PV manufacturing side or sustainable increase in earnings

Listed companies downstream part ( cells, modules , systems integration ) income continues to shrink, but the margin back to 10-20 % in the vicinity ; in upstream ( polysilicon , wafers ) annual revenue and gross margin compared to 12 were picked up , especially focused on the preparation of silicon wafer -scale enterprises in Central and Lungi shares shares revenue and gross margin ; materials ( glass, anti-reflection coated glass , edge material ) income scale stopped falling , but the gross margin continued to decline ;

Equipment sectors continue to maintain high gross margins , but continue to maintain revenues and order size 12 Annual Report of the trough ; amorphous component revenues and earnings are poor , many listed companies have stopped operations ; inverter link corporate revenueand earnings seriously divided , KSTAR gross profit margin than 12 annual rise, sun power even after years of net income scale power plants also have some impact on growth .

We believe that as technology advances and investor diversification , the future of the entire PV industry will continue to up the income scale , where photovoltaic manufacturing downstream side of the photovoltaic system side income and revenue in proportion to the manufacturing side tilt, a change since 2008 system side gradually inclined trend. Double reverse and the global manufacturing industry is changing opportunity to return . Therefore , we believe that the future profitability of PV manufacturing side or sustainable rise.

Corporate financial leverage and the proportion of current assets to total assets unchanged apart from participating in the overall operation of the power plant construction companies , other companies within the industry 's financial leverage and the proportion of current assets to total assets generally flat. We believe that the major components of the industry began to improve and enhance enterprise shipment target , does not mean that the device needs soon. Outsourcing and other light components of enterprise asset approach is the main way to enhance the production capacity .

on grid inverter, pure battery , component business turnover rate change for the better , in the upstream product , other downstream products, materials, equipment companies , operating capacity decreased slightly compared with 12 Annual Report . Most businesses operating cycle becomes longer, the number of days inventory turnover and accounts receivable turnover days were longer, low turnover rate .