STP = Suntech, a Chinese solar cell and module-maker.
seekingalpha.com
STP website: ir.suntech-power.com
FY09 results:
1.7B$ sales (-12% from 2008)
704 MW shipped (+42% from 2008)
gross profit $338.8 million
gross margin 20%.
Net income: $91.5 million = $0.53/diluted ADS.
94M$ interest expense - interest income
shares out: 160M end-2008 to 172M end-2009 ??
20-F still not out
$1B cash + eq. end-2009
$1.598B debt end-2009 (800M ST, 138M LT, 517M convertibles, 143M "other LT liabilities")
2010 guidance:
1250+ MW shipped, +75% YOY
2B$ sales, +18% YOY
capex 200M$
global market share: from 10% of 6GW in 2009 to 14-15% of 9GW in 2010.
by 4Q10: $0.50/w non-silicon manufacturing costs
1.1 gigawatts of PV cell and module capacity by the end of 2009; world's largest producer of crystalline silicon solar panels; In 2010, we've maintained our target of 1.4 gigawatts by the middle of the year.
4Q09: $0.56/w = non-silicon manufacturing costs
Pluto technology:
We are consistently achieving an average of 19% conversion efficiency on monocells and 17% on multicells. Generation 2 Pluto will achieve conversion efficiencies of 20% to 21% on monocrystalline cells and 18% to 19% on multicrystalline cells.
450 megawatts of Pluto enabled capacity by the middle of 2010; demand for Pluto far exceeds our current production capacity.
2009 sales by area:
41% Germany
33% ROE
10% N. America
12% Asia
4% ROW
(in 2010, Europe will decrease to 68%, while N.America and Asia increase to 28%)
In 2010, we expect to see the U.S. solar market double in size and our own sales triple. This should take our market share in the U.S. to around 20%, compared to an estimated 15% in 2009.
On rooftop projects, we secured around 20% of the projects under the (Chinese) national rooftop program and are well-positioned to secure a significant portion of the Golden Sunshine project.
turnkey solar solutions:
We developed China's first 10 megawatt utility-scale solar plant and have commenced another two plants that are scheduled for completion in 2010.
Founded 2001, IPO 2005
Suntech has three thin film efforts: an amorphous crystalline silicon arm based around the SunFab equipment line from Applied Materials (AMAT), the currently-in-limbo CSG Solar effort and an unnamed in-house thin film project. seekingalpha.com |
