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Trina Solar Q2 Preview: Weaker Gross Margin Q-O-Q In The Absence Of Project Sales

08/19/2014

Summary

  • TSL does not expect project sales in Q2.
  • We estimate lower ASP compared to Q1.
  • No change in the cost on per watt basis despite silicon price pressure.
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First Solar: Margin Compression Ahead Of Subsidized-Sustainable Markets Transition

08/05/2014

Summary
  • Despite the strong Q1 results, we expect moderate 2014 sales growth and lower margins as a result of weaker system pricing, partially offset by increase in system sales.
  • We estimate 2014 diluted EPS of $2.9 on the back of $3.68 billion in revenues, against a diluted EPS of $3.7 and revenues of $3.3 billion in 2013.
  • For 2015 and 2016, we see accelerating shipments and sales as the company targets “sustainable” markets for photovoltaic energy generation that does not rest on government-subsidized schemes.
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"Discovery consists of seeing what everyone has seen, and thinking what no one has thought"

Albert Szent-Gyorgi, 1937 Nobel Laureate