Hanwha SolarOne - neuer Name, bessere Zukunkft?
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Hanwha's net loss narrowed to $3.6 million, or 4 cents per American Depositary Share (ADS), compared to $107.6 million, or $1.27 per ADS, in the same period one year earlier. Net revenue soared 60% year over year to $213.9 million.
Panel shipments surged 77% to 352.2 megawatts, but shipments in the first quarter should remain flat due to seasonal weakness in China and North America. The company expects to ship 1.5-1.6 gigawatts of panels in 2014, up from 1.3 gigawatts last year. Hanhwa SolarOne expects gross margins in the range of 15% to 20%.
Gross margin was 14.1% in the fourth quarter, up from -31.3% in the same period one year earlier thanks to greater panel prices and reduced costs.
TheStreet Ratings team rates HANWHA SOLARONE CO LTD as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HANWHA SOLARONE CO LTD (HSOL) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, unimpressive growth in net income, generally high debt management risk, disappointing return on equity and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
HANWHA SOLARONE CO LTD's earnings per share declined by 45.9% in the most recent quarter compared to the same quarter a year ago. The company has reported a trend of declining earnings per share over the past two years. During the past fiscal year, HANWHA SOLARONE CO LTD reported poor results of -$2.97 versus -$1.81 in the prior year.
The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income has significantly decreased by 46.8% when compared to the same quarter one year ago, falling from -$51.26 million to -$75.22 million.
The debt-to-equity ratio is very high at 2.83 and currently higher than the industry average, implying increased risk associated with the management of debt levels within the company. To add to this, HSOL has a quick ratio of 0.70, this demonstrates the lack of ability of the company to cover short-term liquidity needs.
Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, HANWHA SOLARONE CO LTD's return on equity significantly trails that of both the industry average and the S&P 500.
The gross profit margin for HANWHA SOLARONE CO LTD is currently extremely low, coming in at 14.84%. Despite the low profit margin, it has increased significantly from the same period last year. Despite the mixed results of the gross profit margin, HSOL's net profit margin of -40.55% significantly underperformed when compared to the industry average.
http://www.thestreet.com/story/12528312/1/...c=yahoo&cm_ven=YAHOO
QIDONG, Mar 18, 2014 (Menafn - SinoCast Daily Business Beat via COMTEX) --Hanwha SolarOne Co., Ltd. HSOL booked revenue of about CNY 1.29 billion for the fourth quarter of 2013, up 54.8 percent year on year. Net loss was CNY 25.4 million. The revenue for 2013 was about CNY 4.73 billion, up 28.5 percent from a year ago. Net loss attributable to shareholders was CNY 759.9 million, compared to about CNY 1.47 billion in 2012.
Photovoltaic products shipped to Japan was 150 megawatts, accounting for 44 percent of the total. Those shipped to China and the US each accounted for 16 percent and 11 percent of the total.
.....today announced that it has completed a 6.2 MW delivery of its high quality 72-cell solar modules (HSL72) to a consortium of the Spain-based companies Cobra and Gransolar. The modules will be installed in a new solar park in Rio Hondo, Las Cruces, Guatemala.
Both Gransolar and Cobra specialize in the development, construction, operation and maintenance of renewable energy plants. Last year, Cobra, Gransolar and South African company Kensani installed a total of 155 MW Hanwha SolarOne PV modules in the Letsatsi and Lesedi solar parks in South Africa. The projects are expected to be connected to the grid in the first half of 2014.
The following ten securities will be added to the Index: Ballard Power Systems, Inc. (Nasdaq:BLDP), Hanwha SolarOne Co., Ltd. (Nasdaq:HSOL), Hydrogenics Corporation (Nasdaq:HYGS), IXYS Corporation (Nasdaq:IXYS), China Ming Yang Wind Power Group Limited (NYSE:MY), Pattern Energy Group Inc. (Nasdaq:PEGI), Pacific Ethanol, Inc. (Nasdaq:PEIX), Plug Power, Inc. (Nasdaq:PLUG), Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq:QTWW) and Real Goods Solar, Inc. (Nasdaq:RGSE).
The Index is designed to track the performance of clean-energy companies that are publicly traded in the U.S. ....http://quotes.freerealtime.com/dl/frt/N?NewsStory=1
Sehr interessanter Artikel vom 02.05.2014
mc
Summary
JA Solar operational improvements gone unnoticed by the market.
Hanwha Solar's high margin rate is not reflected in the company's stock price.
Both companies offer undervalued situation for solar investors.
............Hanwha did not make a profit in Q4, but due to the nature of the quarter and cleanups of the balance sheet, came close. The company unquestionably has two obstacles to making its net profit and improved value.
One is a scale. In order to promote the revenue generation, more modules need to be sold. The company guided expansion to 2GW from the current 1.5GW, but did not provide a timeline for completion. It also confirmed 30% tolling plan, getting closer to QCELLS in business, but not necessarily improving that much-needed revenue generation.
Second, Hanwha needs to improve its financial section of the balance sheet. The company is paying hefty, highest interest on one of the lowest amounts of debt among the peer group. Fixing the interest rate is a matter of rewriting loans, and getting the status of a tier-1- company. Korean analysts discovered that Hanwha must have gotten GM over 10% long before the market, when Beijing Bank granted $500M credit facility in December, learning this level of GM was one of the prerequisites. Meeting this requirement could subsequently lead Hanwha to get the privileged borrowing rate and follow with loan rewrites to emulate other companies' rates. This task, in my view, is easier than the improvement on gross margins.
In the area of guidance, Hanwha offered what normally is not offered by Chinese companies: gross margin of 15 to 20% for a full year. While the market got excited, volume guidance, a 25% increase in the module shipments, spoiled the mood quickly, knowing that the big dogs were heralding 50% increases. Then the company talked about 200MW planned as solar plant strategy. JA Solar made an effort to include the solar plant numbers in the yearly guidance, but I am not sure if Hanwha did. Adding 200MW on the top would suggest around a 58% increase, a substantial utilization of capacity and the second largest increase percentile in modules next to JA.
During January 2014,Hanwha like JA, has shown an increase in module shipment in international markets, a new company record. It was so strong that it became third largest delivery, beating Canadian Solar Inc.(CSIQ). In 2013, the company dedicated most of its sales to global markets, having the highest ASPs among the group. Strong deliveries in January support high Q1 shipments, described as "similar" to Q4 figures, the largest shipment quarter for Hanwha. The volume growth produces speculation that Hanwha is already in capacity expansion mode. This, associated with high ASP driven, among other things, by module retailing in South Korea, puts improvement in revenue scale as a strong possibility.
In the case of Hanwha, the company released plenty of news describing engineering, procurement and construction engagement in China. While the company hinted at a shift in strategy, it failed to provide details during the conference call, perhaps because it was never asked such a question. We know that over 1GW of projects are in their portfolio. A recent one, a distribution generation project planned for rooftops of Wuxi City, includes the intention to keep 100MW for FiT revenue. We can assume plant ownership, and FiT revenue generation is an adding- value mechanism, only when one looks at benefits to JinkoSolar. Both JA and Hanwha have this as future premium, without recognition today.
In my view, both JA and Hanwha are typical undervalued situations that the market failed to upgrade on recent progress. They are candidates for the solar-ready portfolios during 2014, with price per share representing 2011 levels and having plenty of growth coming to them this year. http://seekingalpha.com/article/...looking-for-undervalued-situations
...stock is tumbling Wednesday after reporting a sequential quarterly drop in earnings and revenue over the March-ending period. By early afternoon, shares had dropped 9.4% to $2.50.
The renewable energy company reported net losses of 24 cents a share, 20 cents wider than a quarter earlier. Revenue tumbled 12.1% quarter on quarter to $213.9 million.
"Our first quarter results were primarily impacted by (1) a slowdown in demand in China due to seasonality and delayed project installation, as customers anticipated more lucrative government subsidies later this year, and (2) the unexpected devaluation of the Renminbi, which resulted in a foreign exchange loss for the quarter," chairman and CEO Mr. Seong-woo Nam said in a statement. TheStreet Ratings team rates HANWHA SOLARONE CO LTD as a Sell with a ratings score of D. ....
Gibt es zu dem Unternehmen positive nachrichten ?
http://www.photon.info/photon_news_detail_de.photon?id=86935
03.07.2014 - Wirtschaft
Baubeginn für 400-Millionen-Dollar-Solarprojekt in Mexiko
"... Die Module sollen von einem namentlich nicht genannten deutschen Hersteller geliefert werden..."
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