CHINESE PEERS QUARTERS
| Ticker | STP | LDK | TSL | YGE | JASO | CSIQ | SOL | HSOL | JKS | CSUN | DQ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (000) | |||||||||||
| Q4 2010 | $945,082 | $920,876 | $641,788 | $616,091 | $584,271 | $452,719 | $386,445 | $320,107 | $267,735 | $169,560 | $81,892 |
| 2010 Year | $2,901,931 | $2,509,347 | $1,857,689 | $1,893,937 | $1,781,936 | $1,495,509 | $1,205,579 | $1,140,453 | $705,281 | $517,219 | $242,686 |
| Q1 2011 | $877,001 | $766,337 | $550,853 | $527,312 | $556,383 | $443,404 | $359,213 | $335,176 | $326,719 | $165,655 | $87,311 |
| Q2 2011 | $830,700 | $499,437 | $579,459 | $680,560 | $412,951 | $481,820 | $249,313 | $277,122 | $350,586 | $144,019 | $70,721 |
| Q3 2011 | $809,000 | $471,870 | $481,900 | $667,697 | $387,999 | $499,639 | $189,062 | $225,354 | $279,249 | $145,798 | $59,564 |
| Q4 2011 | $629,000 | $420,169 | $435,690 | $407,951 | $309,144 | $474,060 | $187,691 | $155,432 | $190,412 | $110,820 | $38,235 |
| 2011 Year | $3,146,600 | $2,157,813 | $2,047,902 | $2,332,094 | $1,705,279 | $1,898,923 | $985,279 | $1,019,477 | $1,173,351 | $566,292 | $255,832 |
| Q1 2012 | $409,500 | $200,103 | $349,880 | $499,964 | $254,421 | $325,804 | $211,485 | $127,650 | $168,334 | $68,467 | $34,045 |
| Q2 2012 | $235,361 | $346,054 | $488,506 | $284,372 | $348,222 | $233,038 | $168,694 | $194,867 | $110,384 | $305,593 | |
| Q3 2012 | $291,520 | $297,974 | $355,937 | $260,945 | $325,965 | $218,155 | $153,725 | $221,058 | $59,482 | $21,117 | |
| Q4 2012 | $135,898 | $302,746 | $465,952 | $268,092 | $294,839 | $306,454 | $134,293 | $187,343 | $54,388 | $6,193 | |
| 2012 Year | $862,882 | $1,296,654 | $1,828,530 | $1,078,484 | $1,294,830 | $969,132 | $590,420 | $769,614 | $292,721 | $86,858 | |
| 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 | ||||
| Cost (000) | |||||||||||
| Q4 2010 | $791,687 | $669,450 | $440,013 | $413,402 | $472,087 | $375,743 | $267,167 | $255,161 | $191,447 | $142,451 | $36,119 |
| 2010 Year | $2,398,095 | $1,951,512 | $1,273,328 | $1,264,727 | $1,396,120 | $1,266,737 | $857,615 | $903,128 | $499,617 | $424,917 | $136,484 |
| Q1 2011 | $710,141 | $524,745 | $399,573 | $383,198 | $460,123 | $378,084 | $258,040 | $280,680 | $241,247 | $147,886 | $42,813 |
| Q2 2011 | $797,000 | $488,432 | $481,139 | $530,469 | $424,095 | $418,145 | $203,409 | $255,482 | $261,411 | $140,304 | $37,765 |
| Q3 2011 | $702,000 | $488,880 | $429,885 | $595,803 | $404,631 | $487,735 | $196,716 | $249,694 | $268,895 | $165,703 | $39,712 |
| Q4 2011 | $566,700 | $695,417 | $404,664 | $395,666 | $307,697 | $432,675 | $231,061 | $251,498 | $198,717 | $110,581 | $49,433 |
| 2011 Year | $2,760,000 | $2,197,474 | $1,715,260 | $1,942,879 | $1,631,980 | $1,716,639 | $889,226 | $1,053,964 | $990,658 | $564,474 | $169,723 |
| Q1 2012 | $407,100 | $331,137 | $329,619 | $461,021 | $249,144 | $300,749 | $219,518 | $139,597 | $167,217 | $67,739 | $45,010 |
| Q2 2012 | $327,356 | $317,062 | $466,229 | $270,814 | $305,054 | $231,735 | $158,064 | $178,561 | $110,669 | $36,504 | |
| Q3 2012 | $324,048 | $295,618 | $436,729 | $276,318 | $318,696 | $257,381 | $162,644 | $199,196 | $59,090 | $31,909 | |
| Q4 2012 | $218,136 | $297,112 | $505,730 | $280,469 | $279,969 | $296,193 | $176,307 | $180,281 | $56,416 | $17,245 | |
| 2012 Year | $1,200,677 | $1,239,411 | $1,887,727 | $1,087,209 | $1,204,468 | $1,004,827 | $642,667 | $732,337 | $293,914 | $144,946 | |
| 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 | ||||
| Gross Profit (000) | |||||||||||
| Q4 2010 | $153,395 | $251,426 | $201,775 | $202,689 | $112,184 | $76,976 | $119,278 | $64,946 | $76,288 | $27,109 | $45,773 |
| 2010 Year | $503,836 | $557,835 | $584,361 | $629,210 | $385,816 | $228,772 | $347,964 | $237,325 | $205,664 | $92,302 | $106,202 |
| Q1 2011 | $166,860 | $241,592 | $151,280 | $144,114 | $96,260 | $65,320 | $101,173 | $54,496 | $85,472 | $17,769 | $44,498 |
| Q2 2011 | $33,700 | $11,005 | $98,320 | $150,091 | -$11,144 | $63,675 | $45,904 | $21,640 | $89,175 | $3,715 | $32,956 |
| Q3 2011 | $107,800 | -$17,010 | $52,015 | $71,894 | -$16,632 | $11,904 | -$7,654 | -$24,340 | $10,354 | -$19,905 | $19,852 |
| Q4 2011 | $62,300 | -$275,248 | $ 31, 026 | $12,285 | $1,447 | $41,385 | -$43,370 | -$96,066 | -$8,305 | $239 | -$11,198 |
| 2011 Year | $386,600 | -$39,661 | $332,642 | $389,215 | $73,299 | $182,284 | $96,053 | -$34,487 | $182,693 | $1,818 | $86,109 |
| Q1 2012 | $2,400 | -$131,034 | $20,261 | $38,943 | $5,277 | $25,055 | -$8,033 | -$11,947 | $1,117 | $728 | -$10,965 |
| Q2 2012 | -$91,995 | $28,992 | $22,277 | $13,558 | $43,168 | $1,303 | $10,630 | $16,306 | -$285 | -$5,945 | |
| Q3 2012 | -$32,528 | $2,356 | -$80,792 | -$15,373 | $7,269 | -$39,226 | -$8,919 | $21,862 | $392 | -$10,792 | |
| Q4 2012 | -$82,238 | $5,634 | -$39,778 | -$12,377 | $14,870 | $10,261 | -$42,014 | $7,062 | -$2,028 | -$11,052 | |
| 2012 Year | -$337,795 | $57,243 | -$59,197 | -$8,725 | $90,361 | -$35,694 | -$52,247 | $37,277 | -$1,193 | -$37,432 | |
| 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 | ||||
| Gross Margin(000) | |||||||||||
| Q4 2010 | 16.23% | 27.30% | 31.44% | 32.90% | 19.20% | 17.00% | 30.87% | 20.29% | 28.49% | 15.99% | 55.89% |
| 2010 Year | 17.36% | 22.23% | 31.46% | 33.22% | 21.65% | 15.30% | 28.86% | 20.81% | 29.16% | 17.85% | 43.76% |
| Q1 2011 | 19.03% | 31.53% | 27.46% | 27.33% | 17.30% | 14.73% | 28.17% | 16.26% | 26.16% | 10.73% | 50.96% |
| Q2 2011 | 4.06% | 2.20% | 16.97% | 22.05% | -2.70% | 13.22% | 18.41% | 7.81% | 25.44% | 2.58% | 46.60% |
| Q3 2011 | 13.31% | -3.60% | 10.79% | 10.77% | -4.29% | 2.38% | -4.05% | -10.80% | 3.71% | -13.65% | 33.33% |
| Q4 2011 | 9.90% | -65.51% | 7.12% | 3.01% | 0.47% | 8.73% | -23.11% | -61.81% | -4.36% | 0.22% | -29.00% |
| 2011 Year | 12.20% | -1.84% | 16.24% | 16.69% | 4.29% | 9.60% | 9.73% | -3.38% | 15.57% | 0.00% | 33.60% |
| Q1 2012 | 0.59% | -65.48% | 5.79% | 7.79% | 2.07% | 7.69% | -3.80% | -9.36% | 0.66% | 1.06% | -32.20% |
| Q2 2012 | -39.09% | 8.38% | 4.56% | 4.77% | 12.40% | 0.56% | 6.30% | 8.37% | -0.26% | -19.45% | |
| Q3 2012 | -11.16% | 0.79% | -22.70% | -5.89% | 2.23% | -17.98% | -5.80% | 9.89% | 0.66% | -51.11% | |
| Q4 2012 | -60.51% | 1.90% | -8.54% | -4.62% | 5.04% | 3.30% | -31.29% | 3.77% | -3.73% | -178.46% | |
| 2012 Year | -39.15% | 4.41% | -3.24% | -0.81% | 6.98% | -3.70% | -8.85% | 4.84% | -0.41% | -43.10% | |
| 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% | ||||
| Net Income (000) | |||||||||||
| Q4 2010 | $383,425 | $145,204 | $145,083 | $101,014 | $118,688 | $25,536 | $61,045 | $56,184 | $55,804 | $15,415 | $33,043 |
| 2010 Year | $262,335 | $290,797 | $311,453 | $262,187 | $265,962 | $50,569 | $168,996 | $159,900 | $133,616 | $51,734 | $65,272 |
| Q1 2011 | $31,929 | $135,438 | $47,653 | $56,244 | $71,802 | $5,877 | $43,336 | $22,819 | $51,401 | $3,501 | $35,268 |
| Q2 2011 | -$259,500 | -$87,708 | $11,760 | $58,109 | -$35,413 | $6,967 | $1,839 | -$10,688 | $36,398 | -$16,917 | $25,685 |
| Q3 2011 | -$116,400 | -$114,464 | -$31,462 | -$28,293 | -$58,950 | -$43,877 | -$8,150 | -$27,851 | $10,678 | -$31,281 | $12,066 |
| Q4 2011 | -$136,900 | -$588,725 | -$65,770 | -$607,063 | -$68,264 | -$59,582 | -$36,692 | -$132,341 | -$58,253 | $ 949,59 | -$39,422 |
| 2011 Year | -$1,006,200 | -$655,459 | -$37,280 | -$509,845 | -$89,665 | -$90,905 | $333 | -$147,779 | $43,431 | -$94,293 | $33,324 |
| Q1 2012 | -$133,000 | -$185,169 | -$29,821 | -$44,968 | -$39,841 | -$21,394 | -$40,209 | -$48,219 | -$56,570 | -$9,563 | -$13,280 |
| Q2 2012 | -$254,341 | -$92,097 | -$95,777 | -$72,063 | -$25,474 | -$34,803 | -$41,974 | $48,873 | -$30,282 | -$7,995 | |
| Q3 2012 | -$136,943 | -$57,460 | -$161,892 | -$59,095 | -$43,668 | -$78,625 | -$51,257 | -$8,710 | -$23,222 | -$13,659 | |
| Q4 2012 | -$514,745 | -$87,178 | -$206,371 | -$93,300 | -$104,865 | -$49,847 | -$107,608 | -$122,169 | -$70,524 | -$74,083 | |
| 2012 Year | -$1,091,198 | -$266,556 | -$512,333 | -$268,662 | -$195,156 | -$203,496 | -$250,856 | -$247,578 | -$133,581 | -$109,724 | |
| 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 | ||||
| EPS | |||||||||||
| Q4 2010 | $2.02 | $1.09 | $1.87 | $0.52 | $0.59 | $0.58 | $0.69 | $0.27 | $2.36 | $0.37 | $0.95 |
| 2010 Year | $1.44 | $2.23 | $4.18 | $1.37 | $1.61 | $1.16 | $1.93 | $1.79 | $6.67 | $1.26 | $1.45 |
| Q1 2011 | $0.17 | $0.95 | $0.63 | $0.35 | $0.41 | $0.13 | $0.49 | $0.22 | $2.10 | $0.09 | $0.99 |
| Q2 2011 | -$1.44 | -$0.62 | $0.17 | $0.36 | -$0.22 | $0.16 | $0.02 | -$0.13 | $1.38 | -$0.42 | $0.73 |
| Q3 2011 | -$0.64 | -$0.87 | -$0.45 | -$0.18 | -$0.36 | -$1.02 | -$0.09 | -$0.33 | $0.45 | -$0.78 | $0.34 |
| Q4 2011 | -$0.76 | -$4.63 | -$0.93 | -$3.87 | -$0.39 | -$1.39 | -$0.43 | -$1.57 | -$2.58 | -$3.71 | -$1.12 |
| 2011 Year | -$5.58 | -$5.17 | -$0.54 | -$3.25 | -$0.54 | -$2.11 | $0.00 | -$1.76 | $1.85 | -$7.05 | $0.95 |
| Q1 2012 | -$0.74 | -$1.46 | -$0.42 | -$0.29 | -$0.20 | -$0.49 | -$0.47 | -$0.57 | -$2.55 | -$0.71 | -$0.39 |
| Q2 2012 | -$2.00 | -$1.30 | -$0.58 | -$0.37 | -$0.59 | -$0.40 | -$0.50 | -$2.20 | -$2.26 | -$0.20 | |
| Q3 2012 | -$1.08 | -$0.81 | -$0.98 | -$0.30 | -$1.01 | -$0.91 | -$0.61 | -$0.39 | -$1.74 | -$0.43 | |
| Q4 2012 | -$3.68 | -$1.23 | -$1.28 | -$2.48 | -$2.43 | -$0.58 | -$1.27 | -$5.51 | -$5.27 | -$10.76 | |
| 2012 Year | -$8.22 | -$3.76 | -$3.14 | -$6.85 | -$4.53 | -$2.36 | -$2.97 | -$11.16 | -$9.99 | -$15.92 | |
| 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 | ||||
| Sales (MW) | MT to MW | ||||||||||
| Q4 2010 | 507 | 785.1 | 351 | 348.4 | 463 | 237 | 349.4 | 218.8 | 162.6 | 97.9 | 170.05 |
| 2010 Year | 1,572.00 | 2,491.10 | 1,060.00 | 1,061.60 | 1,460.00 | 803 | 1,182.80 | 797.9 | 480.3 | 347.8 | 682.75 |
| Q1 2011 | 491 | 750.2 | 320 | 308.37 | 451 | 244 | 330.4 | 248.5 | 208.4 | 98 | 208.5 |
| Q2 2011 | 501 | 508.6 | 396.4 | 421.23 | 401 | 287 | 295.5 | 205.9 | 251.4 | 87.4 | 185.88 |
| Q3 2011 | 580 | 484.6 | 370.1 | 513.49 | 445 | 355 | 328.8 | 200.9 | 257.7 | 116.2 | 194 |
| Q4 2011 | 524 | 452.6 | 425 | 360.69 | 398 | 436 | 399.9 | 189.1 | 227 | 116.8 | 174.9 |
| 2011 Year | 2,096.00 | 2,196.00 | 1,511.50 | 1,603.80 | 1,690.00 | 1,323.00 | 1,294.84 | 844.4 | 950.5 | 420.3 | 763.28 |
| Q1 2012 | 383 | 318.3 | 380 | 520.84 | 366 | 343 | 466 | 160.7 | 249 | 79.9 | 200.9 |
| Q2 2012 | 452.3 | 418.8 | 592.2 | 418 | 412 | 503.7 | 230.7 | 302.1 | 150.3 | 201.7 | |
| Q3 2012 | 392.1 | 380.3 | 492.12 | 418 | 384 | 532.8 | 239.5 | 335.2 | 82.5 | 214.5 | |
| Q4 2012 | 253.8 | 414.5 | 691.92 | 500 | 404 | 713.2 | 198.9 | 301.9 | 78.4 | 114.4 | |
| 2012 Year | 1,417 | 1,594 | 2,297 | 1,702 | 1,543 | 2,209 | 830 | 1188.2 | 391 | 731.5 | |
| 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 | ||||
| ASP (all in per Watt) | |||||||||||
| Q4 2010 | $1.86 | $1.17 | $1.83 | $1.77 | $1.26 | $1.91 | $1.11 | $1.46 | $1.65 | $1.73 | $0.48 |
| 2010 Year | $1.85 | $1.01 | $1.75 | $1.78 | $1.22 | $1.86 | $1.02 | $1.43 | $1.47 | $1.49 | $0.36 |
| Q1 2011 | $1.79 | $1.02 | $1.72 | $1.71 | $1.23 | $1.82 | $1.09 | $1.35 | $1.57 | $1.69 | $0.42 |
| Q2 2011 | $1.73 | $0.98 | $1.46 | $1.61 | $1.03 | $1.68 | $0.84 | $1.35 | $1.39 | $1.65 | $0.38 |
| Q3 2011 | $1.45 | $0.97 | $1.30 | $1.30 | $0.87 | $1.40 | $0.57 | $1.12 | $1.08 | $1.25 | $0.31 |
| Q4 2011 | $1.20 | $0.92 | $1.02 | $1.13 | $0.77 | $1.08 | $0.47 | $0.82 | $0.84 | $0.94 | $0.21 |
| 2011 Year | $1.50 | $0.98 | $1.35 | $1.45 | $1.00 | $1.44 | 0.76 | $1.20 | $1.22 | $1.35 | $0.33 |
| Q1 2012 | $1.07 | $0.63 | $0.92 | $0.96 | $0.70 | $0.95 | $0.45 | $0.75 | $0.68 | $0.86 | $0.16 |
| Q2 2012 | $0.52 | $0.83 | $0.82 | $0.68 | $0.84 | $0.46 | $0.73 | $0.64 | $0.73 | $0.15 | |
| Q3 2012 | $0.74 | $0.78 | $0.72 | $0.62 | $0.85 | $0.41 | $0.64 | $0.66 | $0.72 | $0.10 | |
| Q4 2012 | $0.54 | $0.73 | $0.67 | $0.54 | $0.73 | $0.43 | $0.68 | $0.62 | $0.69 | $0.05 | |
| 2012 Year | $0.61 | $0.81 | $0.80 | $0.63 | $0.84 | $0.44 | $0.71 | $0.65 | $0.75 | $0.12 | |
| 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 | ||||
| Cost (all in per Watt) | |||||||||||
| Q4 2010 | $1.56 | $0.85 | $1.25 | $1.19 | $1.02 | $1.59 | $0.76 | $1.17 | $1.18 | $1.46 | $0.21 |
| 2010 Year | $1.53 | $0.78 | $1.20 | $1.19 | $0.96 | $1.58 | $0.73 | $1.13 | $1.04 | $1.22 | $0.20 |
| Q1 2011 | $1.45 | $0.70 | $1.25 | $1.25 | $1.02 | $1.55 | $0.78 | $1.13 | $1.16 | $1.51 | $0.21 |
| Q2 2011 | $1.66 | $0.96 | $1.21 | $1.27 | $1.06 | $1.46 | $0.69 | $1.24 | $1.04 | $1.61 | $0.20 |
| Q3 2011 | $1.26 | $1.00 | $1.16 | $1.16 | $0.90 | $1.37 | $0.60 | $1.24 | $1.04 | $1.42 | $0.20 |
| Q4 2011 | $1.08 | $1.52 | $0.95 | $1.06 | $0.77 | $0.99 | $0.57 | $1.32 | $0.88 | $0.94 | $0.28 |
| 2011 Year | $1.32 | $1.00 | $1.13 | $1.21 | $0.96 | $1.30 | $0.69 | $1.24 | $1.04 | $1.34 | $0.22 |
| Q1 2012 | $1.06 | $1.04 | $0.87 | $0.86 | $0.68 | $0.88 | $0.47 | $0.86 | $0.67 | $0.85 | $0.22 |
| Q2 2012 | $0.72 | $0.76 | $0.77 | $0.64 | $0.74 | $0.46 | $0.69 | $0.59 | $0.73 | $0.18 | |
| Q3 2012 | $0.82 | $0.78 | $0.86 | $0.66 | $0.83 | $0.48 | $0.68 | $0.59 | $0.72 | $0.15 | |
| Q4 2012 | $0.86 | $0.72 | $0.73 | $0.63 | $0.69 | $0.41 | $0.89 | $0.60 | $0.72 | $0.15 | |
| 2012 Year | $0.85 | $0.78 | $0.82 | $0.64 | $0.78 | $0.45 | $0.77 | $0.65 | $0.75 | $0.20 | |
| 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 |