168ReportChina Market Research Reports
2009 Deep Research Report on Global and China Solar Cell and Module Industry Hard copy : 3800 USD Electronic copy (PDF) : 3800USD Hard and Electronic copy : 4000USD Pages: 488 Tables and figures :615 Published date :Dec 4, 2009 Publisher: 168Report Contact: Mr. Peter Lee +861082965190 +8613161572746 sales@168report.com Summary: H 2009 Deep Research Report on Global and China Solar Cell and Module Industry was published by 168Research solar energy research center in Dec 2009.It was a deep research report on global and china solar cell and solar module industry. In this report@the following information was include 2005~2013 Global and China Solar Cell/Module Productions Supply, Sales, Demand, Market, Status and Forecast Detail information of Global 28 Solar Cell/Module Vendors and China Local 31 Vendors Company Basic Information (products, income customers, materials& equipment capacity Expansion plans shareholders @operation & Management Team etc 13 Items) ¤ Company financial information solar cell and solar modules productionP CapacityŁ revenue cost Gross margin Average selling price average cost of sales etc Company Upstream midstream downstream information @Main contracts, partners ł project and related information main products production base and related information etcH Project development strategy was also introduced according supply and demand relationship@Manufacture Technology and Equipment Also analyse global and China solar cell and module development trend according Global PV industry development trend and related countires policies At last, 168Research listed deep research conclusions according solar cell and module yesterdayŁ today and tomorrow and also analyse new solar cell and module project feasibility via a special case. … In a word, it was a deep research report on global and china solar cell and module industry chain. And thanks to the global and China solar cell and module marketing or technology experts support during 168Research solar cell and module research team survey and interviews.
168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table of Contents Chapter One Introduction 1 1.1 Purpose 1.2 Methodology 1
and
Scope
Chapter Two Solar Cell and Module Executive Summary 4 2.1 Definition of Solar Cell 4 2.2 Classification and Application 10 2.3 Industry Chain Structure 13 2.4 Difference in SingleCrystal Silicon MultiCrystal Silicon and aSi thin film solar cell 2.5 Advocate solar power 16
1
14
Chapter Three Manufacture Technology and Equipment of Solar Cell 23 3.1 Manufacture Technology of Solar Cell in Lab overview 23 3.1.1 About Light absorption 23 3.1.2 About metallization technology 24 3.1.3 About PNjunction forming technology 24 3.1.4 About surface and bulk passivation techniques 25 3.2 Manufacture Technology of Solar Cell in industrial overview 25 3.2.1 Characteristics of Industrial Production25 3.2.2 Screen printing and related techniques 25 3.3 Manufacture Technology of Solar Cell overview 27 3.4 Equipment and staffing of production line overview 35 3.5Global equipment industry analysis40 3.5.1 Situation and Analysis of International Solar Cell Equipment 40 3.5.2 Situation and Analysis of Homemade solar cell equipment 41 3.5.3 Global Solar cell equipment supplier 48 Chapter Four Solar Cell/Module Productions Supply, Sales, Demand, Market, Status and Forecast 55 4.1 Global PV Market Supply and Demand Overview 55 4.2 Global 13 major PV market area Status and Forecast 63 4.3 Global 27 Vendors Solar Cell/Module production and Capacity Overview 73 4.4 China Local 31 Vendors Solar Cell/Module production and Capacity Overview 75 4.5 About Solar cell 79 4.6 About Materials of Solar cell 83 4.7 Top three Vendors First SolarŁ Qcells and Suntech Strategic Analysis 85 4.8 Related policies of Solar cell Industry 91 Chapter Five Cell/Module Global Key Vendors(27units)
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5.1 First Solar USA 92 5.2 QCELLS Germany 110 5.3 Sharp solar@Japan 133 5.4 Suntech (China) 147 5.5 Yingli solar (China) 147 5.6 Kyocera solar Japan 147 5.7 JA Solar (China) 157 5.8 Motech (Taiwan) 157 5.9 Sunpower USA@ 173 5.10 SANYO Solar (Japan) 188 5.11 Trina Solar (China)199 5.12 Canadian Solar (China) 199 5.13 Solarfun (China) 199 5.14 Gintech (Taiwan) 199 5.15 REC Solar (Norway) 212 5.16 Neo Solar (Taiwan) 223 5.17 SolarWorld AG Germany 229 5.18 Isofoton (Spain) 242 5.19 Bosch Solar Germany 247 5.20 ETon Solar (Taiwan) 254 5.21 Nbsolar (China) 263 5.22 SCHOTT Solar —GermanyH 263 5.23 Mitsubishi solar 273 5.24 China Sunergy (China) 281 5.25 BP Solar (English) 281 5.26 United Solar Ovonic USA@ 284 5.27 JETION SOLAR (China) 291 5.28 Changzhou Eging (China) 291 Chapter Six Cell/Module China Local Key Vendors (31units) 6.1 Wuxi Suntech 291 6.2 Yingli SOLAR 311 6.3 Hebei JA Solar 324 6.4 Trina Solar 334 6.5 Canadian Solar 347 6.6 Solarfun 356 6.7 Ningbo Solar 365 6.8 China Sunergy 368 6.9 Jetion Solar 377 6.10 Changzhou Eging 380 6.11 Zhejiang Sunowe. 386 6.12 Jiangsu Eoplly 392 6.13 Shanghai Topsola 407
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6.14 Jiangsu Sfpv 409 6.15 Sshengzhen Topraysolar 413 6.16 Jiangsu tianbaopv 428 6.17 Yunnan Tianda Photovoltaic 432 6.18 Wxsunpower 438 6.19 Chinalight Solar 444 6.20 Hopesolar 447 6.21 Ningbo UL Solar 451 6.22 Shanghai supersolar 456 6.23 Tianjin Jinneng Solar 459 6.24 Shanghai SSEC 462 6.25 Sopray Solar 467 6.26 Astronergy 469 6.27 Sun Valley 471 6.28 Perfectenergy 472 6.29 Dongguan CSG PVTech 474 6.30 Ningbo BEST Solar 478 6.31 LYSunergy 480 Chapter Seven Investment Project Business Plan and feasibility analysis Chapter Eight Research Conclusions
484
488
Tables and Figures: Figure Solar Cell Industry Chain Structure 1 Table History of Solar Cell(18932009) 4 Table Four Majoy Achievements on Solar Cell Cost Reduction 6 Table Five Difficulties of Thin Film Solar Cell(About aSi,CISe,CdTe) 7 Figure Single Multi Crystal Cell and Module Pictures 7 Figure Principles of PV System 8 Table Five Technology Direction of Solar Cell Efficiency Improvement 10 Table Solar Cell Classification according Materials 10 Figure Solar Cell Classification according technology 11 Table production of Silicon solar cell overview 11 Table Manufacturing Technology of Thin Film Overview 12 Table Dyesensitized solar cell¤ DSSC overview 12 Table Tandem Cell overview 12 Table Application list of Solar Cell 13 Figure Solar Cell Industry Chain Stucture 13 Figure PV System Structure 14 Table Difference in SingleCrystal Silicon—MultiCrystal Silicon and aSi thin film solar cell 15 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table Solar power system and its characteristics 16 Figure benefit of installed solar power systems 17 Table Applications of PV system 18 Table Types of PV technology 19 Table Types of PV system technology 19 Table About BIPV 20 Table About typical PV System 20 Table About Estimation of Solar Cell Annual Output 20 Table sunshine data of the all over the world 20 Table Influence factors of power output 21 Table About carbon emissions 21 Table About solar cell conversion efficiency 22 Table Difficulties of PV power and other solar power 22 Table About return cycle22 Figure Solar Cell Manufacturing Process 27 Table Key Equipments of Solar Cell Manufacturing Process List 35 Figure German CT 40 MW Solar Cell Line Structure 37 Table 25MW Solar Cell P Equipment, Price Vendor , process, Site requirements, Auxiliary facilities List, Employees , materials List, Examination and approval process@ List 38 Table 2008 TOP 10 photovoltaic device suppliers $M( 41 Figure Solar cell production flow chart 42 Table Domestic cleaning/flocking equipment market overview 42 Table Domestic diffusion furnace equipment market overview 43 Table Domestic TOP 5 Diffusion furnace equipment suppliers 43 Table Domestic Plasma etching machine equipment market overview 45 Table Domestic TOP 5 Plasma etching machine equipment suppliers 45 Table Domestic Remove phosphorus silica glass equipment market overview 46 Table Domestic PECVD equipment market overview 46 Table Domestic TOP 5 PECVD equipment suppliers 47 Table Global Solar Cell Equipment Supplier List 48 Table Global Etching Equipment Supplier List 49 Table Global Cleaning Equipment Supplier List 49 Table Global Diffusion Equipment Supplier List 50 Table Global Coating/Deposition Equipment Supplier List 51 Table Global Screen printing Equipment Supplier List 52 Table Global Inspecting/Testing Equipment Supplier List 52 Table Global Cutting/Scribing Equipment Supplier List 53 Figure 19982008 development of Global cumulative PV power installed MWx per Region 55 Figure 19982008 development of the Global annual PV market MW per Region 56 Figure 20002013 Global annual PV market MW Outlook per Region (PolicyDriven scenario) 57 Figure 2008 Regional distribition of Global & European annual PV market57 Figure 20072009 Global PV power installed@MW per Region 58 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20092013 European annual PV market¨ MW Outlook (PolicyDriven scenario) 58 S Production Capacity MW n Figure 20092013 Global PV module ProductionXMWP policy driven scenario Market (MW) moderate scenario Market (MW) 59 L 3 Old Figure 20002013 Global solar marketh MW solar supply—MW Solar demand MW8 outlook: Supply ramps and slowing demand growth lead to oversupply 60 , solar supply MW Figure 20002009 Global solar market MW— Solar demand 8 MWh New outlook: Financial crisis exacerbates oversupply and limits market 60 8 Figure 20002013 Global solar market MW@ solar supply MW¨ Solar demand MWH Longterm outlook: Price reductions increase demand and renew growth 61 P Ø Figure 20002013 Global total new solar installations P MW solar revenues US$ billion Longterm outlook: Price reductions increase demand and renew growth 61 L Figure 20002013 Global solar market h MW Capacity of top 15 companies —MW , solar demand¨ MW 62 n Figure 20002013 Global total new solar installations X MWSP solar revenues US$ billion Longterm outlook: Supply and demand move into balance 62 , Solar demand GW Figure 20002009 Silicon supply8 GWh Capacity cSi GW— 63 Figure 1 Germany 20062013 Annual market H MW & Projected cumulative PV power installed MW 63 Figure 2 United States 8 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 64 Figure 3 Spain X 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 65 Figure 4 Japan @20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 65 Figure 5 Italy 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 66 Figure 6 French 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 67 Figure 7 China 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 68 Figure 8 Belgian 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 69 Figure 9 Czech Republic ¨ 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 70 Figure 10 Portugalh 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 70 Figure 11 Greece P 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 71 Figure 12 Indian 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 72 Figure 13 South Korea 8 20062013 Annual market (MW) &Projected cumulative PV power installed (MW) 72 Table 20052013 Global 27 Vendors Solar Cell/Module Production (MW) 73 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table 20052013 Global 27 Vendors Solar Cell/Module capacity (MW) 74 Figure 20052013 Global 27 Vendors Solar Cell/Module total Production (MW) and total capacity (MW) 75 Figure 20052013 Global 27 Vendors Solar Cell/Module production growth Capacity growth and Capacity utilization 75 Table 20052013 China Local 31 Vendors Solar Cell or Module Production (MW) and capacity (MW) 75 Figure 20052013 China Local 31 Vendors Solar Cell/Module total Production (MW) and total capacity (MW) 77 Figure 20052013 China Local 31 Vendors Solar Cell/Module production growth Capacity growth and Capacity utilization 78 Figure 20052009 main Solar cell industries in Taiwan 78 Figure 20042015 revenues0 Billions of NTDØ of solar industry in Taiwan79 Table global 1999~2008 ¨ Poly cSi8 Mono cSi aSi Ribbonsheet cSi CdTe CIS@types of solar c cell market share 79 Figure Global 20062020 types of solar cell market Forecast 80 Figure 2008 cost of solar power in Europe (€/kWh) 80 Figure 2008~2020 cost of solar power in Europe (€/kWh) and market Forecast (TWh) 81 Figure 20092013 Global PV module Production Capacity(MW) Outlook – Crystalline technologies vs. Thin Film 81 Figure 20082013 Global Crystalline silicon system cost $/W( 82 Figure 20082013 Global Cadmium telluride system cost8 $/W 82 Figure 20082012 global PV modules&balance of system average selling price $/W Figure 20082011 Global Installation/Demand ¨ Cell/Module 8 Wafer Silicon production GW and analyze 83 Figure Q3/08Q3/09 Global Silicon@Wafer CellHModule System System Rol‘sPrice rate 83 Figure Q1/07Q2/09 Global polysilicon market price $/kg—and Contract price0 $/kg 84 Figure 20032009 Global history price@$/kg of polysilicon 84 Figure 20092013 Global polysilicon wafer cell module @cSi+Thin film Production Capacity MW Outlook 85 Figure Q1/08Q2/09 gross magin of top 3 solar cell suppliers 85 Figure First Solar Development strategy86 Figure First Solar planning of reducing cost of PV module 86 Figure First Solar Product recovery mechanism 87 Figure First Solar planning of reducing cost of BOS 87 Figure First Solar Capacity expansion plan 88 Figure QCells Development strategy 88 Figure QCells Technical layout 88 Figure Suntech Development strategy 89 Figure Sunpower High conversion module and OEM 90 Table 2009 global Major Allowance measures for solar power 91 Table First SolarTable Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 93 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20061124~20091124 First Solar Stock price of history 96 Figure First Solar Stock rating 97 Figure First Solar Q207~Q209 Net salesp m$ & operating incomeh % 97 Z Debt/ EBITDA EBITA marginp EBITA/ Int Figure First Solar Q208~Q209 TTM revenueXm$ Expensex m$ 98 F Figure First Solar 2006~2008 Solar thin film Modules Products sold p MW module Z net&operating income m$p 98 cost $/Watt83 net salesXm$ Figure First Solar Q209 Solar thin film Modules Products sold x MW› gross F F stock based comp %8 3 RONA% marginp % operating expenseh % operating margin %x 99 Figure First Solar Q107~Q209 Solar thin film Modules Products sold MWh 99 Figure 20052013 First Solar Thin film modules production volume8 MWXand Capacity MW 100 Figure 20052013 FSLRThin film modules production volume growth Capacity growth and Capacity utilization 100 Figure First Solar FY06h FY07 Q108~Q209 Thin film module cost per watt trend 101 Figure First Solar 2004X2009 2014 Thin film module cost $/Wp reduction roadmap 101 Figure First Solar Q1/09~2014 conversion efficiency potential of FSLR CdTe 102 Figure First Solar PV systems project cost structure 102 Figure First Solar 2009~2014 banlance of PV systems* cost reduction roadmap 103 Figure First Solar 2014 cost of Solar power $/kWh8 forecast 103 Figure different Co2 Emissions of Coal Oilh Gas CC Biomass CHP PV multiSix Nuclear PV CdTe and Wind 104 Figure solar pv markets migration subsidy/transition/sustainable marketsx 104 Figure success component of markets migration subsidy/transition/sustainable marketsp 105 Figure potential PV capacity by region x subsidy/transition/sustainable markets 105 Figure sustainable markets traditional energy and new energy cost and demand 106 Figure First Solar PV modules technology & manufacturing106 Figure First Solar distribution of Global production bases and the related information107 Figure First Solar 2005~2010 Global production bases and productionXMW plan 107 Figure First Solar Sales Channels 108 Figure First Solar representative projectsPV modules 108 Figure First Solar Utility Business Model in the U.S. 109 Figure First Solar Utility Market Progress in the U.S. 110 Table QCells Company Basic Information (products, customers, materials& equipmentx Expansion plans etc 13Items) 110 Figure 20081126~20091125 QCELLS Stock price of history 113 Table QCELLS analyst ratings 114 Figure QCELLS SHAREHOLDER STRUCTURE 114 Table 20032009 QCells total assets p m€ F sales h m€ € EBIT,EBT m€ xF Net Income m€b net marginx % 114 Figure 20022008 annualp 20062008 quarterly QCells solar cells output MWph 115 Figure 20022008 annual8 20062008 quarterly QCells solar cells revenuesXm€ 115 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20022008 annual 20062008 quarterly QCells solar cells total cost@m€¤ 116 Figure 20022008 annual 20062008 quarterly QCells solar cells OPERATING INCOME (EBIT) m€ 116 Figure 20022008 annual 20062008 quarterly QCells solar cells NET INCOME¨ m€ 117 Figure 2009 Q1~Q2 QCells solar cells revenuex m€ and Analysis 117 Figure 2009 Q1~Q2 QCells solar cells net income¤ m€ and Analysis 118 Figure Q1/09~2010 QCells solar cells average cost Eur/Wp 118 • Early 2009 Figure 20072009 QCells solar cells Production Capacity—MWx 119 Figure 20072010 QCells solar cells Production Capacity MW MID09— 119 Figure 20052013 QCells solar cells Production volume¨ MW Capacity MW 120 Figure 20052013 Qcells solar cells Production volume growth Capacity growth and Capacity utilization 120 Figure QCELLS solar cells COST POSITIONING 121 Figure 20062012 QCELLS solar cells Sales development curve and forecast 121 Figure 20082010 QCELLS development of wafer price (longterm contract) 122 Figure 20092010 QCELLS wafer and Purchase quantity 122 Figure 2010 QCELLS FOCUS INVESTMENTS 123 Figure QCELLS Company's structure 123 Figure QCELLS main production base and expansion plan 124 Figure QCELLS 2009 main production base Production plan 124 Figure QCELLS 2010 adjust cost of sales of main production base 125 Figure QCELLS 20072011 cSi cells aSi thin film cells¨ system Sales share and expectations 125 Figure QCELLS main products 126 Figure QCELLS main products COGS POTENTIALS BY PRODUCT PLATFORM 126 Figure QCELLS 20062011 cost of solar cell Development and prediction 127 Figure QCELLS SOURCES OF COST REDUCTION 127 Figure QCELLS DOWNSTREAM REGIONAL REACH 128 Figure QCELLS DOWNSTREAM coverage of SOLAR CELLS 128 Figure QCELLS DOWNSTREAM coverage of THINFILM MODULES129 Figure QCELLS DOWNSTREAM coverage of SYSTEMS 129 Figure 20082009 QCELLS main project 130 Figure QCELLS DOWNSTREAM QCI – BUSINESS FOCUS 131 Figure QCELLS QCI: OVERVIEW OF PROJECTS IN PIPELINE 131 Figure QCELLS DOWNSTREAM /QCI: PROJECT MARGIN STRUCTURE 132 Figure QCELLS DOWNSTREAM /QCI: KEY OBJECTIVES 132 Table Sharp solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 133 Figure 20081126~20091125 sharp Stock price of history 136 Figure Sharp Stock rating 136 Figure Sharp Stock Share Distribution 136 Figure Q1/09~Q2/09 Sharp Solar cells Net Sales billions of yen— 137 Figure Q1/09~Q2/09 Sharp Solar cells Operating¨ billions of yen 137 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure Q1/09~Q2/09 Sharp Solar cells Outline¨ MW@138 Table 2008~2010 Sharp Solar Cells domestic H MW and overseas MW and total ProductionP MW 138 Figure 20052013 Sharp solar cells @silicon +thin film Production volume MW ¨ and Capacity MWP 138 Figure 20052013 Sharp solar cells ¨ silicon +thin film @Production volume growth Capacity growth and Capacity utilization 139 Figure Sharp Overseas structure 139 Figure Sharp Group production base 139 Figure Earth‘s Energy Budget140 Figure 2001~2040 Global Electricity Supply0 TWh Forecast 140 Figure Sharp Solar cells cumulative production volume GW¨ 141 Figure Sharp Solar Market Trend of Solar System 142 Figure Sharp Solar Expansion of Megascale Solar Power Plant 142 Figure Sharp Solar cSi cells aSi thin film cells Conversion efficiency and cost 143 Figure Sharp Solar Cells new technology and products 143 Figure Sharp Solar Conversion Efficiency Improvement of ThinFilm type 144 Figure Sharp Solar Cost Reduction of ThinFilm PV Systems 144 Figure Sharp Solar Features of thinfilm solar cells 145 Figure CO2 Reduction Effect of Solar Cells 145 Figure Sharp new thin film production base 146 Figure Sharp sales composition by region 147 Table Kyocera Solar Company Basic Information (products, customers, materials& equipmentHExpansion plans etc 13Items) 147 Figure Kyocera Group Shareholders Composition 150 Table Kyocera Group List of Directors and Corporate Auditors 151 Figure KYOCERA Corporation. Financial Results of Q1 FY3/2010 151 Figure 2005~2008 KYOCERA Products Group net sales 0 millions of yen & operating profit millions of yen¨ 152 Figure FYQ3/07~Q3/10 Global Solar Market MWH 152 Figure FY3/07~3/10 Kyocera’s Solar Cell Production MW0 153 Figure Outlook and Kyocera Initiatives in Europe and U.S. Markets 153 Figure Outlook and Kyocera Initiatives in Europe in Japan Markets 154 Figure 20052013 Kyocera Solar Cells production volumeP MW and Capacity0 MW 154 Figure 20052013 Kyocera Solar Cells production volume growth Capacity growth and Capacity utilization 155 Table Kyocera Solar Main contract and related information 155 Table Kyocera Solar Group structure 156 Table Motech Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 157 Table Motech 2008 Solar power converter, solar cell, solar power system net revenue (thousand nt dollars), income proportion %0 160 n ‰ Gross Table Q108~Q209 Motech Net Revenues NT $M Cost of Revenues ¨ NT $M @ 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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n Profi NT $M —t Gross Profit Margin Operating income NT $M Pretax Income NT $M Net Income NT $M¨ Margin 161 Table 2004~2008 Motech Net Revenues @NT $Mi ¨ Cost of Revenues NT $M Gross Profi H NT $M @t ¨ Gross Profit Margin Operating income NT $M ¨ Pretax Income NT $MP[ Net Income NT $M Margin 161 «ˇ‰ Table 2004~2008 Motech solar cells PV system @ kw ¨ production volume MW CapacityHMW@and revenues¨ NT $M 161 Table 2003~2008 MotechSolar PV Cells amd PV systems domestic/export production thousand pieces and revenues NT $MP 162 Figure 20052013 Motech solar cells production volume MW and Capacity MW 162 Figure 20052013 Motech solar cells production volume growth Capacity growth and Capacity utilization 163 Table Motech Company structure 163 Table Motech Company department introduction 163 Table Motech Subsidiaries and related information 164 Table Motech Company products 165 Table Motech solar products and related information 165 Table Motech Introduced the new solar sell in plan 166 Table Solar cell industry development overview 166 Table main market of solar market auxiliary and revitalize measures168 Table Solar power converter products (PV Inverters) overview 168 Table Solar power system overview 169 Table Major companies of solar power industry 169 Table Solar cell development trend170 Table Motech 2007~2008 Product global sales per Region 171 Table Motech material supplier 171 Table Motech Major partners and contract overview 172 Table Motech Important marketing policy 172 Table Sunpowe Company Basic Information (products, customers, materials& equipment¨ Expansion plans etc 13Items) 173 Figure 20081125~20091124 Sunpower Stock price of history 176 Table Sunpower 20042008 Components department Revenue—m$ Costs m$ Gross profit m$ Gross Margin 177 F n Table Sunpower 20042008 Systems department Revenue m$ Costs m$ Gross profit [ Gross Margin 177 m$P æ Table Sunpower 20042008 Total Revenue m$ Costs m$ Gross profit P m$ Gross æ Margin Operating income m$ Net incomeP m$ Net income % 177 æ Table Sunpower Q2/09~Q2/08 GAPP Revenue m$ CostsP m$ Gross profit m$H Gross æ : Revenue of Margin Operating Income P m$ NonGAAP Revenue of Systems H m$ @ ComponentsP m$ 178 n [ Silicon content Table Sunpower Q2/09~Q2/08 solar cells+ panels Revenue m$ Costs m$P : g / W ProducedHMW@ average selling price¨ $/W average cost $/W¨ 179 Figure 20052013 Sunpower solar cells+ panels production volume@MW¨ and Capacity MW 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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180 Figure 20052013 Sunpower solar cells+ panels production volume growth Capacity growth and Capacity utilization 180 Table Sunpower Corporate structure 181 Table Sunpower 2004~2009 line8 production volume MW@and Capacity¨ MWh 181 Table Sunpower Production base 181 Table Sunpower Product department and Product overview 182 Figure the highest energy performance (kWh/Wp) around the world. 183 Figure Sunpower T5 Commercial Roof System introduction 183 Figure 2008 ~2020 SunPower Central Station Competes with MPR 2008 Market Price Referent by Contract Start Year ($/kWh) 184 Figure Sunpower Q4/09¨ Q4/14 PV Panel Cost forecast 184 Figure SunPower LCOE Benefits Translated to Panel $/W 185 Table Sunpower two main joint ventures & suppliers and contract 185 Figure Sunpower Global sales per Region@Q209,Q109,H109,H108 186 Table 2006~2008 Sunpower Major partners and related information 187 Table 2Q/09,1Q/09Sunpower Major partners and related information 187 Table Sanyo solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 188 Figure Sanyo Consolidated:Business 20052009 net sales @ billions of yen operating income billions of yen income before taxes8 billions of yen 191 Figure Sanyo Consolidated:2005~2009 total assets billions of yen —M interestbearing debts8 billions of yen7 stockhold’ equity@billions of yen¨ 191 Figure Sanyo Consolidated:Sales billions of yen0 by Area 192 Figure Sanyo Consolidated: 2005~2009 Net Sales @ billions of yen ¨ and Operating Revenue billions of yen0 by product category 192 Figure 2008~2009 Sanyo sales of PV systems@billions of yen¨ 192 Figure 2008~2009 Sanyo solar Net sales billions of yen0 and growth¨ Operating income billions of yenh 193 Figure 20052013 Sanyo solar PV modules production volume0 MW¨ and Capacity MW 193 Figure 20052013 Sanyo solar PV modules production volume growth @Capacity growth and Capacity utilization 194 Table Sanyo Solar Ark introduction 195 Figure Sanyo Solar products HIT Power and HIT Double 196 Figure HIT cells:19952010 Progress in the conversion efficiency 197 Figure HIT Cell: Basic Structure 197 Figure HIT Cell: Structure of the Surface 198 Figure HIT Cell: high efficiency at high temperatures 198 Table Gintech Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 199 Figure 20081126~20091125 Gintech Stock price of history 202 Table Gintech 2004~2008 ¨ 2009Q1,Q2 Operating income, operating costs, operating margin, 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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gross profit aftertax profit, and business, aftertax profit margins, total assets (nt $ thousand) 202 Table Gintech 2007~2008 solar cells products (MW), cost (nt $ thousand), revenues (nt $thousand ), Gross profit (nt $thousand ), average selling price $/W), the average cost of sales $/W) and Gross margin 203 Figure Gintech 200810~20099 revenues (nt $thousand ) 203 Figure Gintech 2007~2013 PV modules production volume¨ MW and Capacity MWh 204 Figure Gintech 2007~2013 PV modules production volume growth Capacity growth and Capacity utilization 204 Table Gintech 2009 shareholders and related information 205 Table Gintech main business 206 Figure Gintech standard production process 206 Table Gintech 2007~2008 Solar cells and other business revenue share 208 Table Gintech Monosilicon cells and polysilicon cells Specifications (mm), thickness (mm), conversion (%), average power (W) 209 Table Gintech 2008~2012 PV cells conversion efficiency and prediction 209 Table Gintech 2007~2008 Product area sales (nt $ thousands), 210 Table Gintech 2007~2008 major raw material suppliers 210 Table Gintech 2007~2008 major customers 210 Table Gintech major raw material supply contract and related information 211 Table Gintech major sales contract and related information 211 Table REC Solar Company Basic Information (products, customers, materials& equipmentł Expansion plans etc 13Items) 212 Table REC Solar 2005~2008 Revenues(NOK million), EBITDA (NOK million ) , EBITDA margin ¨ Employees 215 Table REC Solar Q1/08~Q3/09 revenues(NOK million) EBITDA(NOK million) EBITDA – margin¨ Adjusted EBITDA(NOK million) Adjusted EBITDA margin 215 Table REC Solar Q1/08~Q3/09 Module production MW Contract manufacturing F W Module sale‘ MWp 215 MW External cell sale MW Figure REC 20052008¨ Q3/08~Q3/09 polysilicon production volume MT 216 Figure REC 20052008 ¨ Q3/08~Q3/09 Wafe production volume MW8 216 n Figure REC 20052008 PV Cells production volume MW PV Modules production volume@MWH 217 Figure REC Q3/08~Q3/09 PV Cells production volume —MW( 8 PV Modules production volume¨ MWŁ 217 Figure REC Q3/08~Q3/09 PV Cell &PV Module Revenue(NOK million) EBITDA(NOK million) 218 Table REC Solar Q1/07~Q4/10E module price development USD/Wph 218 Figure 20082013 REC PV cells production volume MW¨ and Capacity MW@ 219 Figure 20082013 REC PV cells production volume growth ‚ Capacity growth and Capacity utilization 219 Table REC(Norway) headquarters, global production base and sales offices 219 Figure REC corporate structure 220 Table REC solar industry production product221 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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REC Silicon Situation (production base, Capacity, technology, etc.) 221 RECWafer Situation (production base, Capacity, technology, etc. 222 REC solar Situation (production base, Capacity, technology, etc.) 222 REC new production base Situation of Singapore (production base, Capacity, technology, etc.) 223 Table Neo SolarCompany Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 223 Figure Neo Solar 2009113~20091125 Stock price of history 225 Table Neo Solar 2009 Q1~Q4 Operating income (mNT in $), operating cost (mNT in $), operating margin (mNT in gross margin, $), business revenue (mNT in $), operating margins 226 Table Neo Solar 2007~2009 Operating income (mNT in $), operating cost (mNT in $), operating margin (mNT in gross margin, $), business revenue (mNT in $), business profitability, net income (mNT in $), net profit margin 226 Table Neo Solar 2007~2009&2009 Q1~Q4 PV cells Operating income (mNT in $), operating cost (mNT in $), production (MW), average selling price (NT $/ W), average cost of sales (NT $/ W), 226 Table Neo Solar 2005~2013 PV cells production volume¨ MW 227 Ø 7 Table Neo Solar 2008~2013 PV cells production MW Capacity MW production volume growthXCapacity growth and Capacity utilization227 Table Neo Solar Product List 227 Table Neo Solar Longterm purchase contract 228 Table SolarWorld AG Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 229 Figure 20081126~20091125 SolarWorld Stock price of history 232 z Table SolarWorld 2004~2008 revenues m€ 8h EBITDA m€ X consolidated net income m€ EBIT0 m€ EBIT margin %8 employees total assetsXm€ 232 Table SolarWorld Q2/09,Q2/08,Q/Q H1/09,H1/08,Y/ z EBIT m€@ net income m€ Y0 revenues m€8h EBITDA m€X 232 Table 2007~2008 SolarWorld 8 wafer cell X module trade and total Internal and external income m€0$ Departments and total revenue m€8 233 Figure 20052013 solarworld PV cells and PV modules production volume — MW ¨ and Capacity@MW 233 Figure 20052013solarworld PV cells and PV modules production volume growth Capacity growth and Capacity utilization 234 SolarWorld Group introduction 234 Figure SolarWorld Products overview 235 Table SolarWorld Product—Silicon,Solar wafer,Solar cells,Solar modules, Applications overview 235 Figure SolarWorld relevance of R&d and production base 236 Table SolarWorld R&d and production base list 236 Table SolarWorld 2008~2009 wafer cell module main production base and capacity0 in MW 237 Figure SolarWorld AG Group company and subsidiary company 237 Figure SolarWorld 20082009 Complete and goals 238 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table SolarWorld 2004~2008 revenues of Germany, the United States and Spain¨ in m€—239 Figure SolarWorld H1/09,H1/08 Global PV cells shipments per Region 239 Figure SolarWorld 20082010 Europe, Asia, America and global solar cells installed8 MW forecast 240 Table SolarWorld 2008~2011Major expansion plan 240 Table SolarWorld 20082009 major Supply/Sales contract and related information 241 Table Isofoton Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 242 Table 2007 Isofoton cells —MW ¨ modules MW ¨ thermal —m2 production production capacity turnover0 m€‚ employees 243 Figure 20052013 Isofoton PV modules production volume MW and Capacity MW@ 244 Figure 20052013 Isofoton PV modules production volume growth‚ Capacity growth and Capacity utilization 244 Isofoton p Malaga Factory introduction 245 Isofoton Photovoltaic Manufacturing Process 245 Isofoton Subsidiaries and Project Offices 246 Table 2009 ¨ Isofotón major Supply/Sales contract and related information246 Table Bosch Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 247 Table Bosch Solar Q1/Q2/H18 09/08 Revenues in m€0$ Cost of revenues‚ in m€ T EBITp in m€ &EBIT margin 250 Table Bosch Solar 20062009Revenues 0 in m€ ‚ Cost of revenues in m€ p EBIT 8 in m€@ EBIT margin EBT—in m€ & Employees 250 Table Bosch Solar 20062013 Wafer production Capacity ¨ MW PV cell/ Thin film module/Total production MW—and Capacity MW forecast 251 Table Bosch Solar 2005~2013 PV cells production volume MW0 and Capacity‚ MW 251 Table Bosch Solar2005~2013 PV cells production volume growth—Capacity growth and Capacity utilization 252 Table Bosch Solar Production base and distribution 252 Table Bosch Solar Product information 253 Table ETon Solar Company Basic Information (products, customers, materials& equipment0 Expansion plans etc 13Items)254 Table ETon Solar 2005~2008‚ Q1/09 Operating income (million nt), operating cost (million nt), operating margin (million nt $, profit margin), business (million nt), net profit (million nt)257 Table ETon Solar 2005~2008 Solar cells capacity (millions piece), production (millions piece),, production (million nt) 258 Table ETon Solar 2005~2010 Solar cells Average selling price(¨ nt $/ piece 258 Figure ETon Solar 20052013 PV cells production volume‚ MW and Capacityp MW8 258 Figure ETon Solar 20052013 PV cells production volume growth@Capacity growth and Capacity utilization 259 Table Taiwan 2004~2008 Solar cell suppliers list 259 Table ETon Solar 2003~2008 achievements of Solar cell research (specifications and conversion efficiency) 260 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table ETon Solar 2007~2008 Solar cell Supply and Sales per Region 260 Table ETon Solar 2007~2008 Solar cell s Domestic and export shipments and revenues 261 Table ETon Solar major Supply/Sales contract and related information 261 Table SCHOTT Solar Table Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 263 Table SCHOTT Solar 2007~2008 Sales evenues in m€ T Gross profit in m€—MEBITDA in m€ EBIT in m€7 Profit before tax —in m€ net profit —in m€3 Total assets in M Employees&Y/Y 265 m€— Table SCHOTT Solar 2007~2008 Photovoltaics Sales evenues —in m€P cost of sales ‚ in m€¨ EBIT in m€—7 in % of sales revenues products sales‚ MW Average selling price in €/W— 266 Table SCHOTT Solar 2008~2009wafer modules &solar power production0 in MWp¨ and growth 266 Table SCHOTT Solar 2007~2013 PV modules and thin film modules production volume—MW and Capacity MW0 266 Table SCHOTT Solar 2007~2013 PV modules and thin film modules production volume growth Capacity growth and Capacity utilization 267 Figure SCHOTT Solarvalue chain for crystalline technology 267 Figure SCHOTT Solarvalue chain for amorphous thin films 267 Figure SCHOTT SolarValue chain of concentrated Solar Power Plants 268 Table SCHOTT Solarproducts advantage 268 Figure SCHOTT Solarglobal presence 268 Figure SCHOTT Solar North America presence 269 Figure SCHOTT Solar North Europe presence 270 Figure SCHOTT Solar Asia presence 270 Table SCHOTT Solar Production base and related information 270 Figure SCHOTT Solar 20072008 Sales revenues8 m€ by region 273 Table Mitsubishi soler Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 273 Table Directors 274 Executive Officers 274 Figure 20052013 Mitsubishi PV modules production volume MW—and Capacity MW 276 Figure 20052013 Mitsubishi PV modules production volume growth Capacity growth and Capacity utilization 276 Table Mitsubishi ElectricDistribution of Shareholders 277 Table Mitsubishi Electric Major Shareholders 277 Figure Mitsubishi Electric new records conversion efficiency of polysilicon cell and related informations 277 Figure Mitsubishi solar Production base and R&D center 279 Table Mitsubishi solar production base informations Startup time Capacity MW0 279 Figure Mitsubishi solar (>100KW)Solar system 280 Table 20082009 Mitsubishi solar major contract and related information 281 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table BP SolarCompany Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 282 Figure 20052013 BP solar PV sells or modules production volume MW and growth 283 Table BP Solar2008~2009 major Supply/Sales contract and related information 283 Table United Solar OvonicCompany Basic Information (products, customers, materials& equipment¤ Expansion plans etc 13Items) 284 Table United SolarQ209,Q208,H109,H108 product sales revenues(m$) h total revenues(m$)8 cost of product sales(m$) total expense(m$) income from operations(m$) net income(m$) total assets(m$) 286 Table United SolarQ209,Q208,H109,H108 PV product sales(m$)0 megawatts productHmegawatts shipped cost of product sales(m$) gross margin(m$) gross margin %Htotal revenues(m$) 287 Table United Solar flexible solar modules Q1/09~ Q2/10 Sales revenue (m$)Hproduction (MWh , Average selling price$/W) 287 Figure 20052013 p United Solar flexible solar modules production @ MW X and Capacity MW 287 Figure United Solar Lower Total Installed System CostH$ 288 Figure United Solar MarketLeading Energy YieldImproving Levelized Cost of Energy (LCOE) 289 Figure United Solar Estimated Module Cost per Watt Produced 289 Table UNISOLAR ® Brand ProductsP flexible solar module Products introduction 289 Table United Solar Main deliverables 290 Table Wusi suntech Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 291 Figure 20081126~2009125 suntech Stock price of history 295 Table suntech Stock earnings estimates 295 Table suntech Stock analyst ratings 295 Table 20032008 Suntech PV Cells Products sold MW ,Net revenues(m$) Average selling price ($/W) Cost of revenues ($/W) Gross profit(m$)0 gross profit margin 296 Table 20032008 Suntech PV modules Products sold MW ,Net revenues(m$) Average selling price ($/W) Cost of revenues ($/W) Gross profit(m$)Hgross profit margin 296 Table 20032008 Suntech PV Products Total Net revenues(m$) Gross profit(m$) x Total gross ; margin Net income(m$) Margin Total Products sold MW Average selling price($/W) 296 ¢ and Table 20032008 Suntech PV CellsHPV Modules PV system production volume MWP growth 297 u Table 2009 Q1~Q4 Suntech PV products sold MW Total net revenues(m$) Total cost of Revenues (m$) Average selling price($/W) Gross profit(m$) gross profit margin297 Figure 20052013 Suntech PV cells and PV modules PV modules production volume MW and Capacity MW¨ 298 Figure 20052013 Suntech PV cells and PV modules production volume growth Capacity growth and Capacity utilization 298 Figure Suntech Organizational Structure 298 Figure Suntech major subsidiary list 299 Figure Suntech top 6 production base and scale 300 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20082009 Suntech production base expansion plan 300 Table suntech Supply contract and related information 301 Table suntech Sales contract and related information 303 Figure 20062008 suntech global sales per Region 304 Figure 2009 Q2 suntech global sales per Region 304 Table 20082009 suntech Sales contract and related information 304 Table characteristics of Suntech high efficiency solar cells 306 Table PlutoTM cell and advantages 307 Table characteristics of Suntech high efficiency solar modules 307 Table Suntech standard PV modules classification and characteristics 308 Table characteristics of Suntech aSi thin film modules310 Table characteristics of Suntech BIPV 310 Table Company Basic Information (products, customers, materials& equipment X Expansion plans etc 13Items) 311 Table Yingli Solar 2004~2008 net revenues m cost of revenues m 8(H gross 3 ‹ Zf profit m8 income from operations ’m net income m gross profit %0 operating gross %Xnet profit magin % 314 Table Yingli Solar 2009 Q1~Q2 Total net revenues m‹ m$ gross X operating income m profit H m H m$ O m$› net income1 m‹ m$t net income2 m m$ 315 Table Yingli Solar 2009 Q1~Q2 PV modules PV system net revenues 0 em cost of t revenues f m gross profit qm income from operations +m total assets8 m 315 Æ average selling price of PV modulesH$/ Table Yingli Solar 2004~2008 PV modules sold MW W 316 Figure 20052013 Yingli Solar PV modules production volume@MW and Capacity MW 316 Figure 20052013 Yingli Solar PV modules production volume growth Capacity growth and Capacity utilization 316 Figure Yingli Solar complete industrial chain introduction 317 Table Yingli Solar PV cell introduction 317 Table Yingli Solar PV module introduction 317 Table Yingli Solar PV system introduction 318 Figure Yingli Solar Grid system 318 Figure Yingli Solar standingalone generation system318 Figure Yingli Solar Solar lighting system 318 Figure Yingli Solar Special pvtech application system 318 Figure Yingli Solar Building integrated photovoltaic systems 319 Figure Yingli Solar Standalone pv power system overview 319 Table Yingli major Supply contract and related information 319 Table Yingli major Sales contract and related information 320 Table Yingli Main completed projects overview 323 Table JA Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 324 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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( Table 20062008 JA Solar Net revenues of products m products to related ƒ Æ * partiesp mŁ cells processing m Total0 m m$ 327 ]Æ Table 20062008 JA Solar Cost of products x mX`ł products to related parties m cells ’g Z fi TotalHmH m$ processing m( Silicon wafers ¤ m Other m 327 ˚ Table 20052008 JA Solar Net revenues — 1m Cost of revenues ‘ m Gross profit ‚ m Bp¨ Income/ (loss) from operations Ł fm Income/ (loss) before income 8 ‡ Net income em taxes mH Total assets m0 328 Table 2009 Q1,Q2 2008Q1,Q2 JA Solar Net revenues &k Cost of sales k 8V Gross profit k‹’ gross margin 0 Income from operations H kzP Income before income ˝ taxes k0 Net income k—— 328 Table 20062008 JA Solar Products sold (in MW) Average selling price per watt /W8 328 Table 2009 Q1~Q4 JA Solar products shipments (in MW)and Annual shipments (in MW) 329 Figure 20052013 JA solar PV cells PV modules production volume MW and Capacity MW 329 Figure 20052013 JA solar PV cells production volume growth Capacity growth and Capacity utilization 329 Figure JA Solar Company structure 330 Table JA Solar Subsidiary list 330 Table 20062009 production base information Startup time‘ Capacity MW 330 Table JA Solar Product information‚ efficiency p wafer qualityŁ manufacturing process format cell thickness 331 Table JA solar Manufacturing Capacity and Facilities overview 332 Table JA solar Manufacturing Process overviewP texturing and cleani8 Diffusion—Isolation anti reflection coating‘ Printing Cofiring testing and sorting( 332 Table JA solar Production Equipment overview 333 Table Trina Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 334 Table Trina Solar 20042008 Net revenues k$ @ Cost of revenues H k$ 83 Gross profit 0 k$ Gross margin Operating expenses k$ ’( Income from continuing operations Ł k$› net Income from continuing operations k$ H8 Net margin of continuing operations Net income (loss) k$łX Net income % 337 Table Trina Solar 20042008 PV modules Net revenues ‘ k$ ˚ Cost of revenues‚ k$pB shipmentsŁ MW Average selling price $/W Z average cost $/W 337 X Net revenues m$ ] Table Trina Solar Q108~Q209 shipmentsx MWł Gross margin Average selling price( $/W¤t average cost $/W 338 Table Trina Solar 2006~2008global Global area sales and proportion 338 Figure Trina Solar 2007~2009 Global sales per Region338 Figure Trina Solar Q108~Q209 cost of PV modules and average silicon content analysis 339 Figure Trina Solar 2008~2009 Silicon ingotsP Silicon wafers8 Solar cells—PV modules production volume MW—and Capacity MW‚ 339 Figure 2005~2013 Trina Solar Solar cells PV modules production volume 8 MW P and Capacity MW 340 Figure 2005~2013 Trina Solar Solar cells production volume growth H Capacity growth and 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Capacity utilization 340 Figure Trina Solar Product production process 341 Table Trina Solar PV cells and PV modules information 341 Figure Trina Solar Silicone materials and related production information 342 Figure Trina Solar Silicon ingots and related production information 342 Figure Trina Solar Silicon wafer and related production information 342 Figure Trina Solar PV cell and related production information 343 Figure Trina Solar PV module and related production information 343 Figure Trina Solar PV system and related production information 344 Figure Trina Solar Large projects and related production information 344 Table Trina Solar 2009 major contract and related information 345 Table Canadian Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 347 Figure 20081028~20091027 Canadian Solar Stock price of history 350 Table 20042008 Canadian Solar Sales revenuep in m$P( cost of salesP in m$ gross profit in m$p gross t margin( net income—in m$( net profit margin total assets in m$0 350 Table 20042008 Canadian Solar PV modules Products sold (in MW) Average selling price (in $ per watt)and Cost of revenues (in $ per watt) 351 Table Canadian Solar 2009 Q1~Q4 Canadian Solar PV modules cost of sales in m$ Products sold (in MW) gross profit in m$ gross t margin —net income in m$ net profit marginp Average selling priceP in $ per watt)P Cost of revenues in $ per watt) 351 Table 20072013 Canadian Solar PV modules production MW‘ and Capacity MWH 351 Table 20072013 PV cells production volume growth Capacity growth and Capacity utilization 352 Canadian Solar products overview 352 Table Canadian Solar Subsidiary list 353 Table 20062008 PV modules global sales per Region 353 Table Canadian Solar 2009 major Supply/Sales contract and related information354 Table Solarfun Company Basic Information (products, customers, materials& equipment @Expansion plans etc 13Items) 356 x Table Solarfun 2005~2008 PV modules Sales revenue millions RMB cost of sales millions RMB Gross profit millions RMB gross profit margin 358 Table Solarfun 2005~2008 PV cells Sales revenue millions RMB cost of sales millions < Gross profit millions RMB ˜ RMB¨ gross profit margin 358 Table Solarfun 2005~2008 PV cells OEM and PV modules OEM Sales revenue H millions 6 RMB cost of sales‘ millions RMB Gross profit Hmillions RMBł gross profit margin 358 Table Solarfun 2005~2008 PV products ales revenue millions RMBZ cost of sales millions 8 Gross profit 8 millions RMB ƒ RMB H Operating profit ( millions RMBfl8 government subsidies 0 millions RMB pretax income p millions RMB A8 net income h millions ( total assetsP millions RMB RMBP 359 Table Solarfun Q2/08,Q1/09,Q2/09 PV cells/modules/total revenue revenue millions RMBS‘ cost of sales millions RMB H Gross profit ł millions RMB Operating 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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( profit ¨ millions RMB government subsidies x millions RMB pretax income millions RMB@ net income millions RMB¤ total assetsŁ millions RMBX 359 Table Solarfun 2005~2008 PV cells ‚ PV modules productionx MW and Average selling price( / W) 360 Table Solarfun Q1/09~Q409 PV modules production¤ MWł and Average selling price($/W) 360 Figure Solarfun 2005~2013 production MW‚ and Capacity‚ MWP 361 Figure Solarfun 2007~2009 PV cells production volume growth Capacity growth and Capacity utilization 361 Table Solarfun PV cell Specifications: Dimensions (mm), thickness (mm), efficiency, power (W) 361 Table Solarfun PV Module Specifications: Dimensions (mm), weight (Kg), power (W)362 Table Solarfun 2006~2008 Q2/2009 global leading market share in sales362 Table Solarfun 2006~2008 Staff size and composition 362 Table SolarfunSubsidiaries and related information 362 Table Solarfun2009 major Supply/Sales contract and related information 363 Table Ningbo Solar Company Basic Information (products, customers, materials& equipmentŁ Expansion plans etc 13Items) 365 Figure 20052013 Ningbo Solar PV cells and modules production volume ‚ MW ‚ and CapacityHMW 367 Figure 20052013 Ningbo Solar PV cells and modules production volume growth Capacity growth and Capacity utilization 367 Table Ningbo Solar Production base and capacity planning 368 Table China Sunergy Company Basic Information (products, customers, materials& equipmentł Expansion plans etc 13Items) 368 Figure 2008114~200113 China Sunergy Stock price of history 371 Table China Sunergy 2005~2008 Q1/09,Q2/09 PV cells Net revenues ¨ m$ Cost of Æ Gross profit8 m$ Z Gross margin¤ Net incomeł m$0 Net profit margin Total revenuesHm$ assets m$ 371 Table China Sunergy 2005~2008 Q1/09,Q2/09 PV cells products sold(MW) Average selling price($/W)P Average cost of revenues($/W) average cost of revenues($/W) 371 œ Table China Sunergy 20052008 ł Q1/09,Q2/09 PV cells production 0 MW PV cells OEM production MW PV modules productionHMW 372 Figure 20052013 China Sunergy PV cells production volume@MW and Capacity¤ MWŁ 372 Figure 20052013 ‚ China Sunergy PV cells production volume growth ‚ Capacity growth and Capacity utilization 372 Figure China Sunergy Company Structure 373 Table China Sunergy 2008 Annual sales of the different specifications of single / polycrystalline silicon solar cells 373 Table China Sunergy SE Monocrystalline silicon solar cell product information 373 Table China Sunergy HP Polysilicon solar cell product information 374 Table China Sunergy Monocrystalline silicon solar cell product information 374 Table As of 2009 China Sunergy10 solar cell production line put into production time and capacity 374 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Table China Sunergy 2008 Conversion efficiency and the average price of solar cells PV cells conversion efficiency and average prices of a sales company RMB/WP 375 Table China Sunergy 2006~2009 Global sales per Region 375 Table 2009 China Sunergy major Supply/Sales contract and related information 375 Table JETION SOLAR Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 377 Figure 20091117~20091116 JETION SOLAR Stock price of history 378 q Table JETION SOLAR H1/07~H1/09 Turnover H mUS$ Cost of sales ¤ mUS$Z Gross Æ GROSS margin Profit before income tax mUS$@ net income‚ mUS$ profit mUS$ 378 B PV modules Table JETION SOLAR H1/07~H1/09 soler cell outputP MW and CapacityP MW¨ q output8 MW and CapacityHMW PV cells Average conversion efficiency379 Figure 20072013 JETION SOLAR PV cells and PV modules PV modules production volume@MW‚ and Capacity MW 379 Figure 20072013 JETION SOLAR PV cells and PV modules PV modules production volume growth Capacity growth and Capacity utilization380 Table Eging solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 380 Table Eging solar 2008 20091~7 and 2009 PV cells sales revenues m cost of ($ revenues P mB¨¨ gross profit ¤ m gross margin P products sold MW P Average selling price Z /W83 average cost of sales‹ /WH 382 Figure 20082013 Eging solar PV cells production volume MW@and Capacity‚ MW 382 Figure 20082013 Eging solar PV cellsproduction volume growthP Capacity growth and Capacity utilization 383 Table Eging solar products industries chain introduction 383 Table Eging solar monocrystalline rod Manufacturing technology and product information 384 Table Eging solar monocrystalline wafer Manufacturing technology and product information 384 Table Eging solar PV cells product information 384 Table Eging solar PV modules product information 385 Table Sunowe Photovoltaic Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 386 Figure 20062013 Sunowe Photovoltaic PV cells and PV modules production volume P MW and Capacity@MW‚ 388 Figure 20062013 Sunowe Photovoltaic PV cells and PV modules production volume growth Capacity growth and Capacity utilization388 Figure Sunowe Photovoltaic Company organization 389 Figure Sunowe Company production equipment390 Table Sunowe 125*125 156*156 monocrystalline PV cells Conversion efficiency data list 391 Table Eoplly Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 392 Figure 20062013 Eoplly Solar PV cells and PV modules production volume MW and Capacity MW¤ 396 Figure 20062013 Eoplly Solar PV cells and PV modules production volume growth ‚ Capacity growth and Capacity utilization 396 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure Eoplly Solar Company profile 397 Figure Eoplly Solar Company subsidiary and distribution network 397 Figure Eoplly Solar Contact of distribution network 398 Figure 2005~2009 Eoplly Solar major affair398 Figure Eoplly SolarCompany patents and authentication 399 Figure Eoplly Solar Production equipment 399 Figure Eoplly Solar Main products 400 Figure Eoplly Solar PV cells introduction 401 Table Eoplly Solar PV modules introduction 401 Figure Eoplly Solar PV system introduction 401 Figure Eoplly Solar first PV system products with China aerospace group cooperation satellite technology 402 Table Eoplly Solar Technical advantage 403 Table Eoplly Solar Partners and related information 404 Figure Eoplly Solar Engineering cases 405 Figure Eoplly Solar major contract and related information 406 Table topsolar Company Basic Information (products, customers, materials& equipmentP Expansion plans etc 13Items) 407 t 8 net Table topsolar 2005~2009 Revenue m$0 cost of Revenue m$¤ operating profit¨ m$H ( income m$ net income % 408 Figure 20052013 topsolar Silicon modules and thin film modules production volume¤ MW¨ and Capacity MW 409 Figure 20052013 topsolar Silicon modules and thin film modules production volume growth Capacity growth and Capacity utilization409 Table Sfpv Company Basic Information (products, customers, materials& equipment¨ Expansion plans etc 13Items) 410 Figure 20091029~20091113 Stock price of history 411 Figure 20072013 Sfpv PV cells production volume MW0 and Capacity MW¤ 412 Figure 20072013 Sfpv PV cells production volume growth P Capacity growth and Capacity utilization 412 Figure Sfpv products 413 Table TOPRAYSOLAR Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 413 Figure TOPRAYSOLAR 20081119~20091118 Stock price of history 416 Figure TOPRAYSOLAR property right and relationship of control person 416 Figure TOPRAYSOLAR H1/09,2008,2007 PV cSi cells and modules operating z F Zf revenueP mP cost of revenue mx gross profitł m gross margin 416 Figure TOPRAYSOLAR H1/09,2008,2007 PV aSi cells and modules operating 8( +t e revenue¨ mH cost of revenue m0 gross profit m¤ gross margin 417 Figure TOPRAYSOLAR H1/09,2008,2007Solar energy application products and supply systems ( d operating revenue e m cost of revenue $m gross profit8 m@ gross margin 417 H } 0 5 › Figure TOPRAYSOLAR 2006~2009 revenues m cost of revenues m gross z profitP mP gross margin net inomex mł net profit margin total assetsP mP 417 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20052013 TOPRAYSOLAR CSi and aSi PV cells and PV modules production volume8 MW and Capacity MW 418 Figure 20052013 TOPRAYSOLAR CSi and aSi PV cells and PV modules production volume growth Capacity growth and Capacity utilization418 TOPRAYSOLAR Company profile 418 Figure TOPRAYSOLAR products Classification 419 Figure TOPRAYSOLARPV modules Classification 420 Table TOPRAYSOLAR Product information¨ TPS103 aSi PV module 420 Table TOPRAYSOLAR Product informationŁ aSi thin film encapsulation Folding plate 421 Table TOPRAYSOLAR Product information TPS103 PV cell Glass package 421 B TPS104 Double knot amorphous aSi PV module Table TOPRAYSOLAR Product information¨ 422 Table TOPRAYSOLAR Product information TPS105 monocrystalline PV module 422 Table TOPRAYSOLAR Main holdings, equity companies 424 Table TOPRAYSOLAR Nearly three years study results 424 Figure TOPRAYSOLAR Partners 425 Figure TOPRAYSOLAR sales network 425 Table 2008 TOPRAYSOLAR golbal salesP m¨ and gross per region 426 3 and gross per region 426 Table 2009 H1 TOPRAYSOLAR golbal salesŁ m8 Table 2008 TOPRAYSOLAR top 5 Supply/Sales contract and revenue @m 426 Table TOPRAYSOLAR Have got government subsidies pertinent information 427 Table tianbaopv Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 428 Figure 20062013 tianbaopv PV cells production volumeP MW¨ and Capacityh MWŁ 429 Figure 20062013 tianbaopv PV cells production volume growth Capacity growth and Capacity utilization 430 Table tianbaopv Supply contract and related information 431 Table tianbaopv Sales contract and related information 431 Table Tianda Photovoltaic Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 432 Table Tianda Photovoltaic monocrystalline modules Product parameters Conversion efficiency power¤ voltage measurements 436 8 average selling pricex $/ Table 20052008 Tianda Photovoltaic PV modules products sold¨ MWH # Wł gross profit P m$¨ 436 Figure 20052013 Tianda Photovoltaic PV modules production volume Ł MW 8 and Capacity¨ MWH 437 Figure 20052013 Tianda Photovoltaic PV modules production volume growth Capacity growth and Capacity utilization 437 Table 20052008 Tianda Photovoltaic Domestic and overseas sales revenue thousands $¨ 438 Table wxsunpower Company Basic Information (products, customers, materials& equipmentŁ Expansion plans etc 13Items) 438 Figure 20052013 wxsunpower PV modules production volume8 MW and Capacity MW 439 Figure 20052013 wxsunpower PV modules production volume growth Capacity growth and 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Capacity utilization 440 Figure wxsunpower Solar business products 440 Figure wxsunpower PV cells specifications 441 Figure wxsunpower PV modules specifications 441 Figure wxsunpower Production equipment 442 Table Chinalight Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 444 Table 20062008 Chinalight Solar PV cells products sold (MW),average of selling price ($/W), Gross profit(m$ 445 Figure 20062013 Chinalight Solar PV cells production volume@MW and Capacity¨ MW 446 Figure 20062013 Chinalight Solar PV cells production volume growth p Capacity growth and Capacity utilization 446 Table Hopesolar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 447 Figure 20082013 Hopesolar PV cells and PV modules production volume MW and Capacityp MWx 449 Figure 20082013 Hopesolar PV cells and PV modules production volume growth Capacity growth and Capacity utilization 449 Figure Hopesolar Corporate structure 450 Table Hopesolar Product categories 450 Table Hopesolar Successful cases451 Table Ulsolar Company Basic Information (products, customers, materials& equipment@Expansion plans etc 13Items) 451 Table Ulsolar 103*103,125*125,156*156 Monocrystalline cells Conversion efficiency list 453 G Average selling price($/W) Gross Table 20062008 Ulsolar PV modules products soldx MW@ profit(m$) 454 Figure 20052013 Ulsolar PV modules production volume MW and Capacity0 MW 454 Figure 20052013 Ulsolar PV modules production volume growth Capacity growth and Capacity utilization 455 Table Ulsolar Supply/Sales contract and related information455 Table Supersolar Company Basic Information (products, customers, materials& equipment@Expansion plans etc 13Items) 456 Table Supersolar 2006~2008 PV modules 0 Solar lamps Gross profit(ten thousand • ) gross profit margin 457 Table 20082013 Supersolar PV modules production volume¨ MW and Capacity8 MW 457 Table 20082013 Supersolar PV modules production volume growth @Capacity growth and Capacity utilization 458 Table Supersolar Company profile 458 Table Jinneng Solar Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 459 Æ products sold m$ and growth 460 Figure 20052012 Jinneng Solar PV cells production8 MW Figure 20052013 Jinneng Solar aSi thin film modules production volume ¨ MW and Capacity0 MW 461 168Report Mr.Peter Lee sales@168report.com 13161572746 861082965190
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Figure 20052013 Jinneng Solar aSi thin film modules production volume growth ¨ Capacity growth and Capacity utilization 461 Table 20072008 Jinneng Solar Domestic and overseas sales revenue (ten thousand8 ) 462 Table SSEC Company Basic Information (products, customers, materials& equipment Expansion plans etc 13Items) 462 Table 20052008 SSEC PV modules production @MWb Average selling price($/W) Gross profit(m$) 464 Figure 20052013 SSEC PV cells PV modules production volume MW@and Capacity( MWX 465 Figure 20052013 SSEC PV cells PV modules production volume growth 8 Capacity growth and Capacity utilization 465 Table SSEC Supply/Sales contract and related information 466 Figure 20052013 Sopray Solar PV modules production volume MW and Capacity MWx 468 Figure 20052013 Sopray Solar PV modules production volume growth H Capacity growth and Capacity utilization 469 Figure 20072013 Astronergy PV cells production volume MW and CapacityHMW— 470 Figure 20072013 Astronergy PV cells production volume growth8 Capacity growth and Capacity utilization 471 Figure 20072013 Sun Valley PV cells production volume MW and Capacity MWx 472 Figure 20072013 Sun Valley PV cells production volume growthHCapacity growth and Capacity utilization 472 Table Perfectenergy 125*125 PV cells Conversion efficiency data 464 Figure 20072013 Perfectenergy PV cells production volume@MW( and CapacityXMWH 473 Figure 20072013 Perfectenergy PV cells production volume growth ¨ Capacity growth and Capacity utilization 474 Table CSG 125*125 PV cells Conversion efficiency data 476 Figure 20082013 CSG PVTech PV cells production volumep MW@and Capacity MW 477 Figure 20082013 CSG PVTech PV cells production volume growth @Capacity growth and Capacity utilization 477 Table Ningbo BEST 125*156 PV cells Conversion efficiency data 478 Figure 20082013 Ningbo BEST Solar PV cells production volume MWHand Capacity—MW 479 Figure 20082013 Ningbo BEST Solar PV cells production volume growthXCapacity growth and Capacity utilization 480 Figure 20082013 LYSunergy PV cells production volume MW and Capacityx MW 483 Figure 20082013 LYSunergy PV cells production volume growth Capacity growth and Capacity utilization 483 Table Global PV Industry Subsidy Policies and China Related Subsidies 485
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