Photovoltaic industry: The performance of semi-annual report of overseas listed companies is gratifying

The semi-annual report of overseas-listed photovoltaic companies was gratifying. In the first half of the year, the sales volume of the company grew rapidly, and the gross profit margin also increased. We have increased the global installed capacity of PV in 2010 and 2011 to 13GW and 15GW. The polysilicon spot market has soared recently. We expect that the polysilicon price is still expected to continue rising inertially, related to listed companies or current trading opportunities. Preferred buys include Haitong Group and Shindasuki New Materials , and it is recommended to focus on Leshan Power and Chuantou Energy .

The point of support rating.

Gross profit margin rose by 4.1%. Thanks to excellent cost control capabilities, especially in terms of manpower cost, domestic companies' profitability is significantly better than that of foreign companies. In the first half of this year, the average gross margin of domestic enterprises reached 22.4%; the profitability of enterprises with an integrated industrial chain Obviously slightly better, such as Yingli and Tianhe, the gross profit rate reached 33.4% and 31.5% respectively.

Upgraded the global new PV installation forecast. The growth of the photovoltaic market in 2010 will mainly rely on the pull from Germany. From the whole year, besides Germany, the United States, Italy, Japan and China will become the major new markets. We increased global PV installations in 2010 and 2011 by 13.0GW and 15.0GW, respectively. Although the growth rate may slow down next year, but in the future due to the decline in the cost of electricity, the photovoltaic industry is expected to enter a new period of growth.

Polysilicon spot prices have risen sharply, or are now trading investment opportunities. Based on the analysis of supply and demand for polysilicon, we expect the price of polysilicon to continue rising in the near future. For listed companies, we recommend focusing on Leshan Power, Chuantou Energy, Tianwei Baoji, and CSG A.

Preferred buy.

Haitong Group and Xindaxinxin are our top picks. Among them, Haitong Group has an integrated module production line, leading the production cost in the industry and achieving rapid growth in the past two years. The company is the purest PV stock with the lowest A-share valuation at present, and has a large upside.