Solarfun
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| Eröffnet am: | 12.04.08 09:53 | von: polo10 | Anzahl Beiträge: | 15 |
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Solarfun
Chinesisches Solar-Unternehmen eröffnete Europazentrale in Ismaning bei München
11.04.2008 | Redakteur: Jan Vollmuth
Der Hersteller von Photovoltaik-Zellen und -Modulen Solarfun Power Deutschland hat neue Büroräume in Ismaning bei München bezogen. Die Tochtergesellschaft des chinesischen Solar-Konzerns soll die Präsenz in Europa vorantreiben.
Dazu Christian Dorn, Managing Director der Solarfun Deutschland GmbH: „Die Nähe zum Flughafen erlaubt es meinem Team und mir schnell zu reagieren und ohne großen Zeitverlust zu Projekten und Kunden vor Ort zu gelangen. Umgekehrt sind auch wir für unsere Partner gut erreichbar. Desweiteren freuen wir uns auf unsere zukünftigen Mitarbeiter und Kollegen, die bald die weiteren Räume zum Leben erwecken werden.“
Unter der Leitung von Christian Dorn soll besonders die Vertriebsstruktur optimiert werden: Solarfun will ein dichtes Vertriebsnetz mit Distributions-Partnern und Fokus-Partnern aufbauen, um flächendeckend Produkte und Services anbieten zu können.
zwischen Dezember 2007 und Februar 2008 mal außen vor lassen , so ist stets ein volatiler Handel zu erkennen ohne Besonderheiten.
Zum Vergleich einer wesentlich "spektakulärer" Kurve verweise ich auf "Trina Solar".
Hierfür einen Thread zu eröffnen halte ich für wenig sinnvoll- steckt doch auch das Wort "fun" in der Aktie.
IMO
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Wertpapier: Hanwha Q CELLS ADR |
Die Aktie ist nicht schlecht und hat noch Potential, die Umsätze und die Unternehmenszahlen belegen dies.
Solarfun Reports 2007 Full-Year and Fourth Quarter Results
SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co., Ltd. (“Solarfun” or “the Company”) (NASDAQ:SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the fourth quarter and the year ended December 31, 2007.
2007 ANNUAL RESULTS
* Net revenue was RMB 2.395 billion (US$ 328.3 million), up 280% from 2006
* Total PV module shipments as reported were 78.4 MW, up 310% from 19.1 MW in 2006 (Note: Full year shipments were actually 80.6 MW. However, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price was $3.74 for 2007
* Gross profit reached RMB 397.8 million (US$54.5 million), rising over 116% from 2006
* Gross margins reached 16.6% for the full year 2007, showing continuing improvement beginning in 2Q07
* Net income was RMB 148.0 million (US$20.3 million), rising 40% from 2006
* Earnings per basic ADS were RMB 3.081 (US$ 0.42), down from RMB 4.76(US$0.60) in 2006. There was a 132% increase in basic shares outstanding as a result of the Company’s initial public offering in December 2006
Mr. Yonghua Lu, Chairman of Solarfun commented, “The year 2007 was a period of significant progress for the Company and I believe established a foundation for further growth in the burgeoning PV industry. Our financial results met our expectations and showed progress in key measures such as revenue and profit growth. They are also a reflection of our increased scale, vertical integration, broadened customer base, and successful ability to secure supply of key raw materials to meet our growth objectives.”
“Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 %-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China.”
“We also achieved a few other significant milestones over the past year. We significantly strengthened our senior management team with a group of executives with relevant industry experience and global expertise and improved our internal management structure and discipline to keep pace with our rapid growth. Additionally, we believe that the increased share ownership of Good Energies provides us with access to significant additional industry expertise and will contribute to the long-term success of our business,” concluded Chairman Lu.
FOURTH QUARTER 2007 HIGHLIGHTS
* Net revenue was RMB 987.8 million (US$ 135.4 million), a 304% increase over 4Q06 and a 31% increase from the 3Q07
* PV module shipments as reported totaled 28.1 MW, which was nearly three times higher than 4Q06 and continued successive quarter-over-quarter shipment increases. Module shipments were 27.3 MW in 3Q07 (Note: 4Q07 shipments were actually 30 MW. However, as mentioned above, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price (“ASP”) was $3.85, which rose from $3.66 in 3Q07
* Gross profit rose 45.3 % from 3Q07 to RMB 174.5 million (US$ 23.9 million)
* Gross margin reached 17.7%, the third consecutive quarter-over-quarter increase.
* Operating expenses as a percent of sales were 8.3%, which was a decrease from 12.4% in 4Q06, but a rise from 7.0% in 3Q07.
* Exchange losses of RMB 3.3 million (US $ 0.5 million) were up from RMB 2.2 million in 4Q06 and RMB 0.70 million in 3Q07.
* Net income was RMB 66.4 million (US$ 9.1 million), a rise of 101% over 4Q06.
* Earnings per basic ADS were RMB 1.38 (US$ 0.19), an increase of 4.2% from RMB 1.32 (US$ 0.18 in 3Q07.
Harold Hoskens, CEO of Solarfun, noted “The fourth quarter concluded an outstanding year for the Company with sequential momentum in shipments, ASP’s and gross margins. We had a non-recurring trend of increased G&A expenses during the quarter, due largely to a ramp-up in our infrastructure costs, including the consolidation of Yangguang, legal expenses associated with becoming a public company, including SOX compliance and audit fees, as well as a larger management infrastructure and non-cash items such as stock-based compensation.”
FINANCIAL POSITION
As of December 31, 2007 the Company had cash and cash equivalents of RMB 273 million (US$ 37.4 million) and working capital of RMB 959.8 million (US$ 131.6 million). Total bank borrowings were RMB 980 million (US$ 134.3 million). Note that on January 29, 2008 the Company placed US $172.5 million of Convertible Senior Notes due 2018.
Net accounts receivable decreased to RMB 430.69 million (US$ 59 million) due to continued focus on cash management practices. Days sales outstanding (DSO’s) improved to 51 days from 62 days in 3Q07.
MANAGEMENT CHANGES
On January 3, 2008 the Company announced the appointment of Harold Hoskens as CEO beginning on February 25, 2008. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan, Taiwan, where he recently served as Deputy CEO. Harold began his career with Royal Philips in 1988, and moved to the Royal Philips’ Mobile Display Systems (MDS) division in Hong Kong, serving as CEO beginning in 2003.
Mr Lu continues to serve as Chairman and will remain actively involved in areas of strategic importance to Solarfun.
BUSINESS OUTLOOK
FIRST QUARTER 2008
Based on current operating trends and other conditions, Solarfun is providing first quarter 2008 and full year 2008 guidance as follows:
* Although the first quarter is not yet concluded, management believes that shipments for 1Q08 will continue to improve. Volumes are expected to be at least 35 MW. ASP’s should remain strong and relatively constant.
* The Company was affected by the winter weather in China in February and continues to be affected by the relatively tight supply and increasing costs of polysilicon. Therefore, management would expect these factors to have some downward pressure on gross margins for the first quarter of 2008.
FULL YEAR 2008
* Based on existing sales and pricing, contracted supply agreements, and other expected business and industry conditions, management provided the following guidance for the full year 2008: The Company has sales contracts totaling over 160 MW (a level that is over double last year’s 78.4MW) and expects prices to be flat or slightly higher from the $3.74 recorded for the full year 2007. Solarfun has secured supply of polysilicon on a contracted basis slightly exceeding its contracted sales volume.
* Capacity will increase from 240 MW to 360 MW by mid-year 2008.
* Management has seen a continued tightness of polysilicon supply and escalating prices on the spot market. With these conditions expected to exist throughout most or all of 2008, management believes some continued negative impact on gross margins from the level achieved in 2007.
CEO Harold Hoskens concluded, “2008 is a mix of opportunities and challenges. We believe Solarfun is well-positioned to continue to gain market share, expand scale, improve our manufacturing efficiencies, penetrate new markets, and develop and expand our supply chain in both China and elsewhere. Our management team, Board of Directors, and key shareholders are determined and committed to building shareholder value over the long term “
Conference Call:
Management will host a conference call to discuss the results at 8:00 am U.S. Eastern Time (8:00 pm Shanghai time) on March 27, 2008.
The dial-in details for the live conference call are as follows:
- U.S. Toll Free Number:
+1 877 847 0047
- International dial-in number:
+852 3006 8101
- China Toll Free Number:
800 876 5011
Passcode: Solarfun
A live webcast of the conference call will be available on the investor relations section of the Company’s website at: http://www.solarfun.com.cn. A replay of the webcast will be available for one month.
"Solarfun is proud to co-organize the upcoming SNEC International Solar and PV Conference.
This show, an important Chinese-European PV event, will be held in Shanghai, China on May 9-12, 2008. "
http://www.solarfun.com.cn/news_word.php?news_id=35
The extension increases the total amount payable to Hoku Materials under the contract to $384 million for 10 years from $306 million for 8 years.
...
http://www.finanznachrichten.de/...chten-2008-05/artikel-10807067.asp
Hoku Scientific, Solarfun aufwenden Versorgung Pakt
NEW YORK (Thomson Financial) - Hoku Scientific Inc. (Nachrichten) sagte seine Tochter Hoku Materialien und Solarfun Power Holdings Co. (News) Unter Solarfun Power Hong Kong Ltd haben ihre Polysilicium-Liefervertrag von 2 Jahren bis 10 Jahren.
Die Erweiterung erhöht sich der Gesamtbetrag zahlbar an Hoku Werkstoffe unter den Vertrag bis zu $ 384 Millionen für 10 Jahre von $ 306 Millionen für 8 Jahre.
Die Unternehmen gaben an, sie beide überein, das Recht, den Vertrag zu kündigen, wenn Hoku Materialien nicht in der Lage ist, um insgesamt $ 75 Millionen an der Finanzierung für seine Polysilicium-Produktion von pflanzlichen Dez 31.
Hoku Aktien geschlossen Montag bei $ 8,25 und Solarfun geschlossen bei $ 14,94.
Tomi Kilgore
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The current short squeeze situation was set up on Jan. 24, 2008. SOLF sold $150,000,000 worth of convertible notes priced at $19.13. At the same time, SOLF lent 7.8 million shares to Morgan Stanley to sell to the bond investors to hedge their positions. For instance, bond investors could collect the interest on the note, but short the stock close to the $19.13 price to prevent themselves from losing money as the stock went down in a down market. Apparently this is what happened. During the ensuing down market, the short positions on SOLF deepened further. TD Ameritrade currently shows approximately 15 million shares are shorted (about 35% of the float). Currently SOLF is trading at about 15 times 2009 earnings estimates, so it has room to move up. If SOLF guides higher after reporting good earnings, the stock may move much higher.
The possible downside view may be the margins. Both CSIQ and SOLF have low margins. Some people are wondering how they are going to do in the future as solar gets cheaper. Can they compete? Certainly a lot of people have shorted CSIQ, even though it continues to go up. What can make other people believe that CSIQ and SOLF have a good future?
The answer for CSIQ is that it is planning to start making UMG solar, which is much cheaper to manufacture. It is planning to ship 30-40MW of UMG solar in 2008. It will build this amount to 200MW in 2009. I haven’t heard that SOLF has any UMG plans yet, but it seems like just a matter of time. In addition Good Energies owns big stakes in both Trina Solar (TSL) and SOLF. Many are predicting solar company mergers, so companies can compete better. Many think SOLF and TSL are a marriage made in “Good Energy”. If that merger happens, it will likely help both companies. TSL recently scrapped its plans to build a poly plant. I think the UMG technology may have been part of the reason. The definitive work on UMG seems to be “Silicon LPE On Substrates From Metallurgical Silicon Feedstock For Large Scale Production” by M. Muller, R. Kopecek, P. Fath, C. Zahedi, and K. Peter from the University of Konstanz, Department of Physics. Apparently after upgrading the metallurgical silicon to PV-grade (PVG-Si), it can be used as feedstock without the need for complex high cost chlorosilane process to purify the product. Such low cost feedstock gives a reasonable efficiency solar cell [1], provided a high purity thin silicon layer is grown on the multicrystalline substrate wafers, which is made of PVG-Si by conventional ingot casting and wafering. Electrical grade silicon is 99.99999 plus percent pure, but it costs $150 to $250 a kilogram.
Only around 70,000 tons are manufactured worldwide. By contrast, upgraded metallurgical silicon is only 99 percent or so percent pure and goes for $20 to $50 a kilo. Approximately 1.2 million tons get made a year.
This seems to be the development path that CSIQ has elected to follow. Other companies such as SOLF and TSL are sure to follow. A company like LDK Solar (LDK) will likely use its coming poly plant to increase its margins. Then it will start on this new technology (perhaps before then) in combination with its poly plant to further increase margins. Ditto MEMC Electronic Materials (WFR). Both of these companies should be able to compete well with all of the other new technologies, such as CIGS. The solar made in this way has a slightly lower conversion efficiency. However, that efficiency is still very competitive with CIGS technology. Watch out First Solar (FSLR)! The competition is coming.
In sum, the UMG technology means that there is still a bright future for companies such as CSIQ and SOLF. It means that all of the polysilicone solar manufacturers will not suddenly be put out of business by newer technologies such as CIGS. It means that FSLR, which trades at 54 times 2009 earnings, may have lost its edge.
I think SOLF can be bid up in a short squeeze at its pivot point because it looks like it has a bright future if it just follows the crowd. If it can produce good results now, good results look very probable in the future. It has a lot of good contracts and good customer relationships. It just needs to execute. A merger with TSL might well help. Such a possible merger is another reason the stock price may rise.
Disclosure: Author holds a long position in SOLF
Bin am Mittwoch bei 11.15 Euro eingestiegen, nachdem ich gesehen hab dass der massive Deckel bei 10 Euro entgültig durchbrochen wurde. Macht natürlich Spass zu sehen wie sich die Shorties eindecken müssen. Denke dass der Short-Squeeze nun vorbei ist und der Kurs noch einmal auf ca. 12 Euro fallen könnte. Denke aber dass ich hier länger drinnen bleiben werde. Kurse über 20 Euro halte ich bis Jahresende für möglich, vor allem wenn der Ölpreis weiterhin so zulegt wie in den letzten Wochen...
Greetingx
Vangogo
Heute kommen die Q1 Zahlen vor dem Open. financial results for the first quarter of 2008 before the market opens on May 21, 2008. Ich denke, es gibt da einige, die auf diese Zahlen blicken werden. Bei entsprechender Vorlage ist es nicht unrealistisch, dass ATH wie Butter zu durchbrechen. Ich bin mit einer Mini-Position investiert und kauf nach Vorlage nochmal nach. Dann halt ggf. 10 % teuerer, aber auf die kommenden Tage gesehen, ist der Preis absolut ok.