2011ᑈ10᳜27᮹䆕ࠌⷨお᡹ਞg㸠Ϯⷨおgᮄ㛑⑤㸠Ϯ˅Ёֵ䆕ࠌᮄ㛑⑤᰼᡹˄2011-10-27g਼ಯЁֵ䆕ࠌⷨお䚼⬉࡯䆒໛ঞᮄ㛑⑤㸠Ϯ㒘ᴼ޵⬉࡯䆒໛Ϣᮄ㛑⑤㸠Ϯ佪ᐁߚᵤᏜ䚂ӊ˖yangf@citics.com⬉䆱˖010-60838764ᠻϮ䆕к㓪ো˖S1010511040002㸠Ϯࡼᗕֵᙃ5ᛣ໻߽ܝӣϮणӮ(GIFI)ЏᐁValerioNatalizia⿄ˈᛣ໻߽໾䰇㛑㺙ᴎᆍ䞣乘䅵ᇚ೼ᑈᑩ䖒ࠄ12.5GWˈᯢᑈᮄᅝ㺙乍Ⳃᘏ䞣乘䅵೼2.5~3GWП䯈ˈᇣѢGIFIϞ᳜乘䅵ⱘ3~3.5GWDŽ5OCI໮᱊⸙ϮࡵⱘᬊܹҢ㄀Ѡᄷᑺⱘ5720ғ䶽ܗ(㑺5ғ㕢ܗ)ϟ䰡ࠄ4950ғ䶽ܗ(4.45ғ㕢ܗ)DŽ↯߽⥛Ң㄀Ѡᄷᑺⱘ50%ϟ䰡ࠄ㄀ϝᄷᑺⱘ36%DŽOCIㅵ⧚ሖᏠᳯ䖭⾡ѻ㛑䖛࠽⦄䈵㛑೼ᣕ㓁12㟇18Ͼ᳜៪㗙㒜ッᏖഎ䳔∖᳝30GWⱘᯊ׭㛑䖒ࠄϔ⾡կ䳔ⱘᑇ㸵ˈ݀ৌᇚ೼11᳜ᮄ䆒ᮑ⍜䰸㭘ᔅ⦃㡖ৢᮄϞ偀7000ৼⱘѻ㛑ˈ䖯ϔℹ䰡Ԣ៤ᴀDŽҹϞֵᙃᴹ⑤˖pv-tech--------------5⍋݇㒳䅵᭄᥂ᰒ⼎ˈ9᳜ӑ៥೑໮᱊⸙䖯ষ䞣Ў6489ৼˈ⦃↨๲䭓0.24%ˈৠ↨๲䭓52.9%ˈ݋ԧᴹⳟˈ9᳜ӑ៥೑Ң䶽೑䖯ষ໮᱊⸙1991ৼˈҢ㕢೑䖯ষ໮᱊⸙1418ৼˈҢᖋ೑䖯ষ1439ৼˈࠡϝ೑ऴࠄњ៥೑䖯ষᘏ䞣ⱘ74.7%DŽ1-9᳜ӑ៥೑໮᱊⸙ᘏ䖯ষ䞣䖒ࠄњ4.85ϛৼDŽܝ䲚ಶϢЁֵ䫊㸠೼फҀВ㸠៬⬹ড়԰ण䆂ㅒ㑺ҾᓣüĀकѠѨāᳳ䯈ˈЁֵ䫊㸠ᇚ㒭ќЁⲯ⬉ܝЁⲯ5ᔎDŽخ໻خ⬉ܝⱘ䞥㵡ᬃᣕˈᬃᣕЁⲯܗ䲚ಶ80ғ⬉ᙃᴹ⑤˖solarbeֵ--------------⠛೼ݙ㩭স䫵ᵫ⌽⡍ᓎゟ亢⬉৊⠛⫳ѻ෎ഄˈ䆹乍Ⳃ乘䅵ᑈѻ1.5MW亢⬉৊ܗ䞡ᑚᴎ⬉ᢳᡩ䌘9980ϛ5150༫ˈ2.0MW亢⬉৊⠛200༫DŽᙃᴹ⑤˖࣫ᵕ᯳⬉࡯㔥ֵ--------------5㢣Ꮂ೎䫱᥻㙵62.8%ⱘ㢣Ꮂ᱊䫊ᮄᴤ᭭݀ৌˈ݊໾䰇㛑ܝӣ⬉∴㚠䴶⬉ᵕ䫊⌚Ꮖ㒣䖯ܹᡍ䞣䆩ѻ䰊↉ˈ೼䆩ѻ䰊↉Ꮖ㒣⫳ѻߎড়Ḑⱘ໾䰇㛑㚠䴶⬉ᵕ䫊⌚ˈ㒣ᅶ᠋ѻ㒓䆩⫼ˈ৘乍ᗻ㛑ᣛᷛড়Ḑ˗ℷ䴶⬉ᵕ䫊⌚Ꮖ೼ᡍ䞣⫳ѻ䆒໛Ϟᓔྟ䞡໡ᗻ偠䆕ˈⳂࠡ䖯ܹᮄ㒓ક䋼ԧ㋏䅸䆕DŽ5REC㄀ϝᄷᑺᬊܹ30ғ᣾࿕ܟᳫˈ⦃↨ϟ䰡12%ˈEBITDAЎ3.7ғ᣾࿕ܟᳫˈ⦃↨ϟ䰡57%.ҹϞֵᙃᴹ⑤˖Ѹᯧ᠔݀ਞ--------------䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚᏖഎࡼᗕֵᙃ㸼1˖᯼᮹⍋໪㙵Ꮦüü໾䰇㛑݀ৌৡ⿄Ѹᯧ᠔᯼᮹ᬊⲬӋᔧ᮹⍼䎠ᐙ਼⍼䎠ᐙ᳜⍼䎠ᐙSunPowerCorporation(㕢೑˅NASDAQ10.03USD10.34%10.10%13.46%SuntechPower˄ᇮᖋ⬉࡯˅NYSE2.46USD9.82%18.27%-12.46%SolarWorldAG˄ᖋ೑˅ETR3.49EUR6.73%15.95%7.06%FirstSolar˄㕢೑˅NASDAQ46.11USD6.56%-9.71%-35.71%LDKSolar˄∳㽓䌯㓈˅NYSE3.3USD4.43%8.20%-4.62%YingliGreenEnergy(㣅߽㓓㡆㛑⑤˅NYSE3.9USD3.72%10.48%11.75%ReneSola˄⌭∳ᰅ䕝˅NYSE2.14USD3.38%2.88%-0.47%ChinaSunergy(Ё⬉ܝӣ˅NASDAQ1.04USD2.97%5.05%-10.34%GTAdvancedTechnologies˄㕢೑˅NASDAQ7.2USD2.13%2.71%-6.01%TrinaSolar˄໽ড়ܝ㛑˅NYSE7.4USD1.65%8.35%-0.27%HanwhaSolarone˄䶽ढᮄ㛑⑤˅NASDAQ2.03USD1.00%-3.33%-22.81%JinkoSolarHolding(᱊⾥᥻㙵˅NYSE8.2USD0.74%-1.68%38.05%GreenEnergyTechnology˄ৄ⑒㓓㛑⾥ᡔ˅TPE34TWD0.59%-6.98%-2.16%MEMCElectronicMaterials˄㕢೑˅NYSE5.88USD0.34%2.62%-1.01%CanadianSolar(䰓⡍ᮃ)NASDAQ3.11USD0.32%0.00%-32.39%ConergyAG˄ᖋ೑˅ETR0.28EUR0.00%-9.68%-6.67%JASolarHoldings˄᱊▇໾䰇㛑˅NASDAQ2.19USD0.00%21.67%1.39%WackerChemieAG(ᖋ೑˅ETR79.2EUR-0.06%4.38%6.19%Kyoceracor