53 replies to this topic

[odyd]

Tainergy, a GCL Taiwanese module partner, reports 32.8% increase in revenues in February over January. 7% shy of the Q4 revenue, without March data. YTD negative 14%. Motech in January had double the revenue of December. Waiting for this one to show further growth. NSP, big partner for cells of ReneSola, 2.3% growth in Feb. Looks flat lined for Q1 to Q4. In Q2 DelSolar and NSP join up making it the largest cell maker in Taiwan, inc. 500MW of cells in China courtesy of DelSolar.

[odyd]

Results for Taiwan in February. I think I will take Sino off, they are big on semi wafers now.
Looks like Q1 has already revenue of Q4, but there is one more month to make sales on!!!

[odyd]

NSP 10% QoQ, Solartech 13% in the same. Big drop (as it is revenue and ASP related to last year) in revenues YoY, but suggests ASP stable, or more shipments (lower ASP).
Gintech and Motech more critical.
Danen, wafer maker 33% growth QoQ

[odyd]

I put in results for Q4 2012 for Taiwanese companies, and their revenues are very small in comparison to Chinese. Their cash levels are also on low side. I still need to add NSP, and complete sales for March
http://solarpvinvest...q4-2012-results

[odyd]

I am still working on the full file for March but here is the release
http://solarpvinvest...-for-march-2013

[odyd]

Hi everyone attached Q1 2013 results. I will say "WOW"
Chinese generally kick the dust out of Taiwan. A lot of volume came to those guys due to March EU registration jitters.

[explo]

Yes, the EU registration is causing huge shifts in the industry. Lines in China (majority of world lines) have to idle for production destined for EU and Taiwan is closest alternative. Dust moves from Taiwan to China lines now. US wasn't a big enough market to cause a dent and the Chinese panel makers took the risk of retroactive duties that time. Now they don't risk it and cannot produce EU destined modules in China between registration and decision.

Check out Boss's thread on price by market for Chinese modules. EU is a new high ASP market joining Japan soon while US heads to average or below.

[odyd]

typo

[odyd]

April Solartech revenue 20% higher than March, must reflect higher prices. 23 lower than 2012. Danen (wafer) 3% growth same period.

[odyd]

Looking at more numbers today. If things can be projected in the fashion of Apil onto Q2, this looks like 20 to 30% increase in revenue. DelSolar just got 23% increase in revenues from yoy in April and MoM is also 23%.

[odyd]

http://www.taipeitim...5/08/2003561707

[odyd]

Commentary a la Digitimes
http://www.digitimes...30507VL201.html

[outsmart]

Sales for Apr. of 2013 were NT$ 1,013.5 million, up 7.4% MoM and up 3.2% from the same period of 2012.

GET capacity utilization in April was over 95% due to strong demands for high efficient wafer.

GET is getting more high end market share and intensifying partnerships with module and downstream brand name makers to build up end market channels and long standing business.

[outsmart]

Due to rising capacity utilization rates and rising solar cell prices in the first quarter of 2013, Taiwan-based solar cell maker Motech saw gross margin rise to negative 8% from negative 15.7% in the fourth quarter of 2012.

According to Jack Hsieh, vice president, CFO and spokesperson of Motech, there is a possibility that gross margin will turn positive in the second quarter and prices are likely to continue rising.

...

Hsieh added that prices of solar cells continue to rise with quarterly increases of around 10%. Demand from emerging markets continues to increase, hence capacity utilization rate has been high, said Hsieh.

...

http://www.digitimes...30508PD220.html

[explo]

This is what I'm fearing: All cell players running at 95% utilization and nobody able to accept additional orders for europe tolling. It's a crazy world.

With US only installing 3.3 GW in 2012, for the cell part of the value-chain Taiwan supply could cover that.

With Europe installing 16.7 GW in 2012, you have 20 GW cells to cover (the mix between Europe and US will change a bit in 2013, but total size is in the same order), there's not enough Taiwanese cell supply for that.

Then you have the 15 GW of wafer and modules to cover to avoid tariffs.

Modules carry higher tariff and is easily movable, so even if most of the capacity is in China and it covers 80% of Europes supply today, things can happen here.

On wafers, forget about, it's all in China, especially the cheap and good ones. Even SPWR get their super wafers from China. Here there won't be any tariff free supply. If EU put tariff on this (their prime value customer and supplier in the PV value-chain) it will just show bad judgement.

[odyd]

Taiwan's April results selected companies. Ignore yoy and ytd for the group, these are not reflective