46 replies to this topic

[explo]

Seriously someone needs to ask them what's up with their website. I go in to find out something about their product offering and all I can find is some message board.

 

[explo]

What is this new strategy?

 

http://www.renesola..../w_detail?i=103

 

Are they so deep in it that they try to due some toothbrush e-commerce to pay bills?

[explo]

Dump your shares here: http://www.renesola..../w_detail?i=121

[griffzinho]

Seriously someone needs to ask them what's up with their website. I go in to find out something about their product offering and all I can find is some message board.

 

Click on the obvious 'explore' button and there are plenty details about Renesolas now well diversified product range.

[iwcwatch]

Q4 EPS of $0.01, beats by 0.15

Revenue of 438.8M  beats by 57.4M

 

Fourth Quarter 2013 Financial and Operating Highlights

• Total solar module shipments were 505.3 MW, representing an increase of 9.2% from Q3 2013. Total solar wafer and module shipments in Q4 2013 were 784.1 megawatts ("MW"), representing a decrease of 7.9% from 851.0 MW in Q3 2013.
• Net revenues were US$438.8 million, representing an increase of 4.7% from US$419.3 million in Q3 2013.
• Gross profit was US$47.4 million with a gross margin of 10.8%, compared to gross profit of US$34.1 million with a gross margin of 8.1% in Q3 2013.
• Operating income was US$8.2 million with an operating margin of 1.9%, compared to an operating loss of US$180.3 millionwith an operating margin of negative 43.0% in Q3 2013.
• Net income attributable to holders of ordinary shares was US$0.8 million, representing basic and diluted earnings per share of US$0.00 and basic and diluted earnings per American depositary share ("ADS") of US$0.01.
• Cash and cash equivalents plus restricted cash were $348.9 million as of the end of Q4 2013, compared to US$438.5 million as of the end of Q3 2013.
• Net cash outflow from operating activities was US$29.5 million compared to net cash inflow from operating activities ofUS$79.6 million in Q3 2013.

Full Year 2013 Financial and Operating Highlights

• Total solar module shipments were 1,728.8 MW, representing an increase of 142.5% from 712.8 MW for full year 2012. Total solar wafer and module shipments were 3,146.5 MW, representing an increase of 42.4% from 2,209.0 MW for full year 2012.
• Net revenues were US$1,519.6 million, an increase of 56.8% from US$969.1 million in 2012.
• Gross profit was US$103.3 million with a gross margin of 6.8%, compared to a gross loss of US$35.7 million with a gross margin of negative 3.7% in 2012.
• Operating loss was US$222.1 million with an operating margin of negative 14.6%, mainly due to a non-cash impairment charge of US$202.8 million recorded in Q3 2013 primarily associated with the Company's Sichuan polysilicon factory, compared to an operating loss of US$179.0 million with an operating margin of negative 18.5% in 2012.
• Net loss attributable to holders of ordinary shares was US$259.5 million, representing basic and diluted loss per share ofUS$1.42 and basic and diluted loss per ADS of US$2.85.
• Net cash inflow from operating activities was US$120.1 million compared to net cash outflow from operating activities ofUS$94.7 million in 2012.

[adetur]

What are liabilities held-for-sale for $ 99 mln ? Anyone knows ?

 

Thx

[Makan]

Again... Seems they cannot get this poly plant running for a few month in a row.

Polysilicon Update

The total output of polysilicon for full year 2013 was 2,875 metric tons, with an output of 1,768 metric tons in Q4 2013. The operation of the Company's Sichuan polysilicon factory was temporarily suspended for equipment maintenance and optimization purposes in Q1 2014. Full operations resumed in March of this year. With polysilicon prices recently going up and remaining stable, the Company expects to benefit from its in-house polysilicon capability going forward.

[odyd]

I ran to see payables, and they paid the chunk of it off. Is it a surprise that their cash flow got suddenly negative? No, not paying that account was pretending they have positive cash flow. So we know that using outsourcing is about 66% lower gross margin than selling on your own. While everyone is aiming for 20% they are looking to 11%.

[pg6solar]

I guess the best parts of the CC are a.) unlike this time three years ago, they're actually bullish on the industry as a whole and for at least stable (if not slightly increasing) ASPs and b.) unlike their pessimistic view on China this year during last ER, they've changed their tune IMO by quit a bit. Very good for all holding solars, since IMO whatever they can do there are several others who can do so much better.    

[busraker]

The gain on warrants helped the results in to a surprise profit.  I was pleasantly surprised at the opex, some $10m below my estimates, but am a second time downgrading my 2014 expectations as I can't (as yet) see where the useable profit is coming from.  They will need a GM around 12% on around $2100m revs to achieve breakeven.

 

Personally, I would want to be able to justify 70c eps min in 2014 to keep the little bit invested that I still have left from Q3.  I am struggling to see much more than 10c eps for Q4 2014 at 13% GM, which would barely justify the current share price.

 

Let's see what their GM forecast is.....

[explo]

Click on the obvious 'explore' button and there are plenty details about Renesolas now well diversified product range.

 

This button does not even work in my browser (Firefox on PC).

[iwcwatch]

From CC, what I can feel SOL management is very conservative....not sure whether they are lack of confident in their business strategy and the future of market 

[Makan]

Good guidance of sales in high ASP markets. However, what I wonder is, how long can these OEM partners produce modules at a loss, when SOL still expects to get 11% GM out of outsourced modules.

[iwcwatch]

I ran to see payables, and they paid the chunk of it off. Is it a surprise that their cash flow got suddenly negative? No, not paying that account was pretending they have positive cash flow. So we know that using outsourcing is about 66% lower gross margin than selling on your own. While everyone is aiming for 20% they are looking to 11%.

Their GM is relative lower than others, but they can keep the trend and steady improve their financial report. The shipment vol is much increasing too.

[odyd]

Their GM is relative lower than others, but they can keep the trend and steady improve their financial report

How do you propose they would increase the GM?

They paid down long and short term loans. They used all the receivables cash on payables account, but they have $400M deficit in this line.

Using this report, what they going to make in Q1, based on what operational changes?

[odyd]

I am not listening to conference did SOL say something market is dropping now?

[pg6solar]

I am not listening to conference did SOL say something market is dropping now?

They said Poly will go to $24-25 starting in May because of...high demand in EU and China in H2 (hence stable and even slightly increasing ASPs).

[Makan]

Most interesting i found, they were saying that China market will be weak in H1 and strong in H2, I think right now they meant because of weather issues. But better than their view on Q3 CC. Europe they think will be very strong in H1 as well. ASP supposed to be stable, poly going up to 24-25 USD.

[explo]

Not that bad ER at first glance. Breakeven and were able to renew a lot of ST loans.

[eysteinh]

Some good signs but they are still loosing shareholders equity. Account payable down quite a bit so that is good. 

 

Edit scratch that: Liabilities is up from 1694 to 1973 mil usd. They just pushed it around. Granted they gained some assets as well, but as you can see equity was down in the quarter. (First reporting company this Q of tier 1 to loose equity, down from 171 to 167.)