Last Friday, the Chinese government released more details on the five-year plan for solar energy. China strives to reduce the cost of photovoltaic modules to 7,000 yuan/kW in 2015, the cost of photovoltaic systems to 13,000 yuan/kW, and the cost of power generation to 0.8 yuan/kWh. By 2020, the cost of photovoltaic modules will drop to 5,000 yuan/kW. The cost of the photovoltaic system dropped to 10,000 yuan/kW, and the cost of power generation dropped to 0.6 yuan/kWh, achieving effective competition in the main power market.
By 2015, leading polysilicon makers will reach the 50,000-ton level, while leading component manufacturers must produce 5GW of energy. The Chinese government will further help photovoltaic companies increase their annual sales. At least one company has sales revenue of over 100 billion yuan, and 3-5 companies have exceeded 50 billion US dollars.
In terms of technology, by 2015, the industrial conversion efficiency of monocrystalline silicon cells will reach 21%, polysilicon cells will reach 19%, amorphous silicon thin-film cells will reach 12%, and new-type thin film photovoltaic cells will be industrialized. The localization rate of PV cell production equipment and auxiliary materials reached 80%, and the key technologies for photovoltaic grid-connected and energy storage equipment production and system integration were mastered.
SolarWorld, a German company, announced the initial data for 2011. In 2011, Solarworld PV module shipments were 794 MW, a 25 MW reduction from 2010 shipments. Affected by the deterioration of ASP, total sales in 2010 were between 1.4 billion and 2.2 billion U.S. dollars, and the loss of revenue was nearly 30%. Preliminary data shows that SolarWorld's components sell for an average price of 1.76 US dollars per watt. The company will allocate 418 million U.S. dollars for equipment expiration and additional long-term asset impairment.
Recently, Trina Solar announced its fourth-quarter and full-year financial results in 2011. As can be seen from the financial report, as an industry giant, Trina Solar has also been affected by the overcapacity in the industry and the deterioration of ASP. Tianhe allocated 16 million U.S. dollars for accounts payable and 9 million U.S. dollars for prepayment with Nitol. The shipment of TRW Q4 PV modules was approximately 425MW, after the company was expected to increase between 320MW and 350MW with a month-on-month increase of 14.8%; revenue was US$435.7 million, a decrease of 9.6% from the previous period; gross profit was US$31 million, a decrease of 40.4% from the previous quarter. In the fourth quarter, shipments to the United States reached 123MW. Interestingly, despite the possibility of import tariffs, Tianhe still expects that 25% of its business volume in 2012 will come from the US market. However, the company seems to have developed a contingency plan to prevent the implementation of tariff policies. Trina Solar sells capacity of up to 1.5GW, which is 50% higher than that of SolarWorld and sets a new record for the company. ASP averages $1.35 per watt per year, bringing in $2.04 billion in revenue. Manufacturing costs for Q1 fell by 24%, and ASP fell 41% compared to Q4. At present, the cost of amorphous silicon material is 0.64 US dollars per watt, the company plans to reduce the cost to less than 0.64 US dollars per watt at the end of the year. The cost of polysilicon is $0.30 per watt.
Astor said last week that the company purchased wafers directly from GCL at a price of $0.31 per watt, saving $0.18 in processing costs. The TRW report pointed out that the company’s inventories have been reduced, accounts payable 187 million US dollars, resulting in increased cash and long-term debt. TRH revealed that the company plans to produce n-type IBC batteries in 2013. The conversion rate of such batteries will exceed 21%. As can be seen from the earnings reports of the four companies, in the bleak year last year, TRW suffered the least damage with a loss of 37 million U.S. dollars, while MEMC lost a total of 1.5 billion U.S. dollars, REC 1 billion U.S. dollars, and SunPower 600 million U.S. dollars.
Looking ahead to 2012, ASP is expected to fall by 10% to $0.90 per watt, and the total cost may drop by 21%. Polysilicon should be the biggest contributor to cost savings, with a price of $0.30 for the Q4 and a drop to $0.15 for the middle of the year. Combining this data with the manufacturing cost of $0.58 per watt, Trina's gross margin is expected to reach 17% in the second half of this year.
During the conference call, topics such as outsourcing, cooperation, and even acquisitions were discussed, but there were not many solutions to import tariffs. It may not seem possible to outsource its "Honey" technology, but in the future, some form of OEM will be expected to be realized in the United States.
Yingli Green Energy announced Q4 and its annual financial report today. Yingli's shipments of components were lower than expected, with an expected value of 390MW and a physical shipment of 350MW. This also indicates that Yingli did not join the installation boom last year. Like Suntech, Yingli’s long-term asset value has been greatly reduced. There are many indications that the internal development of polysilicon materials is no longer within Ying Li’s agenda.
In addition to internal influences, Yingli set aside US$135 million to purchase silicon materials. In the past, Yingli stated that 40% of the company’s materials were supplied to the spot trading market, and the rest consisted of a group of long-term contracts and self-production. Yingli’s largest supplier is OCIChem in South Korea. Yingli and OCLChem have signed three separate contracts worth a total of US$1.6 billion. In early February, OCL reported that the company’s revenue declined by 43% due to the direct impact of spot prices. Unlike GCLPoly, OCL may not be able to provide flexible pricing due to high production costs. From the performance of Yingli, we can see that Yingli has realized this situation.
Before the introduction of new on-grid tariffs in July 2012, the Japanese photovoltaic industry was very popular. Chinese companies Artes Solar and Suntech Power have made remarkable achievements in the Japanese market. According to Nikkerer’s report last week, Astel Solar is considering building a 150MW photovoltaic module plant in Japan. At the "Cleantech" conference last week, Artes Solar demonstrated a technology roadmap that includes n-type monocells and hetero-junction cells with a conversion rate of 20%. At present, the hetero-junction cell from Sanyo is best known. This year, Panasonic will once again introduce this product to the Japanese market. Taking into account the significant price differences between China and Japan, those companies that are gradually accepted by the Japanese home market and can provide excellent quality and ideas, such as Astel Solar, can create success in the Japanese market.
In February, Sharp, a large Japanese company, released its financial report for the third quarter of 2011 and its annual report. According to the report, Sharp's market share in China has further declined. According to Sharp's photovoltaic division, due to falling prices, revenue in the third quarter of 2011 fell by 33.5%, operating losses reached 6.2 billion yen (approximately US$210 million), and cumulative operating losses amounted to 14.7 billion yen. Shipments were 831 MW, down 10.3% year-on-year. As it was unable to achieve profitability, Sharp announced that the company plans to focus on downstream areas and focus on developing its domestic business. One of the initiatives is to outsource the production of batteries to Taiwanese companies NSP and Gintech.
By 2015, leading polysilicon makers will reach the 50,000-ton level, while leading component manufacturers must produce 5GW of energy. The Chinese government will further help photovoltaic companies increase their annual sales. At least one company has sales revenue of over 100 billion yuan, and 3-5 companies have exceeded 50 billion US dollars.
In terms of technology, by 2015, the industrial conversion efficiency of monocrystalline silicon cells will reach 21%, polysilicon cells will reach 19%, amorphous silicon thin-film cells will reach 12%, and new-type thin film photovoltaic cells will be industrialized. The localization rate of PV cell production equipment and auxiliary materials reached 80%, and the key technologies for photovoltaic grid-connected and energy storage equipment production and system integration were mastered.
SolarWorld, a German company, announced the initial data for 2011. In 2011, Solarworld PV module shipments were 794 MW, a 25 MW reduction from 2010 shipments. Affected by the deterioration of ASP, total sales in 2010 were between 1.4 billion and 2.2 billion U.S. dollars, and the loss of revenue was nearly 30%. Preliminary data shows that SolarWorld's components sell for an average price of 1.76 US dollars per watt. The company will allocate 418 million U.S. dollars for equipment expiration and additional long-term asset impairment.
Recently, Trina Solar announced its fourth-quarter and full-year financial results in 2011. As can be seen from the financial report, as an industry giant, Trina Solar has also been affected by the overcapacity in the industry and the deterioration of ASP. Tianhe allocated 16 million U.S. dollars for accounts payable and 9 million U.S. dollars for prepayment with Nitol. The shipment of TRW Q4 PV modules was approximately 425MW, after the company was expected to increase between 320MW and 350MW with a month-on-month increase of 14.8%; revenue was US$435.7 million, a decrease of 9.6% from the previous period; gross profit was US$31 million, a decrease of 40.4% from the previous quarter. In the fourth quarter, shipments to the United States reached 123MW. Interestingly, despite the possibility of import tariffs, Tianhe still expects that 25% of its business volume in 2012 will come from the US market. However, the company seems to have developed a contingency plan to prevent the implementation of tariff policies. Trina Solar sells capacity of up to 1.5GW, which is 50% higher than that of SolarWorld and sets a new record for the company. ASP averages $1.35 per watt per year, bringing in $2.04 billion in revenue. Manufacturing costs for Q1 fell by 24%, and ASP fell 41% compared to Q4. At present, the cost of amorphous silicon material is 0.64 US dollars per watt, the company plans to reduce the cost to less than 0.64 US dollars per watt at the end of the year. The cost of polysilicon is $0.30 per watt.
Astor said last week that the company purchased wafers directly from GCL at a price of $0.31 per watt, saving $0.18 in processing costs. The TRW report pointed out that the company’s inventories have been reduced, accounts payable 187 million US dollars, resulting in increased cash and long-term debt. TRH revealed that the company plans to produce n-type IBC batteries in 2013. The conversion rate of such batteries will exceed 21%. As can be seen from the earnings reports of the four companies, in the bleak year last year, TRW suffered the least damage with a loss of 37 million U.S. dollars, while MEMC lost a total of 1.5 billion U.S. dollars, REC 1 billion U.S. dollars, and SunPower 600 million U.S. dollars.
Looking ahead to 2012, ASP is expected to fall by 10% to $0.90 per watt, and the total cost may drop by 21%. Polysilicon should be the biggest contributor to cost savings, with a price of $0.30 for the Q4 and a drop to $0.15 for the middle of the year. Combining this data with the manufacturing cost of $0.58 per watt, Trina's gross margin is expected to reach 17% in the second half of this year.
During the conference call, topics such as outsourcing, cooperation, and even acquisitions were discussed, but there were not many solutions to import tariffs. It may not seem possible to outsource its "Honey" technology, but in the future, some form of OEM will be expected to be realized in the United States.
Yingli Green Energy announced Q4 and its annual financial report today. Yingli's shipments of components were lower than expected, with an expected value of 390MW and a physical shipment of 350MW. This also indicates that Yingli did not join the installation boom last year. Like Suntech, Yingli’s long-term asset value has been greatly reduced. There are many indications that the internal development of polysilicon materials is no longer within Ying Li’s agenda.
In addition to internal influences, Yingli set aside US$135 million to purchase silicon materials. In the past, Yingli stated that 40% of the company’s materials were supplied to the spot trading market, and the rest consisted of a group of long-term contracts and self-production. Yingli’s largest supplier is OCIChem in South Korea. Yingli and OCLChem have signed three separate contracts worth a total of US$1.6 billion. In early February, OCL reported that the company’s revenue declined by 43% due to the direct impact of spot prices. Unlike GCLPoly, OCL may not be able to provide flexible pricing due to high production costs. From the performance of Yingli, we can see that Yingli has realized this situation.
Before the introduction of new on-grid tariffs in July 2012, the Japanese photovoltaic industry was very popular. Chinese companies Artes Solar and Suntech Power have made remarkable achievements in the Japanese market. According to Nikkerer’s report last week, Astel Solar is considering building a 150MW photovoltaic module plant in Japan. At the "Cleantech" conference last week, Artes Solar demonstrated a technology roadmap that includes n-type monocells and hetero-junction cells with a conversion rate of 20%. At present, the hetero-junction cell from Sanyo is best known. This year, Panasonic will once again introduce this product to the Japanese market. Taking into account the significant price differences between China and Japan, those companies that are gradually accepted by the Japanese home market and can provide excellent quality and ideas, such as Astel Solar, can create success in the Japanese market.
In February, Sharp, a large Japanese company, released its financial report for the third quarter of 2011 and its annual report. According to the report, Sharp's market share in China has further declined. According to Sharp's photovoltaic division, due to falling prices, revenue in the third quarter of 2011 fell by 33.5%, operating losses reached 6.2 billion yen (approximately US$210 million), and cumulative operating losses amounted to 14.7 billion yen. Shipments were 831 MW, down 10.3% year-on-year. As it was unable to achieve profitability, Sharp announced that the company plans to focus on downstream areas and focus on developing its domestic business. One of the initiatives is to outsource the production of batteries to Taiwanese companies NSP and Gintech.
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