Amorphous silicon photovoltaic cells to seize market opportunities

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Amorphous silicon photovoltaic cells to seize market opportunities

Main business for the amorphous silicon / silicon photovoltaic cell / module and manufacturing. Company's existing production capacity of amorphous silicon photovoltaic cells 10MW, crystalline silicon photovoltaic cell production capacity 5MW. And fund-raising to invest for the 25MW 15MW of amorphous silicon and monocrystalline silicon photovoltaic cells photovoltaic project, expected to gradually reach capacity 2-3 years. We expect the company's amorphous silicon and crystalline silicon cell production resulting in 08-09 years to 58% and 125% average annual growth rate, led the company 08-09 years, average annual EPS growth of 60%.

The company's expertise mainly in the amorphous silicon photovoltaic cells. Company is the largest enterprise of amorphous silicon photovoltaic cells, 06 output to 8.7MW. Tight polysilicon supply in the context of continuing ,06-10 years is the development of various types of thin film photovoltaic cells the best time, so the company's amorphous silicon battery business is facing a better market opportunities.

In general, companies in the photovoltaic industry less competitive. The company has some equipment, photovoltaic cell manufacturing and development capabilities, but the company's core R & D team lacks depth. Our concerns: 1. The company's silicon photovoltaic cells too small, far behind the domestic photovoltaic enterprises listed overseas, hardly stable, relatively low-cost single-supply polysilicon long, it is difficult to achieve economies of scale; 2 . at home and abroad a large number of amorphous silicon solar cell project launched, we expect that competition will be greatly increased. However, we believe that the company or the ultra-conservative financial policies could become a barrier to withstand fluctuations in the industry.

Reasonable price of 26 yuan. We expect fully diluted EPS the company 07-09 years were 0.50 yuan, 0.66 yuan and 0.88 yuan. Consider the property industry, the company's competitiveness and small plates of new shares premium, we believe that the Corporation, after reasonable price of 26 yuan, corresponding to 2008 PE40 times.

Special Note: This report forecasts the pricing is not listed on the first day IPO price performance, but in the current market environment has remained unchanged under the reasonable price range.


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