2013年5月22日星期三

Financial position is always a major worry solar industry


Solar energy companies in 2012 fourth quarter earnings report released Thursday by the end has been fully completed. Recalling the 2012 controversy, many manufacturers because the average selling prices continued to fall face negative margins, or even the whole year's losses, but fortunately prices finally began to pick up. Global market research firm TrendForce's research department EnergyTrend View 4Q12 revenues according to the database TOP 10 solar giant financial position.

First Photovoltaic Panels and REC debt ratio is below 0.5, the financial structure is sound; contrast, liabilities to assets ratio exceeds 0.8, the relative risk of manufacturers, ten vendors with the highest debt ratio SolarWorld, which current liabilities total liabilities of approximately five into, look at other Chinese manufacturers such as Yuhui Light, Artes, Jinko, not only of liabilities to assets ratio exceeds 0.8, the proportion of debt in current liabilities and rather high, if the water shortage in cash on hand may be a short-term cash flow problems within crisis.

Short-term solvency depends on the liquidity of assets, working capital from the point of view, Yingli, Yu Hui, Artes and Jinko no way to cope with the existing current assets current liabilities; then look quick ratio, net illiquid stock manufacturers in China after the short-term solvency looks quite tight.

If the number of days from receipt Receivables perspective Jinko, Trina Solar and Yingli close now days are higher than the industry level, the elimination of the weak market continues to support the strong, unable to sustain the manufacturers have closed down when the pay particular attention to the quality of accounts, once the loan period is too long or produce bad debts, in the current context of limited liquidity, operational risk for the enterprise will increase significantly.

In addition to First Solar, various solar inverter manufacturers manufacturers are faced with almost the entire year's losses, but EnergyTrend database can be seen to the end of 2012 the plant margin has turned up signs of fiscal 2012 compared with 2011 shipments generally improved, several manufacturers shipments is a record high, remained stable in mature markets and emerging markets in Asia shipments and other areas needs to expand, the first half of 2013 are still expected to continue to maintain a high level of shipments.

EnergyTrend said, although in 2013 first quarter earnings report after another came the good news, the manufacturer also optimistic about this year's shipments, but between manufacturers generally do not sound difficult to improve the profitability of financial and always like a UXO. Dual wielding more than 30% of the initial impression punitive tariffs, some manufacturers face shrinking gross profit impact, there are also profiting from some manufacturers.

Facing the market stringent test, depressed profitability will be further compressed water vendors cash, cash flow problems if the situation appears to be unable to pay special attention to the debt may cause a chain reaction. 've Shipped to emerging markets companies, also need to pay particular attention to whether the financial position of the huge expenditure cope construction of power plants, and emerging markets more opaque political face and information such as the risk of uncertainty.

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