At present, dozens of companies in the US stocks and A-share photovoltaic sector have successively released the 2013 interim results report. The data disclosed therein shows that the domestic PV industry has benefited from frequent domestic policies in the first half of the year and the emerging markets in the Asia-Pacific region have been affected by multiple factors. Under the circumstances, the performance of a number of advantageous companies has begun to change its state of “debunking†in the past year and began to gradually improve. This confirms the industry warming data cited by the Ministry of Industry and Information Technology recently released in the first half of 2013.
The analysis pointed out that the current spring breeze in the photovoltaic industry is getting stronger. In the first half of the year, the performance of some companies with competitive advantages in the market even exceeds market expectations. In the second half of the year, the domestic photovoltaic industry will be favorably fermented by policies and the market demand will be released. These competitive companies will take the lead in recovering. vitality.
The results of the Interim Report confirm that the industry is picking up According to the "Operations of China's Photovoltaic Industry in the First Half of 2013" recently released by the Ministry of Industry and Information Technology, in the first half of the year, the development of the photovoltaic industry in China was improved compared with the same period of 2012, due to the combination of policy guidance and market-driven factors. Its main performance is that the prices of major components of the industrial chain, such as battery modules, have gradually increased, and production costs have continued to decline. At the same time, the polysilicon segment that was almost completely shut down before, and the output in the first half of the year also rose month by month.
"Operations" specifically pointed out that the operating conditions of some domestic photovoltaic companies have improved. This statement has been reflected in the mid-term report results recently issued by many companies.
At present, the data of Jinkoel Energy, which is the first company to disclose the second-quarter earnings in the US stocks, shows that the company’s operating margins and net income have recovered positively for the first time in more than a year, and revenue has increased by 43% from the same period last year to US$288 million. Became the first PV company to achieve profitability. Another silicon leader, LDK, and its executives also said that the company is expected to start making profits again in the first half of the year.
In the domestic A-shares sector, according to Wind statistics, of the 17 companies that have released 2013 interim results in the A-shares photovoltaics segment, seven companies have seen positive growth in their first-half performance in the first half of the year, including 5 companies last year. Throughout the year, it achieved substantial profitability. They are Longji, Aerospace, Sunflower, Central and Jiangsu Sunshine.
A brokerage researcher analyzed with the China Securities Journal that these companies whose first-half results were successfully reversed were companies with obvious market competitive advantages, such as Longji and Zhonghuan, which belonged to the domestic single-crystal wafer leader. Their products were not Due to the EU's "double opposition" and high degree of market differentiation, it did not affect the company's demand for orders. The main business of Aerospace has locked in the development of power plants with the highest gross profit margin in the photovoltaic industry, and is not burdened by low-cost manufacturing competition. The good performance of Sunflower and Jiangsu Sunshine was mainly due to the fact that it seized a large number of orders from the growth of demand in emerging markets such as Japan and Southeast Asia in the first half of the year.
While companies disclosed earnings data, the dominant companies in addition to gratifying growth in net profit, some financial indicators also began to ease. For example, the net cash flow of companies such as Sunflower, Longji and Zhonghuan shares has doubled in the first half of the year. This figure has been falling sharply in the past year. With overcapacity, the huge shadow of inventory is still plagued by the current industry-wide, and some dominant companies have begun to remove burdens. The inventory turnover days of the above five dominant companies are all less than 100 days.
Advantageous companies will take the lead in restoring strength In accordance with the general view held by the business community, experts and analysts, by the end of this year, the newly installed capacity of China's photovoltaic power generation exceeding 8GW will activate the previously unreliable domestic photovoltaic market, followed by photovoltaics. Further consolidation of the foundation for the full recovery of the industry.
The above-mentioned researcher further analyzed that, under the influence of the continuous recovery of the industry's warm wind, enterprises with competitive edge in the market will take the lead in recovering their vitality.
According to the estimation of Minsheng Securities analysts, the domestic installed capacity of photovoltaics this year is expected to reach 8.5GW, including 5GW of large-scale power plants, 2GW of gold solar projects, and 1.5GW of distributed photovoltaic power generation. This installed capacity means that it will be doubled based on the total installed capacity of about 4 GW last year. In particular, distributed photovoltaic power generation will achieve zero breakthrough. This will certainly lead to a huge market demand.
At present, a series of industry stimulus policies, including distributed generation subsidies and bank credit support, will gradually issue implementation rules. This will mean that a series of positive incentives will actually stimulate the investment enthusiasm of the market, and substantial fermentation will become a direct impact on the company's performance. .
However, it is worth noting that the current policy makers' promotion of a large-scale start-up of the domestic photovoltaic market is based on the pillars of the dominant companies. In this sense, no matter the financial package or subsidy and other policies, the “red envelopes†will undoubtedly be advantageous. Corporate tilt, which will further boost the rapid recovery of these companies.
The analysis pointed out that the current spring breeze in the photovoltaic industry is getting stronger. In the first half of the year, the performance of some companies with competitive advantages in the market even exceeds market expectations. In the second half of the year, the domestic photovoltaic industry will be favorably fermented by policies and the market demand will be released. These competitive companies will take the lead in recovering. vitality.
The results of the Interim Report confirm that the industry is picking up According to the "Operations of China's Photovoltaic Industry in the First Half of 2013" recently released by the Ministry of Industry and Information Technology, in the first half of the year, the development of the photovoltaic industry in China was improved compared with the same period of 2012, due to the combination of policy guidance and market-driven factors. Its main performance is that the prices of major components of the industrial chain, such as battery modules, have gradually increased, and production costs have continued to decline. At the same time, the polysilicon segment that was almost completely shut down before, and the output in the first half of the year also rose month by month.
"Operations" specifically pointed out that the operating conditions of some domestic photovoltaic companies have improved. This statement has been reflected in the mid-term report results recently issued by many companies.
At present, the data of Jinkoel Energy, which is the first company to disclose the second-quarter earnings in the US stocks, shows that the company’s operating margins and net income have recovered positively for the first time in more than a year, and revenue has increased by 43% from the same period last year to US$288 million. Became the first PV company to achieve profitability. Another silicon leader, LDK, and its executives also said that the company is expected to start making profits again in the first half of the year.
In the domestic A-shares sector, according to Wind statistics, of the 17 companies that have released 2013 interim results in the A-shares photovoltaics segment, seven companies have seen positive growth in their first-half performance in the first half of the year, including 5 companies last year. Throughout the year, it achieved substantial profitability. They are Longji, Aerospace, Sunflower, Central and Jiangsu Sunshine.
A brokerage researcher analyzed with the China Securities Journal that these companies whose first-half results were successfully reversed were companies with obvious market competitive advantages, such as Longji and Zhonghuan, which belonged to the domestic single-crystal wafer leader. Their products were not Due to the EU's "double opposition" and high degree of market differentiation, it did not affect the company's demand for orders. The main business of Aerospace has locked in the development of power plants with the highest gross profit margin in the photovoltaic industry, and is not burdened by low-cost manufacturing competition. The good performance of Sunflower and Jiangsu Sunshine was mainly due to the fact that it seized a large number of orders from the growth of demand in emerging markets such as Japan and Southeast Asia in the first half of the year.
While companies disclosed earnings data, the dominant companies in addition to gratifying growth in net profit, some financial indicators also began to ease. For example, the net cash flow of companies such as Sunflower, Longji and Zhonghuan shares has doubled in the first half of the year. This figure has been falling sharply in the past year. With overcapacity, the huge shadow of inventory is still plagued by the current industry-wide, and some dominant companies have begun to remove burdens. The inventory turnover days of the above five dominant companies are all less than 100 days.
Advantageous companies will take the lead in restoring strength In accordance with the general view held by the business community, experts and analysts, by the end of this year, the newly installed capacity of China's photovoltaic power generation exceeding 8GW will activate the previously unreliable domestic photovoltaic market, followed by photovoltaics. Further consolidation of the foundation for the full recovery of the industry.
The above-mentioned researcher further analyzed that, under the influence of the continuous recovery of the industry's warm wind, enterprises with competitive edge in the market will take the lead in recovering their vitality.
According to the estimation of Minsheng Securities analysts, the domestic installed capacity of photovoltaics this year is expected to reach 8.5GW, including 5GW of large-scale power plants, 2GW of gold solar projects, and 1.5GW of distributed photovoltaic power generation. This installed capacity means that it will be doubled based on the total installed capacity of about 4 GW last year. In particular, distributed photovoltaic power generation will achieve zero breakthrough. This will certainly lead to a huge market demand.
At present, a series of industry stimulus policies, including distributed generation subsidies and bank credit support, will gradually issue implementation rules. This will mean that a series of positive incentives will actually stimulate the investment enthusiasm of the market, and substantial fermentation will become a direct impact on the company's performance. .
However, it is worth noting that the current policy makers' promotion of a large-scale start-up of the domestic photovoltaic market is based on the pillars of the dominant companies. In this sense, no matter the financial package or subsidy and other policies, the “red envelopes†will undoubtedly be advantageous. Corporate tilt, which will further boost the rapid recovery of these companies.
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