JA Solar in German Supply Contract - Analyst Blog
30 12월 2011 - 11:45PM
Zacks
Leading manufacturer of high-performance solar power products,
JA Solar Holdings Co. Ltd (JASO) announced that it
would supply solar modules to Solarhybrid AG. Solarhybrid AG is a
Germany-based project developer and general contractor for turn-key
utility-scale solar power projects.
Per the contract JA Solar would supply 19 MW of solar modules to
Solarhybrid's Allstedt I solar power plant in Halle, Germany. JA
Solar is the exclusive solar module supplier to the project.
Located on a former military airfield in Germany, the Allstedt I
solar power plant is expected to generate 19,030,000 kWh of
electricity annually and reduce carbon dioxide emissions by 266,381
tons over a service period of 20 years.
Going forward JA Solar anticipates total module shipments to
Solarhybrid to reach nearly 40 MW in 2011, including 19 MW of
modules for the Allstedt I project.
JA Solar is one of the most cost-efficient solar producers in
the world, with a geographically diverse customer base as well as
silicon wafer supply agreements in place to feed its production.
Positive factors include ongoing expansion programs, improving
operating efficiencies, rising margins and higher conversion
efficiency.
JA Solar is steadily expanding its customer base worldwide. It
is experiencing strong growth in several geographic end markets
including U.S., Canada, Italy, Japan, Australia, China and
India.
Looking forward, JA Solar expects third quarterly solar cell and
module shipments in the range of approximately 310 MW–330 MW.
However, faced with subsidy cutbacks in key markets like Germany
and Italy, the company trimmed its fiscal 2011 shipment outlook to
1.6 GW from the earlier forecast of 1.8 GW.
Thus, we currently have a long-term ‘Underperform’
recommendation on JA Solar. In the near term, apprehensions over
tepid module demand in Europe, rising competition, wafer
dependency, questionable financial stability of its customers and
an oversupply of solar cells in the market will restrain the
valuation of the company. The stock, in consort with its peer
China Sunergy Co. Ltd. (CSUND), retains a Zacks #5
Rank (Strong Sell rating).
CHINA SUNERGY (CSUND): Free Stock Analysis Report
JA SOLAR HOLDGS (JASO): Free Stock Analysis Report
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