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EysteinH
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Norwegian. Master degree in psychology. Currently studying law and working part time. Interested in stock Analyst work.
• Comparison Of REC, YINGLI SOLAR, FIRST SOLAR And TRINA SOLAR Q4 Report

Some calculations based on shipment numbers and estimated shipment number for yingli (700MW) If someone have the shipment number I can make a better calculation.

Total Cost REC:

0,755\$/watt without interest and 0.81\$/Watt with interest. With all opex and interest 0.84: Breakdown of cost: Processing 0.585\$/watt polysilicon 0.091\$/watt SG&A & R&D 0.08\$/watt (also a writedown of 6.5 mil \$ = 0.03\$/watt was part of total opex in q4=0.11\$/watt total opex.)

Interest cost: 0.08 \$/watt

(assumed 202 MW shipments, 17.1 mil\$ interest expenses and opex as stated by rec itself = 0.06 euro/watt sg&a & r&d = 0.08 \$/watt)

ASP 0.725\$/watt

Estimated Total cost Yingli:

0.75\$/watt without interest. 0.78\$/watt with interest. With all opex and interest 0.88\$/watt. Breakdown of costs: Processing 0.48\$/watt polysilicon 0.15\$/watt SG&A R&D 0.12\$/watt (total opex=0.20\$/watt)

Interest cost: 0.05\$/MW

(assumed 700 MW shipments 141.7 mil \$ opex, 33.6 mil \$ interest expenses)

ASP 0.64\$/Watt

Total cost Trina:

0,76\$/watt without interest. 0.79\$/watt including interest. With all opex and interest 0.82\$/watt.: Breakdown of cost: Processing 0.51\$/watt polysilicon 0.10\$/watt SG&A & R&D 0.15\$/watt (total opex=0.18\$/watt.)

Interest cost: 0.03\$/watt

(assumed 414.5 MW shipments, assumed 76.1 mil \$ opex, 11.4 mil interest expenses)

ASP 0.67 \$/Watt

Total cost First solar:

0.87\$/watt without interest. Not included with interest sincce First solar does not reveal interest costs. Cost breakdown is 0.68 for processing of modulene and 0.19 cents for SG&A & R&D.

Sources:

[url]ir.trinasolar.com/phoenix.zhtml?c=206405...;highlight=[/url]

[url]www.recgroup.com/PageFiles/12233/REC%20Q...[/url]

[url]ir.yinglisolar.com/phoenix.zhtml?c=21301...;highlight=[/url]

Tags: YGE, TSL, FSLR
Mar 04 9:41 AM | Link | Comment!
• Module Data From REC, YINGLI, FIRST SOLAR, SUNPOWER, TRINA, CANADIAN, LDK
 Brand Peak Watt Noct Watt % Loss NOCT Lenght Width m2 Watt per m2 NOCT W/m2 REC235PEBLK 235 179 23,8 1,67 0,99 1,65 142,42 108,48 REC240PEBLK 240 183 23,8 1,67 0,99 1,65 145,45 110,91 REC245PEBLK 245 187 23,7 1,67 0,99 1,65 148,48 113,33 REC250PEBLK 250 189 24,4 1,67 0,99 1,65 151,51 114,54 REC255PEBLK 255 193 24,3 1,67 0,99 1,65 154,54 116,97 REC260PEBLK 260 197 24,2 1,67 0,99 1,65 157,57 119,39 REC235PEECO 235 179 23,8 1,67 0,99 1,65 142,42 108,48 REC240PEECO 240 183 23,8 1,67 0,99 1,65 145,45 110,91 REC245PEECO 245 187 23,7 1,67 0,99 1,65 148,48 113,33 REC250PEECO 250 189 24,4 1,67 0,99 1,65 151,51 114,54 REC255PEECO 255 193 24,3 1,67 0,99 1,65 154,54 116,97 REC235PEPLUS 235 180 23,4 1,67 0,99 1,65 142,42 109,09 REC240PEPLUS 240 184 23,3 1,67 0,99 1,65 145,45 111,51 REC245PEPLUS 245 187 23,7 1,67 0,99 1,65 148,48 113,33 REC250PEPLUS 250 190 24,0 1,67 0,99 1,65 151,51 115,15 REC255PEPLUS 255 193 24,3 1,67 0,99 1,65 154,54 116,97 YL230P-29b 230 167 27,4 1,65 0,99 1,63 140,80 102,23 YL235P-29b 235 170,7 27,4 1,65 0,99 1,63 143,86 104,50 YL240P-29b 240 174,3 27,4 1,65 0,99 1,63 146,92 106,70 YL245P-29b 245 177,9 27,4 1,65 0,99 1,63 149,98 108,91 YL250P-29b 250 181,1 27,6 1,65 0,99 1,63 153,05 110,87 YL280P-35b 280 203,3 27,4 1,97 0,99 1,95 143,57 104,24 YL285P-35b 285 207,7 27,1 1,97 0,99 1,95 146,13 106,50 YL290P-35b 290 210,6 27,4 1,97 0,99 1,95 148,70 107,98 YL295P-35b 295 214,2 27,4 1,97 0,99 1,95 151,26 109,83 YL300P-35b, 300 217,3 27,6 1,97 0,99 1,95 153,82 111,42 YL250C-30b 250 181,6 27,4 1,65 0,99 1,63 153,05 111,17 YL255C-30b 255 185,2 27,4 1,65 0,99 1,63 156,11 113,38 YL260C-30b 260 188,8 27,4 1,65 0,99 1,63 159,17 115,58 YL265C-30b 265 192,4 27,4 1,65 0,99 1,63 162,23 117,78 YL270C-30b 270 195,6 27,6 1,65 0,99 1,63 165,29 119,74 FS-270 70 52,5 25,0 1,20 0,6 0,72 97,22 72,92 FS-272 72,5 54,4 25,0 1,20 0,6 0,72 100,69 75,56 FS-275 75 56,3 24,9 1,20 0,6 0,72 104,17 78,19 FS-277 77,5 58,1 25,0 1,20 0,6 0,72 107,64 80,69 FS-280 80 60 25,0 1,20 0,6 0,72 111,11 83,33 FS-380 80 60 25,0 1,20 0,6 0,72 111,11 83,33 FS-382 82,5 61,9 25,0 1,20 0,6 0,72 114,58 85,97 FS-385 85 63,8 24,9 1,20 0,6 0,72 118,06 88,61 FS-387 87,5 65,6 25,0 1,20 0,6 0,72 121,53 91,11 FS-390 90 67,5 25,0 1,20 0,6 0,72 125,00 93,75 SPR-240NE-WHT-D 240 178 25,8 1,56 0,8 1,24 192,91 143,08 SPR-245NE-WHT-D 245 182 25,7 1,56 0,8 1,24 196,93 146,29 SPR-327NE-WHT-D 327 243 25,7 1,56 1,05 1,63 200,53 149,01 SPR-333NE-WHT-D 333 247 25,8 1,56 1,05 1,63 204,21 151,47 TSM-225PC/PA05 225 164 27,1 1,65 0,99 1,64 137,46 100,20 TSM-230PC/PA05 230 168 27,0 1,65 0,99 1,64 140,52 102,64 TSM-235PC/PA05 235 172 26,8 1,65 0,99 1,64 143,57 105,08 TSM-240PC/PA05 240 175 27,1 1,65 0,99 1,64 146,63 106,92 TSM-245PC/PA05 245 178 27,3 1,65 0,99 1,64 149,68 108,75 TSM-230PC/PA05.05 230 167 27,4 1,65 0,99 1,64 140,52 102,03 TSM-235PC/PA05.05 235 171 27,2 1,65 0,99 1,64 143,57 104,47 TSM-240PC/PA05.05 240 174 27,5 1,65 0,99 1,64 146,63 106,30 TSM-225PC/PA08 225 164 27,1 1,65 0,99 1,64 137,46 100,20 TSM-230PC/PA08 230 168 27,0 1,65 0,99 1,64 140,52 102,64 TSM-235PC/PA08 235 172 26,8 1,65 0,99 1,64 143,57 105,08 TSM-240PC/PA08 240 175 27,1 1,65 0,99 1,64 146,63 106,92 TSM-245PC/PA08 245 178 27,3 1,65 0,99 1,64 149,68 108,75 TSM-285PC/PA14 285 207 27,4 1,96 0,99 1,94 146,88 106,68 TSM-290PC/PA14 290 211 27,2 1,96 0,99 1,94 149,46 108,74 TSM-295PC/PA14 295 214 27,5 1,96 0,99 1,94 152,03 110,29 TSM-300PC/PA14 300 218 27,3 1,96 0,99 1,94 154,61 112,35 TSM-305PC/PA14 305 221 27,5 1,96 0,99 1,94 157,19 113,90 CS5P-240M 240 173 27,9 1,60 1,06 1,70 141,20 101,78 CS5P-245M 245 177 27,8 1,60 1,06 1,70 144,14 104,13 CS5P-250M 250 180 28,0 1,60 1,06 1,70 147,08 105,90 CS5P-255M 255 184 27,8 1,60 1,06 1,70 150,02 108,25 CS5P-260M 260 188 27,7 1,60 1,06 1,70 152,97 110,61 CS5P-215P 215 156 27,4 1,60 1,06 1,70 126,49 91,78 CS5P-220P 220 160 27,3 1,60 1,06 1,70 129,43 94,13 CS5P-225P 225 163 27,6 1,60 1,06 1,70 132,37 95,90 CS5P-230P 230 167 27,4 1,60 1,06 1,70 135,32 98,25 CS5P-235P 235 170 27,7 1,60 1,06 1,70 138,26 100,02 CS5P-240P 240 174 27,5 1,60 1,06 1,70 141,20 102,37 CS5A-180M 180 130 27,8 1,60 0,8 1,28 140,89 101,75 CS5A-185M 185 134 27,6 1,60 0,8 1,28 144,80 104,88 CS5A-190M 190 137 27,9 1,60 0,8 1,28 148,72 107,23 CS5A-195M 195 141 27,7 1,60 0,8 1,28 152,63 110,36 CS5A-200M 200 144 28,0 1,60 0,8 1,28 156,54 112,71 CS5A-205M 205 148 27,8 1,60 0,8 1,28 160,46 115,84 CS6P-235M 235 170 27,7 1,64 0,98 1,61 146,10 105,69 CS6P-240M 240 173 27,9 1,64 0,98 1,61 149,21 107,55 CS6P-245M 245 177 27,8 1,64 0,98 1,61 152,31 110,04 CS6P-250M 250 180 28,0 1,64 0,98 1,61 155,42 111,90 CS6P-255M 255 184 27,8 1,64 0,98 1,61 158,53 114,39 CS6P-235P 235 170 27,7 1,64 0,98 1,61 146,10 105,69 CS6P-240P 240 174 27,5 1,64 0,98 1,61 149,21 108,17 CS6P-245P 245 178 27,3 1,64 0,98 1,61 152,31 110,66 CS6P-250P 250 181 27,6 1,64 0,98 1,61 155,42 112,53 CS6P-255P 255 185 27,5 1,64 0,98 1,61 158,53 115,01 CS6X-280M 280 202 27,9 1,95 0,98 1,92 145,92 105,27 CS6X-285M 285 206 27,7 1,95 0,98 1,92 148,53 107,36 CS6X-290M 290 209 27,9 1,95 0,98 1,92 151,13 108,92 CS6X-295M 295 213 27,8 1,95 0,98 1,92 153,74 111,01 CS6X-300M 300 217 27,7 1,95 0,98 1,92 156,35 113,09 CS6X-280P 280 203 27,5 1,95 0,98 1,92 145,92 105,79 CS6X-285P 285 207 27,4 1,95 0,98 1,92 148,53 107,88 CS6X-290P 290 210 27,6 1,95 0,98 1,92 151,13 109,44 CS6X-295P 295 214 27,5 1,95 0,98 1,92 153,74 111,53 CS6X-300P 300 218 27,3 1,95 0,98 1,92 156,35 113,61 180P-24(s) 180 131 27,2 1,58 0,81 1,28 141,00 102,61 185P-24(s) 185 135 27,0 1,58 0,81 1,28 144,91 105,75 190P-24(s) 190 138 27,4 1,58 0,81 1,28 148,83 108,10 225P-20 225 164 27,1 1,64 0,99 1,63 137,86 100,48 230P-20 230 167 27,4 1,64 0,99 1,63 140,92 102,32 235P-20 235 171 27,2 1,64 0,99 1,63 143,98 104,77 240P-20 240 175 27,1 1,64 0,99 1,63 147,05 107,22 275P-24 275 200 27,3 1,96 0,99 1,95 141,30 102,76 280P-24 280 204 27,1 1,96 0,99 1,95 143,87 104,82 285P-24 285 207 27,4 1,96 0,99 1,95 146,44 106,36 245P-20 245 178 27,3 1,64 0,99 1,63 150,11 109,06 250P-20 250 182 27,2 1,64 0,99 1,63 153,17 111,51 255P-20 255 186 27,1 1,64 0,99 1,63 156,24 113,96 290P-24 290 211 27,2 1,96 0,99 1,95 149,00 108,41 295P-24 295 215 27,1 1,96 0,99 1,95 151,57 110,47 300P24 300 218 27,3 1,96 0,99 1,95 154,14 112,01 240D-20 240 174 27,5 1,64 0,99 1,63 147,05 106,61 245D-20 245 178 27,3 1,64 0,99 1,63 150,11 109,06 250D-20 250 181 27,6 1,64 0,99 1,63 153,17 110,90 240D-20 240 174 27,5 1,64 0,99 1,62 148,48 107,65 245D-20 245 178 27,3 1,64 0,99 1,62 151,57 110,12 250D-20 250 181 27,6 1,64 0,99 1,62 154,67 111,98 255D-20 255 185 27,5 1,64 0,99 1,62 157,76 114,45 260D-20 260 189 27,3 1,64 0,99 1,62 160,85 116,93 255D-20 255 185 27,5 1,64 0,99 1,63 156,24 113,35 260D-20 260 189 27,3 1,64 0,99 1,63 159,30 115,80 190D-24 190 138 27,4 1,57 0,80 1,27 150,14 109,05 195D-24 195 141 27,7 1,57 0,80 1,27 154,09 111,42 200D-24 200 145 27,5 1,57 0,80 1,27 158,04 114,58 190D-24(s) 190 138 27,4 1,58 0,81 1,28 148,83 108,10 195D-24(s) 195 141 27,7 1,58 0,81 1,28 152,74 110,45 200D-24(s) 200 145 27,5 1,58 0,81 1,28 156,66 113,58

(click to enlarge)

(click to enlarge)

Tags: YGE, FSLR, SPWR, TSL, CSIQ, LDK, Solar
• Q1 And Q2 Comparison Of Production Cost, Opex / Shipment And Interest / Shipments

Continuing on a previous article on the subject (http://seekingalpha.com/instablog/901705-eysteinh/693231-solar-cost-comparison-production-cost-and-added-the-operational-expense-cost-opex ) we will again look at operation costs and add them to production costs.

The theory behind this value metric is to spread the operational costs that are not one time across the modules shipped for that quarter. That gives an idea on how effective sale channels, administration etc is and how much added cost these type of operational expenses add to the modules per watt.

First a summary of the findings: (Q1 2012)

 Company Production cost opex costs in mil \$ Average sale prices (ASP shipments q1 Rec 1,0 22,92 0,98 Shipments 191MW Yingli 0,87 60,3 0,96* Shipments 520MW* Trina 0,86 58,1 0,92 Shipments 380MW China Sunergy 0,85* 18,8 0,86 Shipments 79,9MW Hanwha Solarone 0,92* 23,17 0,83 Shipments 160,7MW

*shipments calculated shipments based on revenue/ASP
Q2 2012:

 Company Production cost opex costs in mil \$ Average sale prices (ASP shipments q1 REC 0,94 21 0,93 216 MW Yingli 0,77 73,7 0,83 590 MW Trina Unknown 78,6 Unknown 419 MW China sunergy 0,736 16,9 0,75 150.3 MW Hanwha Solarone 0,72 23,6 0,73 230.7 MW

We can then compare producers at production cost and then also add opex cost to compare them:

(Q1)

 Company Production + opex Production cost Rec 1,12 1 Yingli 0,99 0,87 Trina 1,01 0,86 China sunergy 1,08 0,85 Hanwha solarone 1,06 0,92

(Q2)

 Company Production + opex Production cost Rec 1,037 0,94 Yingli 0,894 0,87 China sunergy 0,85 0,736 Hanwha solarone 0,82 0,72

Then we can add interest expenses to the equation: (interest / shipments)

(Q2)

 Company Interest expenses Production cost Production + opex Production + opex + interest Shipped REC 21 0,94 1,037 1,13 216 MW Yingli 36,1 0,87 0,894 0,955 590 MW China sunergy 7,9 0,736 0,85 0.90 150.3 MW Hanwha solarone * 0,72 0,82 0.85 230.7 MW

Note the number for added cost per shipments is of course influenced by how much sales are done but it reflects an added cost per sold unit so it is in the authors opinion an useful number.

*Hanwha reports itself interest cost per watt at 0.03

Tags: HSOL, TSL, CSUN, YGE, SOLAR
Oct 06 3:05 PM | Link | Comment!

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