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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.
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  • 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]

    [url]files.shareholder.com/downloads/FSLR/234...[/url]

    Tags: YGE, TSL, FSLR
    Mar 04 9:41 AM | Link | Comment!
  • Module Data From REC, YINGLI, FIRST SOLAR, SUNPOWER, TRINA, CANADIAN, LDK
    Module data from REC, YINGLI, FIRST SOLAR, SUNPOWER, TRINA, CANADIAN and LDK
    BrandPeak WattNoct Watt% Loss NOCTLenghtWidthm2Watt per m2NOCT W/m2
    REC235PEBLK23517923,81,670,991,65142,42108,48
    REC240PEBLK24018323,81,670,991,65145,45110,91
    REC245PEBLK24518723,71,670,991,65148,48113,33
    REC250PEBLK25018924,41,670,991,65151,51114,54
    REC255PEBLK25519324,31,670,991,65154,54116,97
    REC260PEBLK26019724,21,670,991,65157,57119,39
    REC235PEECO23517923,81,670,991,65142,42108,48
    REC240PEECO24018323,81,670,991,65145,45110,91
    REC245PEECO24518723,71,670,991,65148,48113,33
    REC250PEECO25018924,41,670,991,65151,51114,54
    REC255PEECO25519324,31,670,991,65154,54116,97
    REC235PEPLUS23518023,41,670,991,65142,42109,09
    REC240PEPLUS24018423,31,670,991,65145,45111,51
    REC245PEPLUS24518723,71,670,991,65148,48113,33
    REC250PEPLUS25019024,01,670,991,65151,51115,15
    REC255PEPLUS25519324,31,670,991,65154,54116,97
    YL230P-29b23016727,41,650,991,63140,80102,23
    YL235P-29b235170,727,41,650,991,63143,86104,50
    YL240P-29b240174,327,41,650,991,63146,92106,70
    YL245P-29b245177,927,41,650,991,63149,98108,91
    YL250P-29b250181,127,61,650,991,63153,05110,87
    YL280P-35b280203,327,41,970,991,95143,57104,24
    YL285P-35b285207,727,11,970,991,95146,13106,50
    YL290P-35b290210,627,41,970,991,95148,70107,98
    YL295P-35b295214,227,41,970,991,95151,26109,83
    YL300P-35b,300217,327,61,970,991,95153,82111,42
    YL250C-30b250181,627,41,650,991,63153,05111,17
    YL255C-30b255185,227,41,650,991,63156,11113,38
    YL260C-30b260188,827,41,650,991,63159,17115,58
    YL265C-30b265192,427,41,650,991,63162,23117,78
    YL270C-30b270195,627,61,650,991,63165,29119,74
    FS-2707052,525,01,200,60,7297,2272,92
    FS-27272,554,425,01,200,60,72100,6975,56
    FS-2757556,324,91,200,60,72104,1778,19
    FS-27777,558,125,01,200,60,72107,6480,69
    FS-280806025,01,200,60,72111,1183,33
    FS-380806025,01,200,60,72111,1183,33
    FS-38282,561,925,01,200,60,72114,5885,97
    FS-3858563,824,91,200,60,72118,0688,61
    FS-38787,565,625,01,200,60,72121,5391,11
    FS-3909067,525,01,200,60,72125,0093,75
    SPR-240NE-WHT-D24017825,81,560,81,24192,91143,08
    SPR-245NE-WHT-D24518225,71,560,81,24196,93146,29
    SPR-327NE-WHT-D32724325,71,561,051,63200,53149,01
    SPR-333NE-WHT-D33324725,81,561,051,63204,21151,47
    TSM-225PC/PA0522516427,11,650,991,64137,46100,20
    TSM-230PC/PA0523016827,01,650,991,64140,52102,64
    TSM-235PC/PA0523517226,81,650,991,64143,57105,08
    TSM-240PC/PA0524017527,11,650,991,64146,63106,92
    TSM-245PC/PA0524517827,31,650,991,64149,68108,75
    TSM-230PC/PA05.0523016727,41,650,991,64140,52102,03
    TSM-235PC/PA05.0523517127,21,650,991,64143,57104,47
    TSM-240PC/PA05.0524017427,51,650,991,64146,63106,30
    TSM-225PC/PA0822516427,11,650,991,64137,46100,20
    TSM-230PC/PA0823016827,01,650,991,64140,52102,64
    TSM-235PC/PA0823517226,81,650,991,64143,57105,08
    TSM-240PC/PA0824017527,11,650,991,64146,63106,92
    TSM-245PC/PA0824517827,31,650,991,64149,68108,75
    TSM-285PC/PA1428520727,41,960,991,94146,88106,68
    TSM-290PC/PA1429021127,21,960,991,94149,46108,74
    TSM-295PC/PA1429521427,51,960,991,94152,03110,29
    TSM-300PC/PA1430021827,31,960,991,94154,61112,35
    TSM-305PC/PA1430522127,51,960,991,94157,19113,90
    CS5P-240M24017327,91,601,061,70141,20101,78
    CS5P-245M24517727,81,601,061,70144,14104,13
    CS5P-250M25018028,01,601,061,70147,08105,90
    CS5P-255M25518427,81,601,061,70150,02108,25
    CS5P-260M26018827,71,601,061,70152,97110,61
    CS5P-215P21515627,41,601,061,70126,4991,78
    CS5P-220P22016027,31,601,061,70129,4394,13
    CS5P-225P22516327,61,601,061,70132,3795,90
    CS5P-230P23016727,41,601,061,70135,3298,25
    CS5P-235P23517027,71,601,061,70138,26100,02
    CS5P-240P24017427,51,601,061,70141,20102,37
    CS5A-180M18013027,81,600,81,28140,89101,75
    CS5A-185M18513427,61,600,81,28144,80104,88
    CS5A-190M19013727,91,600,81,28148,72107,23
    CS5A-195M19514127,71,600,81,28152,63110,36
    CS5A-200M20014428,01,600,81,28156,54112,71
    CS5A-205M20514827,81,600,81,28160,46115,84
    CS6P-235M23517027,71,640,981,61146,10105,69
    CS6P-240M24017327,91,640,981,61149,21107,55
    CS6P-245M24517727,81,640,981,61152,31110,04
    CS6P-250M25018028,01,640,981,61155,42111,90
    CS6P-255M25518427,81,640,981,61158,53114,39
    CS6P-235P23517027,71,640,981,61146,10105,69
    CS6P-240P24017427,51,640,981,61149,21108,17
    CS6P-245P24517827,31,640,981,61152,31110,66
    CS6P-250P25018127,61,640,981,61155,42112,53
    CS6P-255P25518527,51,640,981,61158,53115,01
    CS6X-280M28020227,91,950,981,92145,92105,27
    CS6X-285M28520627,71,950,981,92148,53107,36
    CS6X-290M29020927,91,950,981,92151,13108,92
    CS6X-295M29521327,81,950,981,92153,74111,01
    CS6X-300M30021727,71,950,981,92156,35113,09
    CS6X-280P28020327,51,950,981,92145,92105,79
    CS6X-285P28520727,41,950,981,92148,53107,88
    CS6X-290P29021027,61,950,981,92151,13109,44
    CS6X-295P29521427,51,950,981,92153,74111,53
    CS6X-300P30021827,31,950,981,92156,35113,61
    180P-24(s)18013127,21,580,811,28141,00102,61
    185P-24(s)18513527,01,580,811,28144,91105,75
    190P-24(s)19013827,41,580,811,28148,83108,10
    225P-2022516427,11,640,991,63137,86100,48
    230P-2023016727,41,640,991,63140,92102,32
    235P-2023517127,21,640,991,63143,98104,77
    240P-2024017527,11,640,991,63147,05107,22
    275P-2427520027,31,960,991,95141,30102,76
    280P-2428020427,11,960,991,95143,87104,82
    285P-2428520727,41,960,991,95146,44106,36
    245P-2024517827,31,640,991,63150,11109,06
    250P-2025018227,21,640,991,63153,17111,51
    255P-2025518627,11,640,991,63156,24113,96
    290P-2429021127,21,960,991,95149,00108,41
    295P-2429521527,11,960,991,95151,57110,47
    300P2430021827,31,960,991,95154,14112,01
    240D-2024017427,51,640,991,63147,05106,61
    245D-2024517827,31,640,991,63150,11109,06
    250D-2025018127,61,640,991,63153,17110,90
    240D-2024017427,51,640,991,62148,48107,65
    245D-2024517827,31,640,991,62151,57110,12
    250D-2025018127,61,640,991,62154,67111,98
    255D-2025518527,51,640,991,62157,76114,45
    260D-2026018927,31,640,991,62160,85116,93
    255D-2025518527,51,640,991,63156,24113,35
    260D-2026018927,31,640,991,63159,30115,80
    190D-2419013827,41,570,801,27150,14109,05
    195D-2419514127,71,570,801,27154,09111,42
    200D-2420014527,51,570,801,27158,04114,58
    190D-24(s)19013827,41,580,811,28148,83108,10
    195D-24(s)19514127,71,580,811,28152,74110,45
    200D-24(s)20014527,51,580,811,28156,66113,58

    (click to enlarge)How REC and 3 chinese brands compare against First Solar

    (click to enlarge)How REC and 3 chinese brands compare against sunpowers highest power module

    Tags: YGE, FSLR, SPWR, TSL, CSIQ, LDK, Solar
    Nov 06 9:35 AM | Link | 2 Comments
  • 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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