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Non-Tech : Alternative energy
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To: Jacob Snyder who wrote (8156)5/25/2010 4:13:09 PM
From: Jacob Snyder  Read Replies (1) of 16955
 
Solar gross margins (ranked by 1Q10 results):

     4Q09 1Q10  website

FSLR  41% 50%  investor.firstsolar.com
YGE   30% 33%  ir.yinglisolar.com
TSL   33% 31%  phx.corporate-ir.net 
JASO  20% 23% 
SPWRA 20% 21% investors.sunpowercorp.com
STP   24% 19-20%  ir.suntech-power.com 
CSIQ  15% 13%  phx.corporate-ir.net 
ESLR  12%  8% 
LDK   10% 16%


The best get better, the weak get weaker.

Comparing STP, TSL, YGE:
1. STP's margins were lower than the other 2 in 4Q09, and they got further behind in 1Q10.
2. While the debt of all 3 is too high, STP has much higher debt than the other 2.
3. STP and TSL were profitable in 2009, while YGE had a loss.
4. The Chinese government, from what I've read, is most strongly committed to STP and TSL

If I buy only one Chinese solar, it will be TSL. Second choice is YGE. However, given the fact that, every year, a different solar company is dominant, all of this may change.

disclosure: added some FSLR at 105$ today. No other solar positions.
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