Solar Energy Opportunity In China

Solar Energy opportunity in China
-----Focusing on solar photovoltaics (PV) in this segment
Lawrence Wang

Industrial hierarchy

Over capacity and financial crisis lead oversuply and market contraction
Too many new comers crowd into market

M&A----- rapid expansion across value chain in order to survive
DOWNSTREAM
UPSTREAM
Key Strategic Initiatives
A vertically integrated presence to capture profits across value chain
An increased focus on market access
Capital & Energy
Technology
Labour
Ability to secure low cost and good quality inputs ( Polysilicon, Wafer, Cell)
Ability to get market access – Increase capacity utilization

The PV marekt is stable and getting better
PV Supply Chain Margin
Top Companies Revenues (US$Mil)
Margin is getting stable
But some companies were not able to take advantage of the rapid decline in polysilicon spot prices as they were struck in long-term, fixed price contracts
Revenues Rebound18% in Q2’09 to $4.65B. The cell/module suppliers are growing faster than the polysilicon suppliers, as polysilicon prices fall faster than cell/module prices
Source: YMR PV Supply Chain Health Report and public statement released by listed companies.

Major drivers in Solar energy
Theese major drivers affect each other and stimulate the industry

Exemplary target companies (risks)

Solar Energy Opportunity In China

by Lawrence Wang on Nov 29, 2009

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