Daqo - chinesischer Poly-Produzent - 500 Beiträge pro Seite
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...beabsichtigt, an die Börse zu gehen:
http://www.sec.gov/Archives/edgar/data/1477641/0001193125100…
http://www.sec.gov/Archives/edgar/data/1477641/0001193125100…
Antwort auf Beitrag Nr.: 38.752.701 von R-BgO am 17.01.10 12:41:54aus dem Prospekt:
Overview
We are a leading polysilicon manufacturer based in China. We manufacture and sell high-quality polysilicon to photovoltaic product manufacturers, who further process our polysilicon into ingots, wafers, cells and modules for solar power solutions. With an installed annual production capacity of 3,300 metric tonnes, or MT, as of September 30, 2009, we believe we are one of the largest polysilicon manufacturers in China. We plan to increase our installed annual production capacity to 9,300 MT by March 2012. In addition to ramping up our capacity, we have consistently focused on producing high-quality polysilicon in a cost-efficient manner, which we believe has contributed to our market position and will benefit us and our customers.
Photovoltaics is one of the proven and most rapidly growing renewable energy sources in the world. As polysilicon represents the most significant portion of the production cost for photovoltaic product manufacturing and commercial production of polysilicon requires high start-up costs and a long ramp-up time, we believe that polysilicon manufacturers with sufficient economies of scale can generally achieve higher profit margins than downstream manufacturers in the photovoltaic industry. We currently dedicate substantially all of our management efforts and our financial, technical, research and human resources to the manufacturing and sale of polysilicon. As a market leader strategically positioned upstream on the manufacturing value chain of a fast growing industry, we have been able to benefit from the growth of downstream photovoltaic cell and module production since our inception. In order to diversify our product offerings and enhance awareness of our “Daqo” brand, we plan to strategically expand into the photovoltaic module manufacturing business and the solar power system integration and installation business.
We compete with international and domestic polysilicon manufacturers primarily in acquiring and retaining China-based customers. The global financial crisis and the significant decrease in global petroleum prices since their peak in mid-2008 have resulted in a substantial decline in the demand for photovoltaic products in recent quarters. To address the challenges presented to our business by international and domestic competitors and the current global oversupply of polysilicon and the corresponding downward pricing pressure, we are focusing on maintaining our competitive cost structure and pursuing further cost saving to improve our profitability.
We believe that we have a competitive cost structure in polysilicon manufacturing primarily due to our strategic location in China and our manufacturing process. As our operations are based in Chongqing, which is in the western area of China where the cost of doing business is generally lower than in the coastal areas in China, we have significant advantages in electricity, raw material and labor costs over our competitors that are based in developed countries or in the coastal areas of China. In addition, we utilize the chemical vapor deposition process, or the “modified Siemens process,” to produce polysilicon, as do the vast majority of polysilicon manufacturers in the world. We have fully implemented the closed loop system to produce high-quality polysilicon cost-effectively. The closed loop system is an advanced polysilicon manufacturing process widely used by leading international polysilicon manufacturers. We believe we are one of the few China-based polysilicon manufacturers that have fully implemented the closed loop system in the polysilicon manufacturing process. Our fully implemented closed loop system differentiates us from manufacturers that only implement the closed loop system in some, but not all, of their manufacturing lines, and from manufacturers that are in the process of converting their open loop system to the closed loop system. Compared to the open loop manufacturing system that most of our domestic competitors use, the closed loop manufacturing system uses raw materials more efficiently, requires less electricity and causes less pollution even though manufacturing facilities based on the open loop system can be built within a shorter period of time with less initial capital expenditures on equipment. We believe that there is a trend among Chinese domestic manufacturers to migrate to the closed loop system. However, implementing the closed loop system or converting an existing open loop system to a closed loop system is time-consuming and requires significant capital investment and industry expertise. Therefore, we believe that we will continue to enjoy competitive advantages over Chinese domestic polysilicon manufacturers that use the open loop system in the short and medium term.
We focus heavily on ensuring customer satisfaction and consistently delivering high-quality products to our customers. We impose rigorous quality control standards at various stages of our manufacturing process. We systematically test raw materials from our suppliers and test our inputs at each stage of our manufacturing process to ensure that they meet all technical specifications. With our strict quality control measures in our manufacturing and facility construction processes, we are able to produce high-quality polysilicon consistently at both our existing Chongqing Phase 1a facility and our newly constructed Phase 1b facility.
We are located in China and are closer to our customers than our international competitors. China has become an important global center for manufacturing photovoltaic products with a growing number of leading photovoltaic companies. However, polysilicon production capacity in China has lagged far behind the demand from manufacturers of downstream photovoltaic products in China. In addition, due to changing project economics and increasing governmental support, we expect that the domestic photovoltaic market will undergo significant growth in the next few years. Being close to leading global photovoltaic companies based in China, we are positioned to respond to our customers’ needs quickly, manage inventory more efficiently and achieve further cost savings.
We have achieved substantial growth since we commenced commercial production of polysilicon in July 2008. In 2008, we produced 291 MT of polysilicon and sold 237 MT. In the first nine months of 2009, we produced 995 MT of polysilicon and sold 901 MT. Shortly after we commenced commercial production, leading China-based photovoltaic companies, such as Yingli Green Energy Holding Company Limited, or Yingli Green Energy, ReneSola Ltd., or ReneSola, and Suntech Power Holdings, or Suntech, through one of its affiliates, became our customers, and they have been our major customers since then. We generated revenues of $56.4 million and achieved net income attributable to our ordinary shareholders of $21.5 million in 2008, and we generated revenues of $79.5 million and achieved net income attributable to our ordinary shareholders of $20.9 million in the first nine months of 2009. The decline in our net income attributable to our ordinary shareholders from the year ended December 31, 2008 to the nine months ended September 30, 2009 was caused by the significant decrease in the average selling price of our polysilicon as a result of the global oversupply of polysilicon and the increasing pricing pressure during the same period.
Our Relationship with Daqo Group
Our existing shareholders hold equity interests in Daqo Group Co., Ltd., or Daqo Group. Since our inception, we have substantially benefited from the financial support of Daqo Group, one of the largest electrical equipment manufacturers in China. As of September 30, 2009, we had outstanding payable to Daqo Group in the amount of $0.2 million and Daqo Group guaranteed all of our outstanding bank borrowings. In addition, Daqo Group has granted us a permanent and royalty-free license to use the “Daqo” brand, which is a well recognized brand in the electrical industry in China. We have benefited from the strong brand recognition of “Daqo” in our business development efforts, as evidenced by our ability to secure major customers based in China within a short period after we commenced commercial production of polysilicon. If Daqo Group ceases to support us, our business, results of operations and prospects may be materially and adversely affected. See “Risk Factors—Risks Relating to Our Business—We may not be able to continue to receive the same level of support from Daqo Group, which may have a material adverse effect on our business and results of operations.”
Overview
We are a leading polysilicon manufacturer based in China. We manufacture and sell high-quality polysilicon to photovoltaic product manufacturers, who further process our polysilicon into ingots, wafers, cells and modules for solar power solutions. With an installed annual production capacity of 3,300 metric tonnes, or MT, as of September 30, 2009, we believe we are one of the largest polysilicon manufacturers in China. We plan to increase our installed annual production capacity to 9,300 MT by March 2012. In addition to ramping up our capacity, we have consistently focused on producing high-quality polysilicon in a cost-efficient manner, which we believe has contributed to our market position and will benefit us and our customers.
Photovoltaics is one of the proven and most rapidly growing renewable energy sources in the world. As polysilicon represents the most significant portion of the production cost for photovoltaic product manufacturing and commercial production of polysilicon requires high start-up costs and a long ramp-up time, we believe that polysilicon manufacturers with sufficient economies of scale can generally achieve higher profit margins than downstream manufacturers in the photovoltaic industry. We currently dedicate substantially all of our management efforts and our financial, technical, research and human resources to the manufacturing and sale of polysilicon. As a market leader strategically positioned upstream on the manufacturing value chain of a fast growing industry, we have been able to benefit from the growth of downstream photovoltaic cell and module production since our inception. In order to diversify our product offerings and enhance awareness of our “Daqo” brand, we plan to strategically expand into the photovoltaic module manufacturing business and the solar power system integration and installation business.
We compete with international and domestic polysilicon manufacturers primarily in acquiring and retaining China-based customers. The global financial crisis and the significant decrease in global petroleum prices since their peak in mid-2008 have resulted in a substantial decline in the demand for photovoltaic products in recent quarters. To address the challenges presented to our business by international and domestic competitors and the current global oversupply of polysilicon and the corresponding downward pricing pressure, we are focusing on maintaining our competitive cost structure and pursuing further cost saving to improve our profitability.
We believe that we have a competitive cost structure in polysilicon manufacturing primarily due to our strategic location in China and our manufacturing process. As our operations are based in Chongqing, which is in the western area of China where the cost of doing business is generally lower than in the coastal areas in China, we have significant advantages in electricity, raw material and labor costs over our competitors that are based in developed countries or in the coastal areas of China. In addition, we utilize the chemical vapor deposition process, or the “modified Siemens process,” to produce polysilicon, as do the vast majority of polysilicon manufacturers in the world. We have fully implemented the closed loop system to produce high-quality polysilicon cost-effectively. The closed loop system is an advanced polysilicon manufacturing process widely used by leading international polysilicon manufacturers. We believe we are one of the few China-based polysilicon manufacturers that have fully implemented the closed loop system in the polysilicon manufacturing process. Our fully implemented closed loop system differentiates us from manufacturers that only implement the closed loop system in some, but not all, of their manufacturing lines, and from manufacturers that are in the process of converting their open loop system to the closed loop system. Compared to the open loop manufacturing system that most of our domestic competitors use, the closed loop manufacturing system uses raw materials more efficiently, requires less electricity and causes less pollution even though manufacturing facilities based on the open loop system can be built within a shorter period of time with less initial capital expenditures on equipment. We believe that there is a trend among Chinese domestic manufacturers to migrate to the closed loop system. However, implementing the closed loop system or converting an existing open loop system to a closed loop system is time-consuming and requires significant capital investment and industry expertise. Therefore, we believe that we will continue to enjoy competitive advantages over Chinese domestic polysilicon manufacturers that use the open loop system in the short and medium term.
We focus heavily on ensuring customer satisfaction and consistently delivering high-quality products to our customers. We impose rigorous quality control standards at various stages of our manufacturing process. We systematically test raw materials from our suppliers and test our inputs at each stage of our manufacturing process to ensure that they meet all technical specifications. With our strict quality control measures in our manufacturing and facility construction processes, we are able to produce high-quality polysilicon consistently at both our existing Chongqing Phase 1a facility and our newly constructed Phase 1b facility.
We are located in China and are closer to our customers than our international competitors. China has become an important global center for manufacturing photovoltaic products with a growing number of leading photovoltaic companies. However, polysilicon production capacity in China has lagged far behind the demand from manufacturers of downstream photovoltaic products in China. In addition, due to changing project economics and increasing governmental support, we expect that the domestic photovoltaic market will undergo significant growth in the next few years. Being close to leading global photovoltaic companies based in China, we are positioned to respond to our customers’ needs quickly, manage inventory more efficiently and achieve further cost savings.
We have achieved substantial growth since we commenced commercial production of polysilicon in July 2008. In 2008, we produced 291 MT of polysilicon and sold 237 MT. In the first nine months of 2009, we produced 995 MT of polysilicon and sold 901 MT. Shortly after we commenced commercial production, leading China-based photovoltaic companies, such as Yingli Green Energy Holding Company Limited, or Yingli Green Energy, ReneSola Ltd., or ReneSola, and Suntech Power Holdings, or Suntech, through one of its affiliates, became our customers, and they have been our major customers since then. We generated revenues of $56.4 million and achieved net income attributable to our ordinary shareholders of $21.5 million in 2008, and we generated revenues of $79.5 million and achieved net income attributable to our ordinary shareholders of $20.9 million in the first nine months of 2009. The decline in our net income attributable to our ordinary shareholders from the year ended December 31, 2008 to the nine months ended September 30, 2009 was caused by the significant decrease in the average selling price of our polysilicon as a result of the global oversupply of polysilicon and the increasing pricing pressure during the same period.
Our Relationship with Daqo Group
Our existing shareholders hold equity interests in Daqo Group Co., Ltd., or Daqo Group. Since our inception, we have substantially benefited from the financial support of Daqo Group, one of the largest electrical equipment manufacturers in China. As of September 30, 2009, we had outstanding payable to Daqo Group in the amount of $0.2 million and Daqo Group guaranteed all of our outstanding bank borrowings. In addition, Daqo Group has granted us a permanent and royalty-free license to use the “Daqo” brand, which is a well recognized brand in the electrical industry in China. We have benefited from the strong brand recognition of “Daqo” in our business development efforts, as evidenced by our ability to secure major customers based in China within a short period after we commenced commercial production of polysilicon. If Daqo Group ceases to support us, our business, results of operations and prospects may be materially and adversely affected. See “Risk Factors—Risks Relating to Our Business—We may not be able to continue to receive the same level of support from Daqo Group, which may have a material adverse effect on our business and results of operations.”
immer noch 88$ ASP für 1-9/2009
Daqo Lowers IPO Target to Around $70m
Posted on Jan 29, 2010 | 15:01
Silicon maker Daqo New Energy Group has lowered the anticipated price range for its initial public offering to between $10-11 per American Depositary Share from a previously announced range of $12.50 to $14.50, according to a filing with the US Securities and Exchange Commission on January 28. The silicon maker still plans to issue 6.5 million ADS on the New York Stock Exchange under the symbol "DQ." A previous filing said Daqo targeted net proceeds of roughly $78.2 million through the IPO.
A subsidiary of Jiangsu-based Daqo Group, Daqo New Energy had an installed annual production capacity of 3,300 metric tons as of September 30, 2009, and plans to increase its installed annual production capacity to 9,300MT by March 2012.
Posted on Jan 29, 2010 | 15:01
Silicon maker Daqo New Energy Group has lowered the anticipated price range for its initial public offering to between $10-11 per American Depositary Share from a previously announced range of $12.50 to $14.50, according to a filing with the US Securities and Exchange Commission on January 28. The silicon maker still plans to issue 6.5 million ADS on the New York Stock Exchange under the symbol "DQ." A previous filing said Daqo targeted net proceeds of roughly $78.2 million through the IPO.
A subsidiary of Jiangsu-based Daqo Group, Daqo New Energy had an installed annual production capacity of 3,300 metric tons as of September 30, 2009, and plans to increase its installed annual production capacity to 9,300MT by March 2012.
Daqo New Energy Awarded RMB 1m Subsidies
Posted on Nov 24, 2009 | 17:11
Jiangsu-based Daqo Group announced November 24 that its subsidiary Chongqing-based silicon ingot and wafer manufacturer Daqo New Energy General Manager Yao Gongda and his team have been included in Jiangsu provincial government's Innovative Start-Ups Project. The company will receive subsidies of more than RMB 1 million under the project, according to the report.
Posted on Nov 24, 2009 | 17:11
Jiangsu-based Daqo Group announced November 24 that its subsidiary Chongqing-based silicon ingot and wafer manufacturer Daqo New Energy General Manager Yao Gongda and his team have been included in Jiangsu provincial government's Innovative Start-Ups Project. The company will receive subsidies of more than RMB 1 million under the project, according to the report.
Trading Spotlight
Jinko and Daqo Withdraw Their Solar IPOs: Sky's Not Falling
by: Greentech Media February 15, 2010 | about: JKS / DQ / SOLY / CDXS
Greentech Media
By Eric Wesoff
China-based Jinko Solar (JKS) withdrew its IPO plans due to "poor market conditions," according to Reuters. We reported on their IPO intentions here.
Jinko manufactures silicon solar wafers, cells and modules and had hoped to raise $100 million. Another China-based polyilicon manufacturer, Daqo New Energy (DQ), also pulled its $80 million IPO last month. Obviously investors are a bit jittery about the solar industry in an environment with slim margins for commodity-level wafers and modules. And where curtailed German subsidies might impact demand while the world waits for the U.S. and other markets to take off.
Here is Jinko and Daqo's revenue situation compared to other greentech IPO aspirants:
http://seekingalpha.com/article/188575-jinko-and-daqo-withdr…
Are these two withdrawn IPOs a tocsin for the solar industry and for greentech IPOs in general?
Put simply, no. Daqo and Jinko are money-losing and marginal players in an oversupplied, undifferentiated field.
Solyndra (SOLY) is losing money and will continue to lose money but the firm is certainly differentiated by technology. They are selling the story of the potential for new and innovative CIGS solar technology. Likewise Tesla, also losing money, is selling a story that institutional investors might believe in -- unique luxury EVs.
Solyndra still has to contend with the falling price per watt of commoditized silicon. Tesla, on the other hand, as an automotive supplier, faces a market with less clear cut value propositions. Price and value are only part of the car purchase decision.
by: Greentech Media February 15, 2010 | about: JKS / DQ / SOLY / CDXS
Greentech Media
By Eric Wesoff
China-based Jinko Solar (JKS) withdrew its IPO plans due to "poor market conditions," according to Reuters. We reported on their IPO intentions here.
Jinko manufactures silicon solar wafers, cells and modules and had hoped to raise $100 million. Another China-based polyilicon manufacturer, Daqo New Energy (DQ), also pulled its $80 million IPO last month. Obviously investors are a bit jittery about the solar industry in an environment with slim margins for commodity-level wafers and modules. And where curtailed German subsidies might impact demand while the world waits for the U.S. and other markets to take off.
Here is Jinko and Daqo's revenue situation compared to other greentech IPO aspirants:
http://seekingalpha.com/article/188575-jinko-and-daqo-withdr…
Are these two withdrawn IPOs a tocsin for the solar industry and for greentech IPOs in general?
Put simply, no. Daqo and Jinko are money-losing and marginal players in an oversupplied, undifferentiated field.
Solyndra (SOLY) is losing money and will continue to lose money but the firm is certainly differentiated by technology. They are selling the story of the potential for new and innovative CIGS solar technology. Likewise Tesla, also losing money, is selling a story that institutional investors might believe in -- unique luxury EVs.
Solyndra still has to contend with the falling price per watt of commoditized silicon. Tesla, on the other hand, as an automotive supplier, faces a market with less clear cut value propositions. Price and value are only part of the car purchase decision.
Daqo to Build 1GW Silicon Ingot, Wafer Project
Posted on Apr 13, 2010 | 17:04
Jiangsu-based Daqo Group has signed an agreement to locate a 1GW silicon ingot and silicon wafer project in Chongqing's Wanzhou District, the company announced April 12. Daqo will invest RMB 3 billion in the project, the 500MW first phase of which is expected to enter production by the end of 2010, according to the announcement. The company expects the completed project to generate sales revenue of RMB 10 billion annually.
January reports said Daqo Group silicon-producing subsidiary Daqo New Energy Group planned to set its US initial public offering price at between $10-11.
Posted on Apr 13, 2010 | 17:04
Jiangsu-based Daqo Group has signed an agreement to locate a 1GW silicon ingot and silicon wafer project in Chongqing's Wanzhou District, the company announced April 12. Daqo will invest RMB 3 billion in the project, the 500MW first phase of which is expected to enter production by the end of 2010, according to the announcement. The company expects the completed project to generate sales revenue of RMB 10 billion annually.
January reports said Daqo Group silicon-producing subsidiary Daqo New Energy Group planned to set its US initial public offering price at between $10-11.
NEW YORK, Oct 7 (Reuters) - Shares of Chinese solar energy company Daqo New Energy Corp closed 7.9 percent above their initial public offering price on Thursday.
The shares opened at $9.98 and rose to $10.25 in their first day of trading on the New York Stock Exchange.
Daqo manufactures polysilicon for solar panels, which turn sunlight into electricity. Demand for solar equipment has rebounded this year after a weak 2009 and manufacturers are scrambling to line up contracts for 2011 to absorb expected increases in supplies of the renewable energy systems.
Daqo sold 8 million American Depositary Shares for $9.50 each in its IPO. It had planned to sell shares for $10.50 to $12.50.
This is Daqo's second attempt at going public. It shelved the offering in January, then began the process anew in August.
Underwriters were led by Morgan Stanley. The shares are trading on the New York Stock Exchange under the symbol 'DQ.'
The shares opened at $9.98 and rose to $10.25 in their first day of trading on the New York Stock Exchange.
Daqo manufactures polysilicon for solar panels, which turn sunlight into electricity. Demand for solar equipment has rebounded this year after a weak 2009 and manufacturers are scrambling to line up contracts for 2011 to absorb expected increases in supplies of the renewable energy systems.
Daqo sold 8 million American Depositary Shares for $9.50 each in its IPO. It had planned to sell shares for $10.50 to $12.50.
This is Daqo's second attempt at going public. It shelved the offering in January, then began the process anew in August.
Underwriters were led by Morgan Stanley. The shares are trading on the New York Stock Exchange under the symbol 'DQ.'
aha doch noch was gefunden...
die ersten BBs rufen zum Kauf...
auf jeden Fall habe ich die Aktie erstmals auf meine Watchliste gesetz
die ersten BBs rufen zum Kauf...
auf jeden Fall habe ich die Aktie erstmals auf meine Watchliste gesetz
Antwort auf Beitrag Nr.: 40.340.580 von worgaschor am 18.10.10 13:00:42Würde vorschlagen, hier weiterzudiskutieren: Thread: Daqo New Energy
Der Thread ist mit der WKN verknüpft und kann so gefunden werden.
Der Thread ist mit der WKN verknüpft und kann so gefunden werden.
LDK Solar - Comeback nach Neufinanzierung
Wer die Kursentwicklung von LDK Solar verstehen will, der muss die enorme Zyklik des Sektors verstehen und die hohen Investitionen, die erforderlich sind, um neue Kapazitäten aufzubauen.
LDK Solar ist damit zum einen extrem von der Preisentwicklung bei Silizium abhängig und zum anderen von guten Finanzierungsmöglichkeiten.
An beiden Fronten sieht es aktuell glänzend aus: Die steigenden Siliziumpreise habe ich weiter oben bereits angesprochen.
Im Finanzierungsbereich hatte ich in der letzten Besprechung der Aktie vor knapp einem Jahr noch arge Bedenken gehabt. Kurzfristig verfügbaren Finanzmitteln von 388 Millionen US-Dollar standen 1,2 Milliarden US-Dollar an kurzfristigen Verbindlichkeiten gegenüber. Hinzu kam noch der Rechtsstreit mit Q-Cells bezüglich langfristiger Lieferverträge im Wafer-Bereich, die Q-Cells nicht mehr einhalten konnte.
Der Befreiungsschlag gelang den Chinesen erst Ende September dieses Jahres. Der hatte es aber dann in sich: Mit einem der größten chinesischen Finanzinstitute, der China Development Bank (CDB), schloss man einen Rahmenvertrag über Kreditlinien von bis zu 8,9 Milliarden US-Dollar für die nächsten fünf Jahre.
Das sind Dimensionen von denen deutsche Anbieter nur träumen können und die die Wettbewerbsvorteile von chinesischen Solarunternehmen zusätzlich zu den niedrigen Lohnkosten noch weiter vergrößern. Insgesamt hat die CDB an Alternative Energy-Unternehmen aus China damit bereits Darlehen in Höhe von 42,8 Milliarden US-Dollar ausgegeben.
Mit dieser Finanzkraft im Rücken glaubt der Markt wieder an die äußerst ehrgeizigen Wachstumspläne von LDK Solar. Bis 2015 soll die Wafer-Produktion von aktuell zwei auf dann sieben Gigawatt mehr als verdreifacht werden. Zuvor wurde bereits der Einstieg in die Solarzellenproduktion vollzogen. Durch die Erweiterung der Wertschöpfungstiefe soll das Profitpotenzial erhöht und die Abhängigkeit von den Siliziumpreisen verringert werden.
Das verhalf der Aktie zum Ausbruch auf neue Hochs. Beschleunigt wurde der Aufwärtstrend dann noch am Montag, wo LDK die Umsatzprognose für das dritte Quartal deutlich von 585 auf 625 Millionen US-Dollar angehoben hat. Daraus sollte LDK einen Nettogewinn von 44 Millionen US-Dollar erwirtschaften, was 0,35 US-Dollar je Aktie entspricht. Annualisiert entspricht dies 1,40 US-Dollar je Aktie und damit einem KGV von unter neun.
Das heißt, trotz des bereits vollzogenen starken Anstiegs bringt der Markt LDK immer noch eine gehörige Portion Skepsis entgegen. Meiner Ansicht nach zu unrecht, denn die Chinesen haben in den letzten sechs Quartalen den operativen Cash-Flow stetig verbessert. Das heißt: Die ausgewiesenen Gewinne sorgen tatsächlich für steigende Cashbestände. So kann es sich LDK beispielsweise auch leisten, den Großteil des Q-Cells-Kredits schon Ende dieses Jahres zurückzuzahlen. Die Verschuldung wird also deutlich zurückgefahren.
Wer die Kursentwicklung von LDK Solar verstehen will, der muss die enorme Zyklik des Sektors verstehen und die hohen Investitionen, die erforderlich sind, um neue Kapazitäten aufzubauen.
LDK Solar ist damit zum einen extrem von der Preisentwicklung bei Silizium abhängig und zum anderen von guten Finanzierungsmöglichkeiten.
An beiden Fronten sieht es aktuell glänzend aus: Die steigenden Siliziumpreise habe ich weiter oben bereits angesprochen.
Im Finanzierungsbereich hatte ich in der letzten Besprechung der Aktie vor knapp einem Jahr noch arge Bedenken gehabt. Kurzfristig verfügbaren Finanzmitteln von 388 Millionen US-Dollar standen 1,2 Milliarden US-Dollar an kurzfristigen Verbindlichkeiten gegenüber. Hinzu kam noch der Rechtsstreit mit Q-Cells bezüglich langfristiger Lieferverträge im Wafer-Bereich, die Q-Cells nicht mehr einhalten konnte.
Der Befreiungsschlag gelang den Chinesen erst Ende September dieses Jahres. Der hatte es aber dann in sich: Mit einem der größten chinesischen Finanzinstitute, der China Development Bank (CDB), schloss man einen Rahmenvertrag über Kreditlinien von bis zu 8,9 Milliarden US-Dollar für die nächsten fünf Jahre.
Das sind Dimensionen von denen deutsche Anbieter nur träumen können und die die Wettbewerbsvorteile von chinesischen Solarunternehmen zusätzlich zu den niedrigen Lohnkosten noch weiter vergrößern. Insgesamt hat die CDB an Alternative Energy-Unternehmen aus China damit bereits Darlehen in Höhe von 42,8 Milliarden US-Dollar ausgegeben.
Mit dieser Finanzkraft im Rücken glaubt der Markt wieder an die äußerst ehrgeizigen Wachstumspläne von LDK Solar. Bis 2015 soll die Wafer-Produktion von aktuell zwei auf dann sieben Gigawatt mehr als verdreifacht werden. Zuvor wurde bereits der Einstieg in die Solarzellenproduktion vollzogen. Durch die Erweiterung der Wertschöpfungstiefe soll das Profitpotenzial erhöht und die Abhängigkeit von den Siliziumpreisen verringert werden.
Das verhalf der Aktie zum Ausbruch auf neue Hochs. Beschleunigt wurde der Aufwärtstrend dann noch am Montag, wo LDK die Umsatzprognose für das dritte Quartal deutlich von 585 auf 625 Millionen US-Dollar angehoben hat. Daraus sollte LDK einen Nettogewinn von 44 Millionen US-Dollar erwirtschaften, was 0,35 US-Dollar je Aktie entspricht. Annualisiert entspricht dies 1,40 US-Dollar je Aktie und damit einem KGV von unter neun.
Das heißt, trotz des bereits vollzogenen starken Anstiegs bringt der Markt LDK immer noch eine gehörige Portion Skepsis entgegen. Meiner Ansicht nach zu unrecht, denn die Chinesen haben in den letzten sechs Quartalen den operativen Cash-Flow stetig verbessert. Das heißt: Die ausgewiesenen Gewinne sorgen tatsächlich für steigende Cashbestände. So kann es sich LDK beispielsweise auch leisten, den Großteil des Q-Cells-Kredits schon Ende dieses Jahres zurückzuzahlen. Die Verschuldung wird also deutlich zurückgefahren.
29.03.2011 10:46
Daqo New Energy Announce Ground Breaking for its Phase 2 Polysilicon Project in Shihezi, Xinjiang
Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today officially broke ground on its phase 2 polysilicon facility in Shihezi, Xinjiang. The ground breaking ceremony was hosted by Mr. Xu Guangfu, Chairman of the board. Local government officials attended the ceremony at site. The ceremony was also joined by other board members and management from the company. The initial capacity for the phase 2 polysilicon project will be for 3,000 metric ton (MT) polysilicon and the commercial production is scheduled to begin in the second half of 2012.
"The Shihezi, Xinjiang phase 2 project will play a key role in our future development." said Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy. "With its favorable electricity cost and strong government support, we intend to utilize the strategic advantage of this site for our future polysilicon production expansion in order to meet our customers' ever growing demand"
About Daqo New Energy Corp.
Daqo New Energy Announce Ground Breaking for its Phase 2 Polysilicon Project in Shihezi, Xinjiang
Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today officially broke ground on its phase 2 polysilicon facility in Shihezi, Xinjiang. The ground breaking ceremony was hosted by Mr. Xu Guangfu, Chairman of the board. Local government officials attended the ceremony at site. The ceremony was also joined by other board members and management from the company. The initial capacity for the phase 2 polysilicon project will be for 3,000 metric ton (MT) polysilicon and the commercial production is scheduled to begin in the second half of 2012.
"The Shihezi, Xinjiang phase 2 project will play a key role in our future development." said Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy. "With its favorable electricity cost and strong government support, we intend to utilize the strategic advantage of this site for our future polysilicon production expansion in order to meet our customers' ever growing demand"
About Daqo New Energy Corp.
sollte ich mich selbst dran halten:
Würde vorschlagen, hier weiterzudiskutieren: Thread: Daqo New Energy
Der Thread ist mit der WKN verknüpft und kann so gefunden werden.
Würde vorschlagen, hier weiterzudiskutieren: Thread: Daqo New Energy
Der Thread ist mit der WKN verknüpft und kann so gefunden werden.
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