2023年全國(guó)碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁(yè)
已閱讀1頁(yè)，還剩20頁(yè)未讀， 繼續(xù)免費(fèi)閱讀

下載本文檔

版權(quán)說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)

文檔簡(jiǎn)介

1、Disclosurestradepolicycatalystisstillonthetable?RetainHoldonWackerChemie(newTP14%toEUR73)RECSilicon(newTP9%toNOK0.6)HSBCsolarcoveragenowincludeskeyChinalistedproducersHSBCcoverageofthesolarsupplychainsectnowincludeskeyCh

2、inalistedupstreamstreamproducers(seeourSpotlightreptChinaSolarEquipment:Initiatecoverage:Brighterdaysahead20June2019).Chinacontinuestoexertdominanceinsolarin2018accountedf8294%ofsolarwafercellmodulesupply(upfrom68%in2010

3、).Chinaistighteningitsgriponthepolysilicon(poly)segmentasseveralproducersrampcapacitythrough2019.China’slowcostleadershipmovingintopolyInthe25MarchreptGlobalUpstreamSolar:Limitedpricerecoveryshoulddriverecddemyearwefecas

4、tthatChinawouldproduceover60%ofglobalpolyin2019(vs14%in2010)accountfthesixlowestcostproducers.Weseeupto25GWofpolyoversupplyin2019whichcoulddriveshttermstockpilinglimitupsidetoapolypricerecoveryinH2.Thisremainsaheadwindfu

5、pstreamEuropeanOEMsdespiteourexpectationofarobustH2volumereboundinsolarthebuoyantmoodofindustryparticipantsattherecentIntersolartradefairinMunich.LowerpolyASPassumptionsdrivedownTPsretainHoldratingsWelowerpolyourASPassum

6、ptionsfWackerChemieRECSilicontoreflecttheongoingweakpricingtrendthroughQ2retainourHoldratings.WecutWacker’s2019eEBITDAtothebottomoftheguidancerangelowerourTPby14%toEUR73toreflectconcurrentweaknessinsiliconestheprofitwarn

7、ingatSiltronic.RECisholdingoutfUSChinatradetalksattheupcomingG20on2829JunetodeliveralastgaspresolutiontothetradedisputewhichhasseenitlockedoutoftheChinesepolymarket.Giventheuncertaintyoverthiscatalystwhichhasanincreasing

8、lybinaryoutcomeweretainourHoldonRECwithanewTPofNOK0.6(down9%vsourpreviousTP).KeychangestoratingsestimatesCurrent______TP________Rating___UpsideCompanyTickerCurrencypriceOldNewOldNewdownsideWackerChemie`WCHG.DEEUR68.68573

9、HoldHold6.4%RECSiliconREC.OLNOK0.580.650.60HoldHold3.4%Source:BloombergHSBCestimates.Pricedasofcloseat19June201921June2019SeanMcLoughlinIndustrialsRenewables&GridAnalystHSBCBankplcsean.mcloughlin@442079913464JoergreFinke

10、CFAHeadofEquityResearchGermanyHSBCTrinkaus&BurkhardtAG492119103722EmployedbyanonUSaffiliateofHSBCSecurities(USA)IncisnotregisteredqualifiedpursuanttoFINRAregulationsUpstreamsolarEquitiesEnergyEquipmentEuropeChinatightens

11、itsgrip3Equities●EnergyEquipment21June2019InpolysiliconweexpectpolycostleaderslikeTongweiDaqotoincreasemarketshareinacompetitiveenvironmentputtinghighercostproducerslikeWackerRECunderpressure(thoughWackerhasaverydefensib

12、lepositionasthehighestqualitysupplier).FollowingthepricedeclinesYTDonlysomeplayerslikeTBEATongweiDaqowerestillprofitableinQ1whileothers–includingWackerChemie’spolyunit–postedlosses.Chinaleadingthecostracefpolysiliconprod

13、uctionin2019Source:BNEFSolarpricingshowinglimitedsignsofrecoveryOnanannualbasisthe3543%pricedeclinesupstreamhavefedthroughtodeclinesfwaferscells(2830%)withalower(c24%)fmodules.Themainreasonftheseaggressivedeclinesinsolar

14、priceswasamixofthe17%yoyfallinChinesePVinstallationsin2018theaggressiveongoingcapacityexpansioninbothupstreamdownstreamlargelybyChinesesuppliersresultinginmaterialoversupplyinthemarket.Solarspotpricetrendspoly9N9Npoly68N

15、MultiwaferMonowaferMulticellMultimodulePricesat:(USDkg)(USDkg)(USDW)(USDW)(USDW)(USDW)12Jun198.26.00.060.080.110.22%change1W0.0%0.0%0.0%0.1%0.0%0.0%1M1.9%0.8%0.8%0.8%5.7%1.4%3M9.1%12.2%6.0%1.1%2.8%0.0%1Y35.2%43.0%29.7%27

16、.6%24.3%23.9%YTD11.7%15.6%4.9%2.7%6.7%1.4%Source:PVinsightsSolarhasabrightfuture–ourfeedbackfromIntersolar2019Theflipsideoflowercostsisachangeinindustryperception.Wemetparticipantsacrossthesolarsupplychainon1516MayatInte

17、rsolar2019inMunichthelargestsolarsecttradefairinEurope.Wenotedaparticularlybuoyantmoodamongparticipantsrisingcustomerinterestmarkingveryhighattendance.WhatisIntersolarThelargestsolarindustryeventinEuropeIntersolarhasexpe

18、dtoincludeadjacentinfrastructuretechnologiessuchasenergystageEVgingequipment.Incontrasttonumbersafewyearsagotheeventwasverywellattendedwithmethan50000visitsover20.020.015.010.810.07.57.16.56.20.05.010.015.020.025.0JapanR

溫馨提示

  • 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽，若沒有圖紙預(yù)覽就沒有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 眾賞文庫(kù)僅提供信息存儲(chǔ)空間，僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理，對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請(qǐng)與我們聯(lián)系，我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。

評(píng)論

0/150

提交評(píng)論