Thursday, 17 April 2014
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CHINESE PEERS QUARTERS

Ticker TSL YGE JASO CSIQ SOL HSOL JKS
Revenue (000)
Q4 2010 $641,788 $616,091 $584,271 $452,719 $386,445 $320,107 $267,735
2010 Year $1,857,689 $1,893,937 $1,781,936 $1,495,509 $1,205,579 $1,140,453 $705,281
Q1 2011 $550,853 $527,312 $556,383 $443,404 $359,213 $335,176 $326,719
Q2 2011 $579,459 $680,560 $412,951 $481,820 $249,313 $277,122 $350,586
Q3 2011 $481,900 $667,697 $387,999 $499,639 $189,062 $225,354 $279,249
Q4 2011 $435,690 $407,951 $309,144 $474,060 $187,691 $155,432 $190,412
2011 Year $2,047,902 $2,332,094 $1,705,279 $1,898,923 $985,279 $1,019,477 $1,173,351
Q1 2012 $349,880 $499,964 $254,421 $325,804 $211,485 $127,650 $168,334
Q2 2012 $346,054 $488,506 $284,372 $348,222 $233,038 $168,694 $194,867
Q3 2012 $297,974 $355,937 $260,945 $325,965 $218,155 $153,725 $221,058
Q4 2012 $302,746 $465,952 $268,092 $294,839 $306,454 $134,293 $187,343
2012 Year $1,296,654 $1,828,530 $1,078,484 $1,294,830 $969,132 $590,420 $769,614
Q1 2013 $260,222 $431,389 $270,025 $263,611 $284,165 $179,187 $187,319
Q2 2013 $440,725 $550,443 $258,127 $380,380 $377,362 $192,720 $287,563
Q3 2013 $548,386 $596,313 $287,327 $490,897 $419,271 $185,471 $320,667
Q4 2013 $525,638 $613,029 $357,309 $519,469 $213,904 $361,442
2013 year $1,774,971 $2,216,511 $1,186,512 $1,654,356 $780,629 $1,169,341
Cost (000)
Q4 2010 $440,013 $413,402 $472,087 $375,743 $267,167 $255,161 $191,447
2010 Year $1,273,328 $1,264,727 $1,396,120 $1,266,737 $857,615 $903,128 $499,617
Q1 2011 $399,573 $383,198 $460,123 $378,084 $258,040 $280,680 $241,247
Q2 2011 $481,139 $530,469 $424,095 $418,145 $203,409 $255,482 $261,411
Q3 2011 $429,885 $595,803 $404,631 $487,735 $196,716 $249,694 $268,895
Q4 2011 $404,664 $395,666 $307,697 $432,675 $231,061 $251,498 $198,717
2011 Year $1,715,260 $1,942,879 $1,631,980 $1,716,639 $889,226 $1,053,964 $990,658
Q1 2012 $329,619 $461,021 $249,144 $300,749 $219,518 $139,597 $167,217
Q2 2012 $317,062 $466,229 $270,814 $305,054 $231,735 $158,064 $178,561
Q3 2012 $295,618 $436,729 $276,318 $318,696 $257,381 $162,644 $199,196
Q4 2012 $297,112 $505,730 $280,469 $279,969 $296,193 $176,307 $180,281
2012 Year $1,239,411 $1,887,727 $1,087,209 $1,204,468 $1,004,827 $642,667 $732,337
Q1 2013 $255,798 $413,536 $253,933 $238,054 $289,771 $174,534 $163,601
Q2 2013 $389,507 $485,681 $237,163 $331,708 $349,921 $182,077 $236,794
Q3 2013 $464,955 $514,811 $254,856 $390,686 $385,203 $176,031 $249,162
Q4 2013 $446,517 $538,412 $301,979 $418,213 $183,677 $272,103
2013 year $1,556,777 $1,975,525 $1,060,591 $1,378,661 $725,295 $931,907
Gross Profit (000)
Q4 2010 $201,775 $202,689 $112,184 $76,976 $119,278 $64,946 $76,288
2010 Year $584,361 $629,210 $385,816 $228,772 $347,964 $237,325 $205,664
Q1 2011 $151,280 $144,114 $96,260 $65,320 $101,173 $54,496 $85,472
Q2 2011 $98,320 $150,091 -$11,144 $63,675 $45,904 $21,640 $89,175
Q3 2011 $52,015 $71,894 -$16,632 $11,904 -$7,654 -$24,340 $10,354
Q4 2011 $ 31, 026 $12,285 $1,447 $41,385 -$43,370 -$96,066 -$8,305
2011 Year $332,642 $389,215 $73,299 $182,284 $96,053 -$34,487 $182,693
Q1 2012 $20,261 $38,943 $5,277 $25,055 -$8,033 -$11,947 $1,117
Q2 2012 $28,992 $22,277 $13,558 $43,168 $1,303 $10,630 $16,306
Q3 2012 $2,356 -$80,792 -$15,373 $7,269 -$39,226 -$8,919 $21,862
Q4 2012 $5,634 -$39,778 -$12,377 $14,870 $10,261 -$42,014 $7,062
2012 Year $57,243 -$59,197 -$8,725 $90,361 -$35,694 -$52,247 $37,277
Q1 2013 $4,424 $17,853 $16,092 $25,557 -$5,606 $4,653 $23,718
Q2 2013 $51,218 $64,762 $20,964 $48,672 $27,441 $10,643 $50,769
Q3 2013 $83,431 $81,502 $32,471 $100,211 $34,068 $9,440 $71,505
Q4 2013 $79,121 $74,617 $55,330 $101,256 $30,227 $89,339
2013 year $218,194 $240,986 $125,921 $275,695 $55,334 $237,434
Gross Margin(000)
Q4 2010 31.44% 32.90% 19.20% 17.00% 30.87% 20.29% 28.49%
2010 Year 31.46% 33.22% 21.65% 15.30% 28.86% 20.81% 29.16%
Q1 2011 27.46% 27.33% 17.30% 14.73% 28.17% 16.26% 26.16%
Q2 2011 16.97% 22.05% -2.70% 13.22% 18.41% 7.81% 25.44%
Q3 2011 10.79% 10.77% -4.29% 2.38% -4.05% -10.80% 3.71%
Q4 2011 7.12% 3.01% 0.47% 8.73% -23.11% -61.81% -4.36%
2011 Year 16.24% 16.69% 4.29% 9.60% 9.73% -3.38% 15.57%
Q1 2012 5.79% 7.79% 2.07% 7.69% -3.80% -9.36% 0.66%
Q2 2012 8.38% 4.56% 4.77% 12.40% 0.56% 6.30% 8.37%
Q3 2012 0.79% -22.70% -5.89% 2.23% -17.98% -5.80% 9.89%
Q4 2012 1.90% -8.54% -4.62% 5.04% 3.30% -31.29% 3.77%
2012 Year 4.41% -3.24% -0.81% 6.98% -3.70% -8.85% 4.84%
Q1 2013 1.70% 4.10% 6.00% 9.70% -1.97% 2.60% 12.70%
Q2 2013 11.62% 11.80% 8.10% 12.80% 7.30% 5.52% 17.65%
Q3 2013 15.21% 13.67% 11.30% 20.41% 8.10% 5.09% 22.30%
Q4 2013 15.05% 12.65% 15.50% 19.50% 14.13% 24.72%
2013 year 12.30% 11.66% 10.61% 16.66% 7.09% 20.30%
Net Income (000)
Q4 2010 $145,083 $101,014 $118,688 $25,536 $61,045 $56,184 $55,804
2010 Year $311,453 $262,187 $265,962 $50,569 $168,996 $159,900 $133,616
Q1 2011 $47,653 $56,244 $71,802 $5,877 $43,336 $22,819 $51,401
Q2 2011 $11,760 $58,109 -$35,413 $6,967 $1,839 -$10,688 $36,398
Q3 2011 -$31,462 -$28,293 -$58,950 -$43,877 -$8,150 -$27,851 $10,678
Q4 2011 -$65,770 -$607,063 -$68,264 -$59,582 -$36,692 -$132,341 -$58,253
2011 Year -$37,280 -$509,845 -$89,665 -$90,905 $333 -$147,779 $43,431
Q1 2012 -$29,821 -$44,968 -$39,841 -$21,394 -$40,209 -$48,219 -$56,570
Q2 2012 -$92,097 -$95,777 -$72,063 -$25,474 -$34,803 -$41,974 $48,873
Q3 2012 -$57,460 -$161,892 -$59,095 -$43,668 -$78,625 -$51,257 -$8,710
Q4 2012 -$87,178 -$206,371 -$93,300 -$104,865 -$49,847 -$107,608 -$122,169
2012 Year -$266,556 -$512,333 -$268,662 -$195,156 -$203,496 -$250,856 -$247,578
Q1 2013 -$63,741 -$103,353 -$33,030 -$4,377 -$39,004 -$36,374 -$20,730
Q2 2013 -$33,650 -$52,277 -$22,609 -$12,603 -$21,061 -$27,189 $7,977
Q3 2013 $9,901 -$38,686 -$44,601 $27,692 -$200,253 -$75,014 $16,913
Q4 2013 $9,760 -$126,388 $23,519 $20,947 -$3,703 $27,136
2013 year -$77,730 -$312,522 -$78,247 $31,658 -$144,523 $31,059
EPS
Q4 2010 $1.87 $0.52 $0.59 $0.58 $0.69 $0.27 $2.36
2010 Year $4.18 $1.37 $1.61 $1.16 $1.93 $1.79 $6.67
Q1 2011 $0.63 $0.35 $0.41 $0.13 $0.49 $0.22 $2.10
Q2 2011 $0.17 $0.36 -$0.22 $0.16 $0.02 -$0.13 $1.38
Q3 2011 -$0.45 -$0.18 -$0.36 -$1.02 -$0.09 -$0.33 $0.45
Q4 2011 -$0.93 -$3.87 -$0.39 -$1.39 -$0.43 -$1.57 -$2.58
2011 Year -$0.54 -$3.25 -$0.54 -$2.11 $0.00 -$1.76 $1.85
Q1 2012 -$0.42 -$0.29 -$0.20 -$0.49 -$0.47 -$0.57 -$2.55
Q2 2012 -$1.30 -$0.58 -$0.37 -$0.59 -$0.40 -$0.50 -$2.20
Q3 2012 -$0.81 -$0.98 -$0.30 -$1.01 -$0.91 -$0.61 -$0.39
Q4 2012 -$1.23 -$1.28 -$2.48 -$2.43 -$0.58 -$1.27 -$5.51
2012 Year -$3.76 -$3.14 -$6.85 -$4.53 -$2.36 -$2.97 -$11.16
Q1 2013 -$0.90 -$0.63 -$0.89 -$0.10 -$0.45 -$0.43 -$0.92
Q2 2013 -$0.47 -$0.33 -$0.58 -$0.29 -$0.24 -$0.32 $0.36
Q3 2013 $0.14 -$0.25 -$1.10 $0.56 -$2.24 -$0.89 $0.72
Q4 2013 $0.13 -$0.82 $0.30 $0.39 -$0.04 $0.96
2013 year -$1.09 -$2.05 -$1.95 $0.63 -$1.70 $1.28
Sales (MW)
Q4 2010 351 348.4 463 237 349.4 218.8 162.6
2010 Year 1,060.00 1,061.60 1,460.00 803 1,182.80 797.9 480.3
Q1 2011 320 308.37 451 244 330.4 248.5 208.4
Q2 2011 396.4 421.23 401 287 295.5 205.9 251.4
Q3 2011 370.1 513.49 445 355 328.8 200.9 257.7
Q4 2011 425 360.69 398 436 399.9 189.1 227
2011 Year 1,511.50 1,603.80 1,690.00 1,323.00 1,294.84 844.4 950.5
Q1 2012 380 520.84 366 343 466 160.7 249
Q2 2012 418.8 592.2 418 412 503.7 230.7 302.1
Q3 2012 380.3 492.12 418 384 532.8 239.5 335.2
Q4 2012 414.5 691.92 500 404 713.2 198.9 301.9
2012 Year 1,594 2,297 1,702 1,543 2,209 830 1188.2
Q1 2013 393 647.64 442.7 340 662.1 289.1 338.6
Q2 2013 646.6 800.48 463.7 455 849.3 321.2 489.2
Q3 2013 774.6 841.31 500.2 478 851 317.8 518.9
Q4 2013 770.1 944.875 665.5 621 352.2 586.3
2013 year 2,580 3234.3 2,100 1,894 1280.3 1,933
Revenue Gen./per Watt Sold
Q4 2010 $1.83 $1.77 $1.26 $1.91 $1.11 $1.46 $1.65
2010 Year $1.75 $1.78 $1.22 $1.86 $1.02 $1.43 $1.47
Q1 2011 $1.72 $1.71 $1.23 $1.82 $1.09 $1.35 $1.57
Q2 2011 $1.46 $1.61 $1.03 $1.68 $0.84 $1.35 $1.39
Q3 2011 $1.30 $1.30 $0.87 $1.40 $0.57 $1.12 $1.08
Q4 2011 $1.02 $1.13 $0.77 $1.08 $0.47 $0.82 $0.84
2011 Year $1.35 $1.45 $1.00 $1.44 0.76 $1.20 $1.22
Q1 2012 $0.92 $0.96 $0.70 $0.95 $0.45 $0.75 $0.68
Q2 2012 $0.83 $0.82 $0.68 $0.84 $0.46 $0.73 $0.64
Q3 2012 $0.78 $0.72 $0.62 $0.85 $0.41 $0.64 $0.66
Q4 2012 $0.73 $0.67 $0.54 $0.73 $0.43 $0.68 $0.62
2012 Year $0.81 $0.80 $0.63 $0.84 $0.44 $0.71 $0.65
Q1 2013 $0.66 $0.67 $0.61 $0.78 $0.43 $0.62 $0.55
Q2 2013 $0.68 $0.69 $0.56 $0.84 $0.44 $0.60 $0.59
Q3 2013 $0.71 $0.71 $0.57 $1.03 $0.49 $0.58 $0.62
Q4 2013 $0.68 $0.65 $0.54 $0.84 $0.61 $0.62
2013 year $0.69 $0.69 $0.57 $0.87 $0.61 $0.60
Total Cost per Watt Sold
Q4 2010 $1.25 $1.19 $1.02 $1.59 $0.76 $1.17 $1.18
2010 Year $1.20 $1.19 $0.96 $1.58 $0.73 $1.13 $1.04
Q1 2011 $1.25 $1.25 $1.02 $1.55 $0.78 $1.13 $1.16
Q2 2011 $1.21 $1.27 $1.06 $1.46 $0.69 $1.24 $1.04
Q3 2011 $1.16 $1.16 $0.90 $1.37 $0.60 $1.24 $1.04
Q4 2011 $0.95 $1.06 $0.77 $0.99 $0.57 $1.32 $0.88
2011 Year $1.13 $1.21 $0.96 $1.30 $0.69 $1.24 $1.04
Q1 2012 $0.87 $0.86 $0.68 $0.88 $0.47 $0.86 $0.67
Q2 2012 $0.76 $0.77 $0.64 $0.74 $0.46 $0.69 $0.59
Q3 2012 $0.78 $0.86 $0.66 $0.83 $0.48 $0.68 $0.59
Q4 2012 $0.72 $0.73 $0.63 $0.69 $0.41 $0.89 $0.60
2012 Year $0.78 $0.82 $0.64 $0.78 $0.45 $0.77 $0.65
Q1 2013 $0.65 $0.64 $0.57 $0.70 $0.44 $0.60 $0.48
Q2 2013 $0.60 $0.61 $0.51 $0.73 $0.41 $0.57 $0.48
Q3 2013 $0.60 $0.61 $0.51 $0.82 $0.45 $0.55 $0.48
Q4 2013 $0.57 $0.57 $0.45 $0.67 $0.52 $0.46
2013 year $0.60 $0.61 $0.51 $0.73 $0.57 $0.48