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Q&A med Genmab A/S, 26 Februar Kl. 14:30 Læs mere her
      

Dårlige regnskaber fra solcelle producenter


45445 troldmanden 22/8 2011 16:39
Oversigt

Der er kommet 2 nye regnskaber fra dels verdens største producent Suntech og China Sunergy. Og det er ikke just spændende læsning. Volumen stiger som forventet men Margin er under massivt pres pga overkapacitet i branchen. Det er især Spanien, Tyskland og Italien der er skyld i denne overkapacitet.

Det er nu anden gang Suntech nedjustere i år. Solcelle branchen synes dermed at være der hvor vindmølle branchen også har været i et stykke tid. Margin pres......


Suntech losses grow as company grapples with low prices

Suntech saw wider losses in the second quarter as smaller margins were compounded by one-off charges taken in a bid to reduce operating costs.
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The world's biggest manufacturer of solar panels reported a net loss of $259.5m, after writing down $91.9m for discontinuing a long-term agreement with wafer maker MEMC. It also took a $31.8m hit for discontinuing operations at its CSG Solar subsidiary in Germany.

Suntech's shipments jumped by 48% compared to last year's second quarter, but revenues only increased by 33% to $830.7m because of lower selling prices.

Slower demand in major European markets has left the solar industry with overcapacity in recent months, pushing down average selling prices (ASP) and eroding revenues at companies even as they increased shipments. Suntech says its ASP fell by 7% in the quarter.

The Chinese company is trying to reduce manufacturing costs to maintain margins as panel prices keep falling. It halted a supply agreement with MEMC and increased its own production of wafers to half of its needs in a bid to shave costs. It will further increase wafer production to 1.6GW by the end of the year.

The company expects PV shipments to increase by over 15% in the third quarter compared with the second quarter of 2011, as the Italian sector recovers and emerging markets like China help to grow demand.

However chief executive Shi Zhengrong says he expects "the highly competitive market environment to continue for the next few quarters". The company cut its revenue forecast for the year to $3.2bn-$3.4bn from $3.3bn-$3.5bn.

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Sunergy slips to Q2 loss as prices fall while expenses surge

China Sunergy reported a $16.9m loss for the second quarter as fewer shipments and lower selling prices ate into its margins even as the company's expenses surged on the back of expansion efforts.
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The solar group, which made $13.8m in the same quarter last year, booked revenues of $144m. That was a 22.4% increase over the previous year's equivalent period but a 13% decline on the first three months of 2011.

Like many of its peers, China Sunergy felt the impact of policy changes in Europe's two biggest solar markets, Germany and Italy, which slowed demand and drove down prices for solar panels.

It is forecasting shipments of 140-160MW for the third quarter and between 470 and 500MW for the full year, down from June's forecast of 580 to 600MW.

Sunergy shipped 89.3MW of product in the second quarter, almost 9% less than in the first. The average selling price (ASP) per watt of its modules was US$1.64, down from $1.74 per watt in the first three months of 2011. Gross Margin for the quarter was 2.6%, down from 10.7%.



22/8 2011 17:16 Kristensen 045446



Det er ikke vildt positiv læsning. LDK Solar kom med regnskab i fredags. De nedjusterede kraftigt og faldt 22%.

Bruttomargin blev nedjusteret fra mellem 24-29% til mellem 15-20%.

"For the entire year, LDK is expecting sales in the range of $2.5 billion to $2.7 billion, from a previous guidance of $3.5 to $3.7 billion. "

"For the whole year, the company expects to ship only 1.8 gigawatts to 2 GW worth of solar wafers from a previous guidance of 2.7 GW and 2.9 GW. Expected module ship will also be down within a range of 750 MW and 800 MW from an earlier forecast of 800 MW and 900 MW."

http://www.ecoseed.org/finance/markets-and-stocks/art..




23/8 2011 17:00 Kristensen 045483



Trina Solar har i dag aflagt regnskab for Q2.

Et par hurtige facts:
* Q2 EPS $0.17 vs last yr $0.52
* Rev up 56 pct
* Sees sequentially higher shipments
*The company's margins almost halved this year and second-quarter margins came in at 17 percent.

For god og overskuelig præsentation:
http://phx.corporate-ir.net/External.File?item=UGFyZW..



23/8 2011 17:26 troldmanden 045484



7% Margin er stadig flot. Men mon ikke branchens Margin kommer til at falde til et niveau omkring de 10% som med den mere modne vindmølle branche. Der er i hvert fald stadig en meget stor overkapaciteet så selv med cost reduktioner vil jeg tror pris presset fortsætter den kommende tid.

Modsat så hjælper det naturligvis når der er nogen der kaster håndklædet. Så i dag at en US producent er bukket under



23/8 2011 18:20 Kristensen 045489



Som jeg forstår det var Margin 17% i Q2, som var en halvering fra sidste år. Men ja fortsat en fin Margin.

Men der kommer nok også til at ske en konsolidering i denne branche. Hvem bukkede foriøvrigt under i dag?



23/8 2011 18:25 akademikeren 045490



Det er korrekt. Og det er bruttomargin, nettomargin var 2%. Det lysner for branchen måske http://www.bloomberg.com/news/2011-08-23/polysilicon-..



23/8 2011 18:41 troldmanden 045492



Av ja det e da også rigtigt



23/8 2011 18:34 troldmanden 045491



Spectrawatt. Men det er et af de mindre selskaber

http://www.recordonline.com/apps/pbcs.dll/article?AID..



25/8 2011 11:28 troldmanden 045574



LDK Solar downgrades

LDK Solar kommer med regnskab den 29 aug. Men forventningerne til regnskabet er grumme. Prøv engang at se deres Margin fald. Fra 22-26% til forventet 1,5-2,5%

For the second quarter, it now expects revenue to be in the range of $480m to $500m, sharply lower than a previous forecast of $710m to $760m.

Revenue for the full year will be in the range of $2.5bn-$2.7bn, down from $3.5bn-$3.7bn.

Gross Margin will plunge to between 1.5% and 2.5%, against a previous estimate of 22%-26%.

http://www.rechargenews.com/business_area/finance/art..



25/8 2011 11:46 Kristensen 045576



Av av av - det lyder ikke opløftende.

Der er nogle fælles problemstillingen indenfor fremstilling af alternativ energi pt., dog med knap så drastiske Margin fald hos vindmølle producenterne.



25/8 2011 12:00 troldmanden 045577



Ja der er de sidste år sket en enorm kapacitets stigning i VE branchen. Bla fordi en masse nye spillere er kommet til. Og når så nogle af de største markeder er gået tilbage så gør de ondt.

Solcelle markedet er endnu ikke helt så modent som vindmølle markedet. Prisen per kwh er også langt højere end ved vindmøller. Derfor er solcelle markedet også alt andet lige mere sårbart hvis der skal skæres på tilskuds reglerne.

Var til et 2 timers møde i aftes om solceller. Der sker noget på det marked



25/8 2011 12:07 troldmanden 045578



Hanwha SolarOne rapportere et tab i første halvår. De går fra +$40 mio til nu -$11 mio

he company says it expects module shipments to be at the low end of its 2011 guidance of 1GW-1.2GW. Hanwha refines silicon and makes solar wafers and PV cells.

The company, previously known as Solarfun Power Holdings, reported a second quarter $10.67m net loss on a 2.2% rise in revenue to $277.1m, against a $40.2m profit a year earlier. Revenue declined 18.4% against the first quarter of this year.



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