about 52%; battery components production accounted for about 18% of profits; and cell and wafer production proportion of profits were about 17% and 13%.

Since 2008, polysilicon prices decline began to appear more substantial, to the present, the domestic spot price of polysilicon from last years 500 U.S. dollars / kg down to 100 to 150 U.S. dollars / kg.

Polysilicon capacity expansion too fast, and relatively slow growth in demand is the main factor leading to price decline. According to the companys forecast iSuppi, 2009, the global polysilicon supply will double, while the growth in demand by only 34%. Therefore, there is further decline in the price of polysilicon possibility. iSuppi even said that by 2010, when the spot price of polysilicon will be reduced to 100 U.S. dollars / kg, which would greatly reduce the profitability of the polysilicon suppliers.

Prices of polysilicon solar cell manufacturers to thickening of the profits, but also pure silicon there is a big business risk. Both the upstream polysilicon suppliers, or downstream of the solar cell manufacturers, silicon manufacturers technical problems do not exist. When both the upstream and downstream businesses into the silicon when the silicon wafer business by sharply squeezing the profits of the chain.

CSG A (000012.SZ):

Has complete industry chain

Company is mainly engaged in glass manufacturing, the proportion of the current glass business close to 90%. Interim Report from 2008, the current proportion of total income solar business is also only 9.64%, but sales up 51.37 percent gross margin to operating profit of the business contribution to the company to 15.44%.

January of this year, CSG A one line of 1,500 tons of high-purity polysilicon production time in half a year after construction and other preparation was officially put into operation, which is the largest single closed-loop polysilicon production lines. With the official commissioning of the project, CSG has a polysilicon to the solar cell from the battery set up a complete industrial chain.

Company forecast full-year 2008 results will be basically the same as in 2007. Since the first three quarters net profit growth rate reached 85.25%, which means that fourth quarter earnings are likely to decline sharply. In the global economic crisis, the one hand, the companys fourth quarter Float Glass Co., Ltd. of Shenzhen CSG of fixed assets 1.96 billion provision for impairment, accounting for 36% of the first three quarters of net profit; the other hand, decline in demand and prices will double sales of the adverse effects of lower gross profit margin of glass products.

2008 first three quarters of CSG sales gross margin continued to decline. As the real estate industry is still no clear signs of recovery and, therefore, the upper reaches of the glass industry is also difficult to see short-term trend of improvement.

2009, the companys greatest opportunity lies in the polysilicon project, but this year, polysilicon prices continue to decline in the situation presented, crude oil prices in the low long-run future performance of the company remains cautious observation.

Extension Nisshin can (002218.SZ):

Amorphous silicon decline in business

Company is the leader in amorphous silicon solar cell business enterprises, monocrystalline silicon solar cells and solar applications and power supply system is also an important part of our business. In 2008, the proportion of amorphous silicon business has declined, from 37.6% in 2007 to 30%, while the silicon and solar power system products and services have been enhanced.

Than silicon and amorphous silicon solar cells has the advantage of lower cost polysilicon for the future to do a large-scale promotion. However, monocrystalline silicon and polycrystalline silicon cells has the advantage of high conversion efficiency.

According to the published results of Letters in 2008, the year the company achieved operating income of 290 million yuan, net profit of 73.255 million yuan, an increase of 41.26%, respectively, and 5.66%. Much lower than the net profit growth caused a major factor in income growth are: first, the income tax rate in 2008 to 7.5% in 2007 to 15%, the second, the company signed with Zhejiang Yuhui 105 megawatts of silicon film contract from July 1, 2008 came into force, or about 14.24 million yuan per megawatt, compared with the current market price is slightly higher, so the company extracted impairment.

Tianwei change (600550.SH):

Investment income slowed

2008, the company of Tianwei Yinglis investment income of 3 billion yuan, Xinguang Silicon investment income was 2.88 billion yuan, accounting for the proportion of total business operating profits were 31% and 29%, while wind power, thin film solar business is still at a loss, the transformer and other traditional business operating profit contribution of 40%.

According to data disclosed by Tianwei Yingli, the company 7.6 billion in 2008 revenue, net profit of 1.156 billion yuan, an increase of 86.1%, respectively, and 72.69%, total shipments of 258.1 megawatts, an increase of 97.5%. Despite showing strong growth, but since the second half of 2008, the global economic crisis, sales began to fall signs. Fourth quarter shipments were down 1.5%, component prices fell by 21%.

Dramatic decline in the price of polysilicon, Xinguang Silicon fourth quarter sales were despite the growth, but net income was a decline of more than 50%, from 309 million in the third quarter fell to 149 million in the fourth quarter. However, full-year net profit Xinguang Silicon is still 6.27 times the explosive growth. In addition, the subsidiary of Tianwei silicon industry and the music industry, 3,000 tons of polycrystalline silicon power project will be put into operation in 2009.

Tianwei change the solar industry, covering almost the upstream and downstream industry chain, to avoid price fluctuations in a single chain significant effects on corporate profits, however, polysilicon prices decline will slow down the growth rate of investment income.

Chuantou Energy (600674.SH):

Xinguang Silicon profit or loss

And Tianwei change as Xinguang Silicon Energy also vote in 2008, Sichuan has an important contribution to business growth. Sichuan Investment and energy holds 38.9% of the shares of the company, slightly higher than Tianwei change, 2008 on Sichuan Xinguang Silicon Energys net profit contribution of investment 3.14 billion yuan, accounting for 86% share of net profit.

Also note that, in 2009, polysilicon prices have now dropped to 150 U.S. dollars / kilograms, therefore, can not maintain Xinguang Silicon earnings growth in 2008, Sichuan Investment energy investment income of the company will face significant slowdown in growth or even negative growth pressure.

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