After many companies announced downside earnings warning on 14th, Solar Power Index plunged 5.5 percent. A dozen of PV concept stocks including CHAORISOLAR (002506), SUNOWE (300111), TOPRAYSOLAR (002278) and Xiuqiang Stock (300160) bottomed out. Industry insiders predict that the winter for PV industry will not be over soon.
On 14th, having listed for only two months, Jiawei Stock (300317) released downside earnings warning, predicting that the net profit of parent company stockholders would be down to 2.4 million yuan to 3.4 million, with a year-on-year drop of 94.12 percent to 95.85 percent. Jiawei attributed such decrease to plunging
louis vuitton sale handbags global income and underdeveloped domestic market. The company says Q1 used to be its peak sales season, however, impacted by decline in orders from the U.S. and immature domestic market, the overall sales revenue of the company dropped compared with the
louis vuitton handbags sale canada same period last year. Data shows that North American market is the major source of its income and profit. In the past three years, revenue from North America has accounted for 98 percent of the company main business income.me.
At the same time, CHAORISOLAR, HAREONSOLAR (600401) and SUNOWE all released announcement on predicted performance loss, which is mainly attributed to decline in foreign market sales resulted from European debt crisis and surging financing costs due to lower Euro exchange rate.
For companies in the PV sector, downside earnings warning in the middle of the year is a universal problem. According to statistics, by July 16th, of all the 53 PV companies having released interim reports, 24 forecast business decrease while another 16 predicted loss. The 40 companies announcing downside earnings warning make up for 75 percent of the total. Only 13 companies or 25 percent of the PV sector predicted business growth.
Despite the industrial recession, the demand for refinancing
louis vuitton outlet in the PV industry is soaring. Statistics show that since the beginning of 2012, 8 PV companies have announced plan of private placement with a total amount of 19.226 billion yuan. Sanan Optoelectronics topped the list by aiming at a private placement of 6.3 billion yuan. Except Fengfan Stock with a private placement plan of 616 million yuan, all the other 7 companies set their target above 1 billion yuan. In 2011, the total amount of private placement by listed PV companies was no more than 10 billion yuan.
According to industry insiders, with the whole PV industry haunted by over capacity, instead of investing in new projects or enlarging production capacity, easing liquidity pressure and paying loans may be the real purpose of this round of private placement.
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