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晶科能源光伏發電項目 (Jinko Solar) 專區 (關係: JKS, CAI 中環資產) 人氣: 1859 回覆: 8







  路透旗下《IFR》報道,在美上市的中國太陽能面板生產商晶科能源(Jinko Solar),計劃分拆旗下業務在美國或香港上市。

  外電引述其首席財務官張龍根表示,分拆並無迫切性,可能會等到2015年中才進行。晶科能源亦正尋求其他融資機會,例如與私募基金洽談下游項目融資。(dl)

https://hk.news.yahoo.com/%E6%96 ... 00771--finance.html
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JKS

VA所有言論並不能視作要約、招攬、邀請、誘使、建議或推薦。VA亦無法保證留言內容的真確性及完整性。請運用個人獨立思考能力自行求証分析,閣下之個人投資一切賺蝕得失,概與VA無涉。投資涉及風險,股票價格可升可跌。 ~VA
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晶科能源考慮分拆光伏發電項目業務或公開售股
2014-03-12 13:01:56|來源:北極星太陽能光伏網|我要分享
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  中國光伏制造企業晶科能源正在考慮可能將旗下光伏發電項目子公司分拆或公開售股,以幫助拓展這項業務。總部位於上饒的晶科能源在周一的一份公告中表示,將發電項目業務自制造業務剝離,將有助於增長並讓晶科能源股東受益。該公司預計發電項目業務到年底將擁有500兆瓦的裝機容量。

  晶科能源董事長李仙德在公告中表示,此次剝離將支持晶科能源下遊發電項目業務的可持續增長,在中國政府明確承諾支持可再生能源——特別是光伏能源——以及市場日益增長的情況下,晶科能源相信現在是審慎探索這一 業務戰略替代方案的合適時機。光伏類股去年走出三年的頹勢,之前全球產能過剩拖累光伏面闆價格下跌 並導緻利潤減少。全球最大的污染國中國正尋求通過優先讓光伏發電並網 並敦促銀行機構提供資金支持來加大可再生方式發電。

  據公告顯示,晶科能源正在研究讓旗下發電項目業務首次公開 發行股票(IPO)、售予第三方以及其他融資選項。該公司是紐約證券交 易所彭博全球光伏能源指數中過去一年股價暴漲超過三倍的五隻成份股之 一。在連跌三年之後,該指數2013年大漲70%,今年迄今已攀升7%。德意志銀行本月將其2014年全球光伏需求自先前預期的44.5吉瓦上調 至46.1吉瓦,高於2013年的大約36.3吉瓦。彭博新能源財經預計今年光伏 裝機將升至46吉瓦,高於2013年的大約38吉瓦和2012年的30.6吉瓦。

責任編輯:葉青

http://finance.takungpao.com.hk/gscy/q/2014/0312/2346201.html
VA所有言論並不能視作要約、招攬、邀請、誘使、建議或推薦。VA亦無法保證留言內容的真確性及完整性。請運用個人獨立思考能力自行求証分析,閣下之個人投資一切賺蝕得失,概與VA無涉。投資涉及風險,股票價格可升可跌。 ~VA
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晶科能源电站业务有望分拆到香港上市
2014年01月21日 10:08:05 来源: 中国证券报
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  “光伏行业是中国为数不多的在全球领先的行业,这一行业2013年可谓冰火两重天,预计2014年分化还将继续。”晶科能源的加拿大子公司负责人邢亚斌日前表示,从现在到2015年,公司整体业务将有大的调整,主要是电站业务发展加速,今后电站业务有望分拆到香港上市。这也是晶科能源首次表示会选择香港上市。
  晶科能源董事长李仙德此前曾表示:“鉴于公司下游电站业务的累计装机量预计在2014年年底超过500兆瓦,加上中国政府对可再生能源尤其是太阳能行业的大力支持,以及不断成长的市场,我们认为,现在对公司下游业务进行谨慎的战略选择,是一个合适的时机。”
  晶科能源控股有限公司(纽交所代码:JKS),是世界性的太阳能光伏企业,也是为数不多的拥有垂直一体化产业链的光伏制造商,业务涵盖了优质的硅锭、硅片、电池片生产以及高效单多晶光伏组件制造等,在全球市场排名行业前五。
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【关闭】【打印】 【纠错】 [责任编辑: 和佳 ]

http://news.xinhuanet.com/energy/2014-01/21/c_126036409.htm
VA所有言論並不能視作要約、招攬、邀請、誘使、建議或推薦。VA亦無法保證留言內容的真確性及完整性。請運用個人獨立思考能力自行求証分析,閣下之個人投資一切賺蝕得失,概與VA無涉。投資涉及風險,股票價格可升可跌。 ~VA
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JinkoSolar Trading At Attractive Valuations
Central Asset Investments • Wed, Apr. 30 • 12 Comments
First Chinese PV manufacturer to achieve profitability, and is the lowest-cost manufacturer among its peers.
Competitive advantages include: cost control ability and integrated production chain.
Comprehensive strategy to acquire distressed assets and equipment during the down cycle, allowing the company to expand rapidly and achieve best in-class costs versus its peers.
With a 2014/2015 PER of 6.3x/5.5x, the stock looks very attractive given the growth prospects of the Solar PV industry.

http://seekingalpha.com/symbol/JKS


JinkoSolar Trading At Attractive Valuations
Apr. 30, 2014 7:46 AM ET | 12 comments | About: JinkoSolar Holding Co., Ltd. (JKS)
Disclosure: I am long JKS, CSIQ, JASO, YGE. (More...)
Summary

First Chinese PV manufacturer to achieve profitability, and is the lowest-cost manufacturer among its peers.
Competitive advantages include: cost control ability and integrated production chain.
Comprehensive strategy to acquire distressed assets and equipment during the down cycle, allowing the company to expand rapidly and achieve best in-class costs versus its peers.
With a 2014/2015 PER of 6.3x/5.5x, the stock looks very attractive given the growth prospects of the Solar PV industry.
JinkoSolar (JKS) was founded in 2006, and its production headquarters are located in Jiangxi and Zhejiang provinces, while its global marketing efforts are directed from Shanghai. The company listed on the NYSE in May 2010, and has developed itself into a world-class photovoltaic power enterprise. JKS had a global market share of 5.6% in 2013, as it shipped 2GW of solar modules across the world. It was the first Chinese PV manufacturer to achieve profitability, and is the lowest-cost manufacturer among its peers. The stock price also rose close to 400% in 2013, putting it as one of the best performers globally. JKS had 2.3GW of silicon ingots, wafers and cell vertical capacity and 2.5GW of module capacity at the end of 2013. The company plans to further increase its module capacity to 3GW-3.5GW. In addition, JKS has also aggressively started developing its downstream solar power plant pipeline. By end-2013, a total of 230MW projects had been built and connected to the electric grid. JKS plans to complete another 400MW of downstream projects in 2014 and spin off its downstream business via a listing in HK or US around the beginning of next year.

The Photovoltaic (PV) supply chain can be broken into three stages:

Upstream - crystalline silicon materials
Midstream - wafers, cells, modules
Downstream - photovoltaic power plant and system applications
Downstream companies significantly outperformed midstream and upstream companies in 2013. On the upstream side, a lot of new production capacity will be added by the end of this year or early next year. Hanwha, Tokuyama, SunEdison, GCL and Daqo are all planning capacity expansions. It is quite uncertain whether the solar demand can absorb this new capacity. However, this year's winners could be midstream manufacturers. Midstream players are more cautious on production capacity expansion, and are achieving capacity expansion by buying out distressed tier 2 assets at significant discounts to book value. This subset of companies is showing much more discipline and is growing capacity in line with demand forecasts, unlike previous cycles. Module price longer-term trends may still be downwards due to technological improvements and reductions in Feed-in Tariffs (FIT), but the module prices should remain stable in the near future due to the current demand/supply dynamics. This will give the midstream players time to implement cost reduction strategies in order to keep more stable margins in the long run. JKS is targeting processing costs of USD 0.35-0.36 per watt, which will continue to be industry-leading. Based on the current cost reduction pace, the PV industry should be able to achieve 20% CAGR in terms of installation over the next 5 years. Midstream producers arguably have less execution risk as opposed to downstream manufacturers as solar enters new geographies, therefore may have a higher margin of safety.

(click to enlarge)


JKS' biggest advantages are its cost control ability and integrated production chain. JKS is able to take advantage of Jiangxi's cheaper labor cost for its labor-intensive processes. JKS had a comprehensive strategy to acquire distressed assets and equipment during the down cycle, which allowed it to expand rapidly and achieve best-in-class costs versus its peers, which it has been able to maintain over the last 18 months. We increasingly believe that the Chinese government will adjust this year's PV installation expectation in the coming two months. The original installation target of 6GW for ground stations will be raised, possibly to 8GW. If so, the Chinese government's target of 14GW of total installation will be more achievable. As a result, solar components' demand in the second half of the year will really take off and component prices should continue to stabilize. This will cause further gross margin expansion for JKS in the second half. JKS' downstream business is also worthy of attention. The company plans to spin off its downstream portfolio and list it in Hong Kong or the U.S. by early 2015. This could create significant value rerating of its downstream power plants, as it lowers the cost of capital for downstream projects.

However, based on our valuation, we first only consider the direct impact on revenue and income due to FIT income decrease and sale of power plants. We have not considered the beneficial effects of the spin-off and valuation of the company, and see the spin-off as a call option.

According to our estimates, JKS 2014 should achieve an EPS of $4.30, which includes $0.95 from the sale of power plants (we assume that JKS will sell 100MW of power plants) and FIT income, and EPS will be $4.85 conservatively in 2015. Therefore, based on the current price of $26.76, the corresponding 2014 & 2015 PER should be around 6.3x & 5.5x respectively. The stock looks very attractive given the growth prospects of the Solar PV industry, especially when you look at it against its historical PE band. JKS is definitely a growth stock trading at value multiples.

Price-to-Book
Price-to-Earnings
Company
2014E
2015E
Historical
2014E
2015E
Historical
JA Solar (JASO)
0.6
0.6
0.3-1.7x
12.6
10.8
4.0-9.0x
Trina Solar (TSL)
1.0
0.9
0.5-2.5x
8.8
6.0
6.0-11.0x
Canadian Solar (CSIQ)
1.9
1.3
0.4-2.4x
7.4
6.1
6.0-12.0x
JinkoSolar
2.2
1.6
0.4-3.0x
6.3
5.5
3.0-9.0x
Yingli Green Energy (YGE)
5.4
4.9
0.4-7.0x
N/A
N/A
N/A
Recently, the US launched another round of investigations to address a loophole that allowed Chinese manufacturers to avoid being taxed from buying cells from Taiwanese manufacturers, processing the cells into modules, and selling these modules in the US without having to pay a tariff. The preliminary ruling for this investigation is expected to be announced in June 2014, and the market expects that the US will impose a tax penalty on the Chinese manufacturers. Given the above, it is unlikely for US and China to enter into a trade agreement in the near term, one similar to that between China and Europe. Although the tax rate imposed by the US is yet to be determined, investors see the upcoming ruling as a major risk for Chinese solar companies. Fortunately, for JKS, only 12-15% of annual shipments go to the US; thus the impact of the ruling on JKS is expected to be limited. In early 2014, JKS issued convertible bonds and ADS to improve its balance sheet and raise money for project development. JKS now has a net gearing of 83%, in contrast to 140% in Q3 2013. As JKS constructs and holds more power plant projects on its balance sheet, its ability to pay back existing debt and to take on new projects is limited; investors are therefore focusing on whether or not the company can spin off its downstream projects in a timely fashion. JKS' net gearing will only be 57% after selling off its existing power plant projects and repaying the debt associated with them.

Additional disclosure: Business relationship disclosure: The article has been written by a senior analyst at Central Asset Investments. Central Asset Investments is not receiving compensation for it (other than from Seeking Alpha). Central Asset Investments has no business relationship with any company whose stock is mentioned in this article. This article provides general information only. It does not constitute an offer to sell or the solicitation of an offer to buy any interests in any securities, investment product or fund. Investor should consult their own financial advisors prior to making any investment decisions and should not rely solely on these statements or any information presented in order to make such investment decision. Investors should verify the accuracy of any information mentioned in this article. CAI may or may not have an interest in the companies mentioned in this article.
VA所有言論並不能視作要約、招攬、邀請、誘使、建議或推薦。VA亦無法保證留言內容的真確性及完整性。請運用個人獨立思考能力自行求証分析,閣下之個人投資一切賺蝕得失,概與VA無涉。投資涉及風險,股票價格可升可跌。 ~VA
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CENTRAL ASSET INVESTMENTS & MANAGEMENT HOLDINGS (HK) LTD  03/31/2014  333,145  199,674  149.60  8,355

Read more: http://www.nasdaq.com/symbol/jks ... dings#ixzz331OaxGyH
VA所有言論並不能視作要約、招攬、邀請、誘使、建議或推薦。VA亦無法保證留言內容的真確性及完整性。請運用個人獨立思考能力自行求証分析,閣下之個人投資一切賺蝕得失,概與VA無涉。投資涉及風險,股票價格可升可跌。 ~VA
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Tuesday, January 31, 2012
Official: Jinko new Valencia CF shirt sponsor
Chineese energy company Jinko is Valencia CF new general sponsor. Today was the official presentation of the sponsor with the new shirts with the Jinko logo on them.

Right now it seems as if the contract is only on 6 months and worth 2 million euros. Compared to Real Madrid and Barcelona the shirt sponsor for Valencia CF is rather modest, but still its better than nothing. Every last bit of money helps.
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