TOP-Solargewinner nach der großen Krise
Hanergy hat kürzlich 19% Zellwirkungsgrad (auch im Labor) bei CIGS gemeldet, wenn ich mich recht erinnere....
Für First Solar heißt das, dass die Modulwirkungsgrade in der Massenproduktion sehr bald bei ca. 15% landen werden. Berücksichtigt man das bessere Schwachlichtverhalten und den besseren T-Gradienten, dann ist man in jedem Fall auf Augenhöhe mit Polykristallinen Si-Zellen.
Phoenix Solar übergibt Freiflächenanlage auf dem Campus von Morgan Stanley15:05 26.02.14
DGAP-News: Phoenix Solar Aktiengesellschaft / Schlagwort(e): Sonstiges
Phoenix Solar übergibt Freiflächenanlage auf dem Campus von Morgan
Stanley
26.02.2014 / 15:00
--------------------------------------------------
Phoenix Solar übergibt Freiflächenanlage auf dem Campus von Morgan Stanley
& Co. in Purchase, NY
- In nur zwei Jahren installierte Phoenix Solar bereits mehr als 60 MWp
in den USA.
Sulzemoos, 25. Februar 2014 / Phoenix Solar Inc., die
US-Tochtergesellschaft der Phoenix Solar AG (ISIN DE000A0BVU93), eines im
Prime Standard der Frankfurter Wertpapierbörse notierten, international
tätigen Photovoltaik-Systemhauses, hat dem Auftraggeber Morgan Stanley &
Co. eine 832 kWp Freiflächenanlage aus mehr als 3.000 Panelen übergeben.
Sie wurde auf einer Fläche von 2,4 ha am Standort der Bank in Purchase im
Staate New York errichtet. Phoenix Solar war mit der Planung, Teilen der
Beschaffung und der Bauleitung für das Solarkraftwerk betraut, das mit
einer geschätzten Jahresleistung von 1.000 MWh rund 5 Prozent des gesamten
Strombedarfs auf diesem Campus decken wird, zu Tagesspitzenzeiten bis zu 25
Prozent.
"Mit der erfolgreichen, termingerechten Inbetriebnahme dieser Solaranlage
für Morgan Stanley, das weltweit führende Finanzhaus, hat Phoenix Solar
Inc. in nur zwei Jahren am Markt in den USA bereits mehr als 60 MWp geplant
und errichtet," unterstreicht Dr. Murray Cameron, CEO und President der
Phoenix Solar Inc., und Mitglied des Vorstands der Phoenix Solar AG.
http://www.ariva.de/news/...auf-dem-Campus-von-Morgan-Stanley-4945087
Das Unternehmen ist offensichtlich bereit jeden Furz zu vermelden.... das erschreckende: Es gibt keinen anderen Furz.....
Trina Solar Awarded EPC Contract for Jordan's Largest Solar Power Project
CHANGZHOU, China, Feb. 27, 2014 /PRNewswire/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic modules, solutions and services, announced today that it has signed an EPC contract with Fresh Fruits Company, a food storage and logistics company in Amman, Jordan, for a 2 MW rooftop solar power plant on the company's stores and warehouses. Under the contract, Trina Solar is responsible for the engineering, procurement, and construction of the project. The project will use Trina Solar TSM-PC05A Honey 260 Wp, high efficiency modules that adapt well to dry and high temperature conditions prevalent in the Middle East.
This will be the first mega-scale rooftop solar power project in Jordan. The construction is scheduled to start in March this year and is expected to be completed in the third quarter of 2014. The 2 MW rooftop solar power project is estimated to produce 3,200 MWh every year. The utilization of this solar power project will prevent emissions of approximately 38,400 tons of CO2.
"We are delighted to have been awarded this mega-scale project in Jordan," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Our successful selection as the EPC provider for this project demonstrates our ability to develop large-scale projects in the Middle East."
Mr. Gao added, "For oil and natural gas importing countries like Jordan, they are vulnerable to fluctuations in global oil and natural gas prices. Solar energy provides Jordan with a viable alternative and we see huge potential for growth in this market. Following this EPC contract and a previous supply contract for 1 MW of Trina Honey photovoltaic modules also in Jordan, we will continue to actively pursue new opportunities in this emerging market."
"The rooftop solar power project will be of great benefit to our business," commented Mr. Omar Hashlmon, General Manager of Fresh Fruits Company. "Our business of operating cold stores is an energy intensive operation. This project will significantly contribute to a reduction in our annual electricity expenditure. It will also be a sound investment for our company due to the expected quick recovery of the initial investment thanks to favorable renewable energy policies enacted by the local government."
Mr. Omar Hashlmon added, "We received more than 20 offers from both local and international companies. Trina Solar stood out due its experienced team consisting of strong local technical professionals in the Middle East and its commitment to excel in project development in the region. Trina Solar's support will enable us to gain necessary approvals from the local government. We believe Trina Solar is the most reliable partner for this, the largest solar project in Jordan."
http://finance.yahoo.com/news/...-awarded-epc-contract-110000416.html
http://www.phoenixsolar-group.com/de/unternehmen/...erse-aktuell.html
Stelle Bereich Standort
Strategischer Einkäufer (m/w) Supply Chain Management Sulzemoos
Einkäufer operativ (m/w) Supply Chain Management Sulzemoos
Mehr Leistung pro Flächeneinheit
Die PERCIUM-Solarzelle, integraler Bestandteil des PERCIUM-Moduls, überschreite einen Umwandlungswirkungsgrad von 20,3 % - 1,3 % mehr als der Durchschnitt dank Techniken wie passivierte Hinterseite und lokales BSF.
Das Modul liefere 8 % mehr Leistung pro Flächeneinheit als der Durchschnitt. Daneben würden die Kosten für Transport, Installation und BOS drastisch reduziert, und dank hervorragender Eigenschaften bei geringen Lichtverhältnissen werde dabei 1 % mehr Leistung geliefert, betont der Hersteller.
Die RIECIUM-Module sollen eine Nennleistung von 270 W haben, und damit 15 W mehr als der Durchschnitt bei Solarzellen aus multikristallinem Silizium und 5 W mehr als der Durchschnitt bei mono-Si-Solarzellen.
http://www.solarserver.de/solar-magazin/...oltaik-modulen-heraus.html
Trina hat zusammen mit der Australian National University eine Interdigitated Back Contact-Zelle mit einem Wirkungsgrad von 22% entwickelt. Hier der Link dazu:
http://www.digitaljournal.com/pr/1764786
Ist aber alles nicht kriegsentscheidend. Wichtig ist, dass die Kosten stimmen und da hat halt JA Solar das große Problem. Bruttomarge in Q3 bei 11,3% und das obwohl JA Solar fast 40% ihres Modulabsatzes im hochpreisigen Japan-Markt generiert hat !! Mit operativen Kosten zum Umsatz von 13,1% ist JA Solar auch nicht gerade gut aufgestellt. Man kann zwar mit einer Bruttomarge von 15% in der Zell- und Modulproduktion einigermaßen leben, aber dann müssen halt wie bei Canadian Solar z.B. die operative Kosten zum Umsatz bei um die 10% liegen.
Von der Kostenseite steht Trina um einiges besser da wie JA: Q3-Bruttomarge von 15% und operative Kosten zum Umsatz auf bereinigte 12,5%.
Die Bilanz von JA Solar sieht natürlich richtig gut aus. Keine Nettofinanzverschuldung (sogar eine kleine Nettoliquidität von 8 Mio. $) und eine EK-Quote von 37,5%. Trina hat eine Nettofinanzverschuldung von 543 Mio. $ (dürfte aber in Q4 um etwa 60 bis 70 Mio. $ niedriger liegen) und eine EK-Quote von immer noch sehr ordentliche 29,7%. Deshalb glaube ich nicht dass Trina eine KE durchziehen wird in den nächsten Monaten. Cash genug haben sie (aktuell 449 Mio. $), die EK-Quote ist auch sehr ordentlich und wenn sie in diesem Jahr 300 MW an eigenen Solarkraftwerken bauen werden, dann brauchen sie etwa 130 bis 150 Mio. $ an Eigenkapital, die restlichen 70% kommen durch die China Developmentbank als Fremdkapital zu einem Zinssatz von 6,5%. Wenn alles gut läuft in diesem Jahr für die gesamte Branche, dann sollte Trina diese 130 bis 150 Mio. $ über den Cash Flow generieren können in diesem Jahr und haben dann notfalls immer noch den großen Liquiditätspuffer in der Hinterhand oder sie machen gleich ein Spin Off für die Solarkraftwerkssparte. Bei Jinko z.B. wird bei diesem Thema rum geeiert. Die haben ihre jetzt ihre 2. KE gemacht innerhlab gerade mal 4 Monaten und wollen dann auch noch die Solarkraftssparte als Spin Off an der Hongkonger Börse bringen. So was wirft natürlich Fragen auf und mit Transparenz hat das mal gar nichts zu tun was bei Jinko da gerade abgeht. Vielleicht erläutern die Jinko-Herren am Montag nun mal genau wie sie das alles so handhaben möchten. Denke mal, dass Trina dieses Problem erst gar nicht aufkommen lassen will.
Es kann sich aber bei den China-Solaris alles recht schnell ändern. Mein Top Pick bei den China-Solaris ist und bleibt Renesola. Von denen erwartet mittlerweile niemand etwas, aber die sind meines Erachtens recht aufgestellt. Wenn das extrem hohe internationale Outsourcing von Renesola klappt und das auch richtig profitabel wird, dann ist die derzeitige Renesola-Marktkapitalisierung von 334 Mio. $ ein Witz. Zudem hat man eine sehr große Waferproduktion und kann zumindest mit eigenen Polysilizium sich um etwa 50% selbst versorgen.
Lange Rede kurzer Sinn, bei mir steht Renesola ganz oben auf der Watchliste von den China-Solaris.
Optionen
| Boardmail an "ulm000" |
Wertpapier: Trina Solar |
Ich meinte auch nicht, dass sich Trina hinter Ja Solar verstecken müsste, oder die schlechtere Firma wäre.
Vielmehr wollte ich zum Ausdruck bringe, dass die Bewertung von Ja Solar im Vergleich zu Trina noch deutlich attraktiver ist. Trina war schon relativ früh ein Liebling der Investoren und ist dadurch in meinen Augen schon deutlich besser bewertet als Ja Solar. Hier hat Ja Solar wohl noch Aufholpotential.
Mit dem Kosten-Thema hast Du sicher recht. Mal sehen, was hier die Zukunft bringt. Bei der KE bin ich mir nicht so sicher. Ich glaube eher, dass hier fast allem mal zu attraktiven Kursen in den Honigtopf greifen werden..... Ja Solar natürlich genauso...
Motiviert von Deinen Ausführungen werde ich mich mal stärker mit Renesola beschäftigen....
Man will schließlich Strom erzeugen, besonders wenn die Nutzfläche (z.B. Hausdach) klein ist.
"SunPower® solar cells currently hold the world record with up to 24 percent cell conversion efficiency."
http://us.sunpower.com/about/sunpower-technology/most-efficient-solar/
Wenn die wichtige Unterstützung bei 4,09 Euro nicht hält, dann geht es in Richtung der SMA 200 bei aktuell 3,62 Euro.
Die nächsten Tage werden für alle Werte natürlich extrem spannend....
Angehängte Grafik:
ps4_chart_03032014-1817.png (verkleinert auf 29%)
ps4_chart_03032014-1817.png (verkleinert auf 29%)
Hier noch mal die wichtigsten Links. Auch CIGS Zellen haben nun einen neuen Rekord von 23% (!) unter Laborbedingungen. das ist schon im Bereich der besten Mono-Si-Zellen, die man derzeit kaufen kann!
http://www.renewableenergyworld.com/rea/blog/post/...broken-this-week
http://www.photovoltaik.eu/...-Zelle,QUlEPTU3NzM3NyZNSUQ9MzAwMjE.html
Trina Solar Announces Fourth Quarter and Fiscal Year 2013 Results
CHANGZHOU, China, March 4, 2014 /PRNewswire/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its unaudited financial results for the fourth quarter and fiscal year 2013.
Fourth Quarter 2013 Financial and Operating Highlights
•Solar module shipments were 770.1 MW during the fourth quarter of 2013, compared to 774.6 MW in the third quarter of 2013
•Net revenues were $525.6 million, a decrease of 4.1% from the third quarter of 2013
•Gross profit was $79.1 million, a decrease of 5.2% from the third quarter of 2013
•Gross margin was 15.1%, compared to 15.2% in the third quarter of 2013
•Cost of revenue was $446.5 million, a decrease of 4.0% from the third quarter of 2013
•Operating income was $14.1 million, an increase of 133.8% from the third quarter of 2013
•Operating margin was 2.7%, compared to 1.1% in the third quarter of 2013
•Net income was $9.6 million, a decrease of 3.5% from the third quarter of 2013
•Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.13, compared to $0.14 in the third quarter of 2013
Full Year 2013 Financial and Operating Highlights
•PV module shipments were approximately 2.58 GW, compared to 1.59 GW in 2012
•Total net revenues were $1.77 billion, an increase of 36.9% from 2012
•Gross profit was $218.2 million, an increase of 281.2% from 2012
•Gross margin was 12.3%, compared to 4.4% in 2012
•Operating loss was $43.8 million, a decrease of 83.5% from 2012
•Net loss for the full year was $77.9 million, a decrease of 70.8% from 2012
•Loss per fully diluted ADS for 2013 was $1.09, compared to a loss of $3.77 in 2012
"We are pleased to report that in the fourth quarter we continued to make progress in executing our operating strategy across all key geographies and end segments. In particular, we are seeing substantial sales growth in China, and anticipate that trend to continue following the government's increased target of 14 GW in new solar installations for 2014. Our efforts to diversify our business beyond the traditional markets in Europe and the USA where we have maintained leading positions and into additional emerging markets have progressed well. Geographical diversification will continue to be a key strategic focus in 2014. We have achieved significant sales volumes in 2013 in new non-traditional markets, including China, Japan, South East Asia and the Middle East.
"Operating and financial management remained a key focus in 2013, and I am happy to announce that operating expenses as a percentage of revenue declined substantially from 17.1% in the first quarter of 2013 to 12.4% in the fourth quarter. In addition, our dedication to fiscal discipline has generated positive results across most key metrics. Days of sales outstanding and inventory days continued to decrease over the previous quarter. As we closed the fourth quarter, Trina continued to stand out among its Chinese solar peers as maintaining one of the relatively healthier balance sheets. We will continue to focus on ensuring the right balance between business expansion and maintaining our financial strength.
"As a leader in R&D and innovation, Trina Solar achieved a breakthrough in cell technology in the quarter. After two years of research, last week Trina Solar announced it had jointly developed an Interdigitated high efficiency Back Contact ("IBC") cell in partnership with the Australian National University (ANU). The IBC cell, independently tested by the Fraunhofer CalLab in Germany, was able to deliver an efficiency of 24.4%, putting it among the most efficient solar cells to date. Trina Solar has independently developed a commercial version of the IBC cell and expects it to be ready for trial production in its "golden line" production line as one of Trina's focuses for R&D in 2014.
"To ensure Trina Solar has access to sufficient production capacity to meet the anticipated increase in global demand in 2014, the Company recently announced two strategic investments in China to expand its solar cell and module production capacity. These agreements provide Trina Solar with the means to efficiently and cost-effectively increase production capacity as needed. At the same time this initiative has an important role to play in helping to achieve the healthy and sustainable growth of the Chinese solar industry. We expect consolidation to continue in the solar sector. This is beneficial for the industry as a whole, but ultimately for customers and end-users as well.
"In 2014, we are optimistic that solar PV demand will continue to be strong and expect China, Japan, as well as the broader Asia Pacific region and the Middle East to be key drivers of this increased demand. At the same time, we remain committed to securing ongoing growth in Europe. To capitalize on this growing demand, we will work towards solidifying our leading position in modules sales. At the same time, we will focus further on developing downstream projects and increase the contribution from these projects to our total revenues and gross margins. To achieve this goal we have been building project pipelines in a number of different geographical regions that we anticipate will provide the Company with a platform for further growth." said Mr. Jifan Gao, Chief Executive Officer of Trina Solar.
Recent Business Highlights
During the fourth quarter of 2013, the Company:
•Announced that its Trinasmart solution won the 2013 Solar Industry Award in the System Integration category.
•Announced that its State Key Laboratory of PV Science and Technology received accreditation from China's Ministry of Science and Technology. The laboratory is positioned by the Company to be a national platform for driving PV technological development in China.
•Announced that it entered into an agreement with Yabang Investment Holding Group Co., Ltd. to establish a joint venture with a total solar module production capacity that will be gradually increased to 500 MW within the next 12 months.
•Announced that it would supply 1 MW of Trina Honey PV modules for use in Jordan's largest and first large-scale solar power project, owned by the Ma'an Development Company. The project will be jointly built by Phoenix Solar and Mustakbal Clean Tech.
•Announced that it would supply 25 MW of modules to Bangchak Solar Energy Project owned by subsidiaries of Bangchak Solar Energy Co., Ltd. in Thailand, a leading emerging solar market in South East Asia.
•Announced that it received JIS Q 8901 Certification from TUV Rheinland. The standard sets out reliability assurance requirements for the design, production and performance of terrestrial PV modules in the Japanese market and is expected to support Trina Solar's ongoing growth in Japan.
•Announced that it signed an investment framework agreement with the local government authority of Turpan Prefecture to develop a 1GW ground-mounted solar power project in China's Xinjiang region.
•Announced the appointment of Teresa Tan as Chief Financial Officer of the Company effective January 10, 2014.
Subsequent Events
Subsequent to the fourth quarter of 2013, the Company:
•Announced that Cobalt Power, a leading PV system installer, successfully commissioned the first commercial-scale installation of Trinasmart in North America.
•Announced that it entered into an agreement with Shenzhen S.C. New Energy Technology Corporation ("Shenzhen S.C.") to acquire Shenzhen S.C.'s wholly-owned subsidiary, Hubei Hongyuan PV Science and Technology Co., Ltd. The newly acquired capacity is expected to reach 420 MW by the middle of 2014.
•Announced that it signed an EPC contract with Fresh Fruits Company, a food storage and logistics company in Amman, Jordan, for a 2 MW rooftop solar power plant on the company's stores and warehouses. Trina Solar is responsible for the engineering, procurement and construction of the project.
•Announced that researchers from Trina Solar and the Australian National University (ANU) jointly developed a new high-efficiency solar cell. The laboratory scale Interdigitated Back Contact ("IBC") cell was able to deliver an efficiency of 24.4%, putting it among the most efficient solar cells up date.
Fourth Quarter 2013 Results
Net Revenues
Net revenues in the fourth quarter of 2013 were $525.6 million, a decrease of 4.1% sequentially and an increase of 73.6% year-over-year. Total shipments were 770.1 MW, compared to 774.6 MW in the third quarter of 2013 and 414.5 MW in the fourth quarter of 2012. The sequential decrease in revenues was primarily due to lower than expected contribution of system sales, and other sales during the fourth quarter. The year-over-year increase in revenues was driven largely by rising shipment volumes on growing demand from key geographical regions, particularly China and Japan.
Cost of Revenues
Cost of revenues in the fourth quarter of 2013 was $446.5 million, a decrease of 4.0% sequentially and an increase of 50.3% year-over-year. This included a disposal and impairment loss of $9.3 million on downstream projects with a total capacity of 183 MW in California, USA. Cost of revenues excluding these write-offs was $437.2 million, a decrease of 6.0% compared to the third quarter of 2013.
Gross Profit and Margin
Gross profit in the fourth quarter of 2013 was $79.1 million, compared to a gross profit of $83.4 million in the third quarter of 2013 and $5.6 million in the fourth quarter of 2012.
Gross margin was 15.1% in the fourth quarter of 2013, compared to 15.2% in the third quarter of 2013 and 1.9% in the fourth quarter of 2012. The sequential decrease was primarily due to the disposal and impairment loss of $9.3 million on our downstream projects in the U.S. The year-over-year increase in gross margin was primarily due to the decrease in costs per watt exceeding the decrease in the ASP of modules year-over-year. Gross margin excluding the impact of project loss was 16.8%.
Operating Expense, Income (Loss) and Margin
Operating expenses in the fourth quarter of 2013 were $65.0 million, a decrease of 16.0% sequentially and 14.5% year-over-year. The sequential decrease was primarily due to a reduction in accounts receivable provisions. The Company's operating expenses represented 12.4% of its fourth quarter net revenues, a decrease from 14.1% sequentially and 25.1% year-over-year. Operating expenses included a reversal of accounts receivable provisions of $3.8 million in the fourth quarter of 2013, compared to accounts receivable provisions of $9.9 in the third quarter of 2013. Provision for accounts receivable in the fourth quarter might be changed upon settlement of arbitration award for a particular customer or other events.
As a result, operating income in the fourth quarter of 2013 was $14.1 million, compared to $6.0 million in the third quarter of 2013 and an operating loss of $70.4 million in the fourth quarter of 2012. Operating margin was 2.7% in the fourth quarter of 2013, compared to 1.1% in the third quarter of 2013 and negative 23.3% in the fourth quarter of 2012.
Net Interest Expense
Net interest expense in the fourth quarter of 2013 was $8.2 million, compared to $12.0 million in the third quarter of 2013 and $11.4 million in the fourth quarter of 2012. The sequential decrease in net interest expense was primarily due to a decrease in total bank borrowings in the fourth quarter of 2013.
Foreign Currency Exchange Gain
The Company had a foreign currency exchange gain of $1.8 million in the fourth quarter of 2013, which included gains in fair value of derivative instruments, compared to a net gain of $8.0 million in the third quarter of 2013 and a net gain of $4.7 million in the fourth quarter of 2012. The sequential decrease was primarily due to the appreciation of the Euro against the U.S. dollar but offset by the depreciation of the Japanese Yen against the U.S. dollar and by gains from foreign currency forward contracts used by the Company to hedge its foreign currency risk exposure.
Income Tax Benefit (Expense)
Income tax benefit was $1.1 million in the fourth quarter of 2013, compared to income tax benefit of $4.9 million in the third quarter of 2013 and income tax expense of $11.3 million in the fourth quarter of 2012.
Net Income (Loss) and Earnings (Loss) per ADS
Consequently, net income was $9.6 million in the fourth quarter of 2013, compared to $9.9 million in the third quarter of 2013 and a net loss of $87.2 million in the fourth quarter of 2012.
Net margin was 1.8% in the fourth quarter of 2013, compared to 1.8% in the third quarter of 2013 and negative 28.8% in the fourth quarter of 2012.
Earnings per fully diluted ADS were $0.13 in the fourth quarter of 2013 compared to $0.14 in the third quarter of 2013
Financial Condition
As of December 31, 2013, the Company had $561.4 million in cash and cash equivalents and restricted cash. Total bank borrowings were $1,036.1 million, of which $935.6 million were short-term borrowings. The Company decreased its long-term borrowings by $35.6 million to $100.5 million as of December 31, 2013, from $136.1 million as of September 30, 2013.
Shareholders' equity was $816.5 million as of December 31, 2013, an increase from $801.8 million at the end of the third quarter of 2013.
Full Year 2013 Results
Total module shipments were 2.58 GW in 2013, an increase of 62.2% from 1.59 GW in 2012, primarily driven by strong demand from China, Japan and Europe. For the full year of 2013, net revenues were $1.77 billion, an increase of 36.9% from $1.30 billion in 2012. Gross profit for 2013 was $218.2 million, an increase of 281.2% from $57.2 million in 2012. Overall gross margin was 12.3% in 2013, compared to 4.4% in 2012. The gross margin increase was primarily due to slower decreases in ASP compared with a reduction in silicon and non-silicon manufacturing cost per watt in 2013 as the company improved its operating efficiency.
Operating loss was $43.8 million in 2013, compared to a loss of $264.9 million in 2012. Operating margin was negative 2.5% in 2013 compared to negative 20.4% in 2012.
Net loss was $77.9 million in 2013, compared to a net loss of $266.6 million in 2012. Net margin was negative 4.4% in 2013, compared to negative 20.6% in 2012.
Loss per fully-diluted ADS was $1.09 for 2013, compared to a loss per fully diluted ADS of $3.77 for 2012.
First Quarter and Fiscal Year 2014 Guidance
In the first quarter of 2014 the Company expects to ship between 670 MW to 700 MW of PV modules, of which 20 MW to 30 MW of PV modules will be shipped to its downstream PV projects.
The Company believes its blended gross margin for the first quarter of 2014, taking into account of the contribution from its downstream PV projects, will be in the mid-teens in percentage terms. Such guidance is based on the exchange rate between the Euro and the U.S. dollar as of March 4, 2014.
For the full year of 2014, the Company expects its total PV module shipments between 3.6 GW and 3.8 GW, of which 400 MW to 500 MW of PV modules will be shipped to its own downstream projects. This would represent an increase of 39.5% to 47.3% respectively, from 2013.
For the full year 2014, the Company expects to complete construction of its downstream PV projects between 400 MW and 500 MW.
Operations and Business Outlook
2014 Manufacturing Capacity
As of December 31, 2014, the Company expects its annualized in-house ingot and wafer production capacity will be approximately 1.7 GW, with PV cell capacity of approximately 3.0 GW, which includes capacity from its newly acquired company Hongyuan, and module capacity of approximately 3.8 GW, which includes capacity from its newly established joint venture company with Yabang. Management will review the Company's expansion needs in the future in consideration of changes in overall market demand.
Cell and Module Technology Update
In 2013, Trina Solar's State Key Laboratory for PV Science and Technology completed its official audit and received formal accreditation from China's Ministry of Science and Technology on November 3, 2013. The laboratory has actively participated in PV technical conferences with a total of 19 scientific papers published in scientific journals and technical conferences in 2013.
In 2013, Trina Solar focused on the development of its high-efficiency Interdigitated Back Contact (IBC) and silicon-based Heterojunction (HJ) cells. These cell technologies will be part of Trina's future product portfolio. In the Company's R&D lab, the efficiency of a commercialized size IBC cell has reached 21.4% using low cost process. Based on this result, the IBC 1.2m2 module power (72 cells of 125x125mm) has reached 238W, independently certified by the National Center of Supervision and Inspection on Solar Photovoltaic Products Quality of China. The lab-scale IBC cell was developed at the Australian National University (ANU) under an R&D contract with Trina Solar through the collaboration agreement with Solar Energy Research Institute of Singapore (SERIS). The best of the laboratory IBC cells have reached an efficiency of 24.4%, which has been independently confirmed by Fraunhofer CalLab in Germany. For the HJ cells, the Company collaborated on the development of such cell technology with the Shanghai Institute of Microsystem and Information Technology under the Chinese Academy of Sciences. The HJ cell efficiency has reached 21.3%, and has been independently certified.
Continuing on its highly successful Honey product, Trina Solar is focusing on high performance products and developing high-efficiency multi and mono-crystalline silicon PV modules that make use of innovative technologies. The Honey Pilot Production line reached an average module power of 283.5W, and a maximum module power of 285.5W. The upgraded Honey cells now reach an average efficiency of 20%, and an independently-certified maximum efficiency of 20.54%.
In 2014, Trina Solar will continue to work on the development of new PV modules adapted for particular climates, as well as smarter PV products for better safety and better energy production to reduce the Levelized Cost of Electricity (LCOE).
Project Development
Projects in China
In the fourth quarter of 2013 Trina Solar signed a strategic framework agreement for a 1 GW project in Xinjiang. The Company expects all necessary approvals to be obtained and the construction of the first and second phases to be completed by the end of this year.
In addition to this 1GW project, the Company has a number of projects in the pipeline in various regions in China, most of which are under negotiation or in the early stages of development. Trina Solar expects to see further project construction and connections to the grid as we move into the second half of 2014.
International Projects
Outside of China, the Company is adopting tailored strategies for each target market that take into account a number of factors including the geographical locations, policy and regulatory environment and potential IRRs among others to determine each market approach. This means that in certain markets the Company may choose to work with local partners in order to efficiently access project resources and obtain any required certifications.
In Europe, the Company has 24 MW of solar power plants under construction. These projects are expected to be completed in the first and second quarter of 2014. Across Europe, the Company has a total of 16 MW of projects in operation retained on balance sheet, of which 14 MW are in Greece and 2 MW in Italy. The Company is currently engaged in developing additional projects in European and other countries.
The commencement of a project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.
Conference Call
The Company will host a conference call at 8:00 a.m. U.S. EST on March. 4, 2014 (9:00 p.m. Beijing / Hong Kong, March 4, 2014), to discuss the results for the quarter and year ended December 31, 2013. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Teresa Tan, Chief Financial Officer, Zhiguo Zhu, Senior Vice President and President of Trina Solar's Module Business Unit, and Yvonne Young, Investor Relations Director. Supplemental information will be made available on the Investors Section of Trina Solar's website at www.trinasolar.com. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 1857-6365.
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. EST on March 4, 2014 through 11:59 p.m. EDT on March 20, 2014. To access the replay, please dial +1(855)859-2056, international callers should dial +1(404)537-3406, and enter the conference ID 1857-6365.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
http://finance.yahoo.com/news/...ounces-fourth-quarter-120900353.html
Bruttomarge konnte auf bereinigte Basis (ohne Abschreibungen auf ein US-Projekt von 9,3 Mio. $) gg. Q3 um 1,6% auf 16,8% gesteigert werden. Damit ganz ok für TRina-Verhältnisse. Dass Trina an Jinko nie heran kommen wird, war ja klar.
Die operative Kosten scheint man bei Trina einigermaßen mittlerweile im Griff zu haben, denn sie betragen auf bereinigte Basis nur noch 11,6% zum Umsatz (ohne Abschreibungen über 3,8 Mio. $ an Lieferantenabschreibungen).
Alles in allem, Umsatz entäuschend, aber absolut nachvollziehbar warum dem so ist. Die Gewinnzahlen auf bereinigte Basis, also ohne die negativen Sondereffekte über 13,1 Mio. $, sind mit einer Bruttomarge von 16,8% und einer EBIT-Marge von 5,2% (bereinigtes EBIT bei 27,2 Mio. $) sicher über den Erwartungen.
Ich finde die Q1-Guidance mit 670 MW bis 700 MW wirklich richtig gut. Das sind ja gerade mal nur ca. 80 MW oder 10% weniger wie in Q4. Damit wird Trina in Q1 einen Umsatz von um die 475 Mio. $ erzielen. Für ein Q1 ein richtig guter Umsatz. Die Bruttomarge könnte sogar auf über 17% steigen, denn in Q1 wird wohl kräftig im hochpreisigen Japan-Markt Umsatz generiert.
Die Absatzjahresguidance mit 3,6 bis 3,8 GW liegt sicher über den Erwartungen.
Alles in allem sind die Zahlen meiner Einschätzung nach ganz ok, aber die Flüstererwartungen waren sicher höher wie die durchschnittlichen Analystenschätzungen. Die Zahlen zeigen aber, dass es doch noch ein weiter und steiniger Weg sein wird um wieder richtig proifitabel zu werden. Jedoch ist Trina wie die Zahlen zeigen auf dem richtigen Weg und wenn Trina endlich mal ein Ergebnis bringen würde ohne Abschreibungen, dann würde man das auch an den Zahlen gut erkennen können. Der Nettogewinn ohne die Abschreibungen in Höhe von 13,1 Mio. $ wäre bei 22,7 Mio. $ gelegen und das EPS bei sehr ansprechenden 0,31 $ und damit schon mehr als deutlich über den Erwartungen.
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Mal in Stichworten was es interessantes an der Conference Call gab:
- Modulverkaufspreise in Q4 gg. Q3 um sehr gute 0,02 $/W bzw. 3,1% auf 0,66 $/W gestiegen, vor allem wegen der hohen Nachfrage in China und der höheren Preisen in Europa bedingt durch die Mindestpreise
- Trina wird in diesem Jahr satte 230 bis 250 Mio. $ in neue Fertigungskapazitäten und Upgrads investieren. Die Modulfertigungskapazitäten werden von 2,8 auf 3,8 GW ausgebaut, die Zellfertigungskapazitäten von 2,4 auf 3,0 GW und die Waferfertigungskapazitäten von 1,2 auf 1,7 GW
- laut Trina sind in China in Q1 gg. Q4 die Modulpreise bis jetzt leicht gefallen
- Trina will in diesem Jahr 30% seiner Umsätze in China, 20% in Japan und 15% in den USA absetzen
Roth Capitals hat auf die überraschend hohe Trina-Guidance gleich reagiert und hat ihre Umsatzerwartungen für 2014 deutlich von 2,01 Mrd. $ auf 2,66 Mrd. $ erhöht und die EPS-Schätzung von 0,27 auf 1,00 $. Das Kursziel wurde von 20 auf 25 $ erhöht.
Hier der Link dazu:
http://www.streetinsider.com/Analyst+Comments/...fidence/9243954.html
Man muss langsam ein Auge auf diese überraschend hohe Expansion der Fertigungskapazitäten haben. Trina wie auch Jinko bauen ihre Fertigungskapazitäten um über 30% aus, auch Canadian Solar baut ihre Modulfertigungskapazitäten auf 3 GW aus. Die globale Nachfrage ist weiter richtig gut, aber die Gefahr, dass wieder Überkapazitäten entstehen ist mal ganz sicher nicht von der Hand zu weisen.
Trina wird in diesem Jahr alleine 230 bis 250 Mio. $ in ihre Fertigungskapazitäten stecken, Jinko etwa 200 Mio. $ und beide werden noch in eigene Solarkraftwerke so um 170 Mio. $ investieren (EK= 30%). Mit den Cash Flows sind diese hohe Investitionen von jeweils um die 400 Mio. $ in diesem Jahr mal ganz sicher nicht zu bezahlen.
Bei allen guten Zahlen von Trina und Jinko, dort waren es super Zahlen, sollte man die Verschuldungen immer beachten. Jedenfalls gehen Trina wie auch Jinko ein hohes Risiko mit ihren Investitionen ein. So lange die Nachfrage weiter steigt wird das Risiko wohl nicht zu hoch sein, waber wenn nicht, dann ist das Risiko sehr hoch. Wenn es aber zu Spin Offs der Solarkraftwerke kommen sollte, dann sieht die ganze Verschuldungsproblematik natürlich deutlich besser aus.
Mal sehen ob die Kursdynamik morgen weiter anhält. Wenn das 52-Wochenhoch vom November raus genommen werden kann, das bei 17,84 $ liegt, dann ist der Weg bis zu 20 $ oder sogar bis zum Kursziel der Deutschen Bank von 23 $ nicht mehr allzu weit.
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http://www.phoenixsolar-group.com/dms/documents/...ntation_140128.pdf
150 MW Order Pipeline alleine in den USA! 60 MW in Asien + vielversprechendes neues Geschäftsmodell in Deutschland.
Aus meiner Sicht nur eine Frage der Zeit bis hier gute Meldungen von neuen Aufträgen kommen.
Wenn die nächsten Tage nichts kommt werde ich bei Phönix nachfragen wie es zur Zeit um den weltweiten Auftragsbestand steht.
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Gruß
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ULM, wie läuft das mit dem Spin Off und haben wir als Aktionäre was davon, ohne weitere Mittel einsetzen zu müssen? Oder findet eine Verwässerung statt und der Kurs geht deutlich nach unten?
Äußerst informativ, danke nochmal dafür!
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http://www.phoenixsolar-group.com/de/investor-relations.html
Ich denke das die dort schon länger verfügbar ist und ich denke auch, dass diese Präsentation im Herbst auf den diversen Kapitalveranstaltungen gezeigt wurde und für den rasanten Kursanstieg hauptsächlich verantwortlich war.
Jetzt muss Phönix liefern! Sollten die Ziele erreicht und ein Jahresprofit von 4-5 Mio erreicht werden, dann ist für den Kurs noch deutlich Luft nach oben.
Wenn sie schon im Herbst gezeigt wurde, müsste das Datum auf den ersten Folien aber geändert worden sein. Wieso schließt du denn aus, dass die Präsentation in der Form erst dieses Jahr gezeigt wurde?
Ich sehe das so, dass bisher zumindest keine Meldung über irgendwelchen größeren Probleme veröffentlich wurde, d.h. Verzug im Bau eines Solarparks o.ä. Solange das so bleibt, dürfte es eigentlich keine großen Überraschungen geben (weder nach oben noch nach unten).
Zumindest ist auf den Folien von einem geglückten Turnaround die Rede...
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Trina wird in diesem Jahr satte 230 bis 250 Mio. $ in neue Fertigungskapazitäten und Upgrads investieren. Die Modulfertigungskapazitäten werden von 2,8 auf 3,8 GW ausgebaut, die Zellfertigungskapazitäten von 2,4 auf 3,0 GW und die Waferfertigungskapazitäten von 1,2 auf 1,7 GW
Danke für Info