Tag Archives: solar

More Solar Woes With Plunging Prices

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After staging a brief rally this week, solar module makers are returning to the defensive posture they have held for most of this year amid new reports that the slump in demand that has led to their worst-ever crisis seems to be accelerating rather than easing. Media are reporting the price of silicon, the main ingredient used to make solar cells, dropped a hefty 5.8 percent on October 10 from just a week earlier, in the latest indication that demand remains weak from an industry that built up massive new capacity during a brief boom under incentives rolled out by Western governments in 2009 during the global financial crisis. (English article) Demand for new solar power was already falling as the global crisis eased, and now it appears the problem is only getting worse as the US considers an anti-dumping complaint against Chinese manufacturers that produce over half the world’s solar panels (previous post), and as demand tumbles in Europe amid the unfolding Eurozone debt crisis. Shares in big names like Suntech (NYSE: STP), Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) all plunged to near 52-week lows last week, but have staged a brief rally in the first 3 days of this week, possibly as bargain hunters swooped in to buy shares of companies whose forward price-to-earnings ratios are now in the super-low range of 4 to 5 times. The only problem is, most of those PE ratios are likely to soon become negative as analysts revise their estimates when companies start reporting losses as they sell their panels at below costs. While most Western producers have reported net losses in recent quarters, including a number that have gone bankrupt, only a handful of Chinese players have reported losses so far. But look for that too change if the current trends to continue, which looks likely, which will push solar cell makers’ stocks to new lows in the weeks and months ahead.

Bottom line: Tumbling material prices show that weakness in the solar cell market is accelerating rather than easing, which will push panel maker share prices to new lows in the weeks ahead.

Related postings 相关文章:

◙ US Congress Turns Up Heat in China Solar Debate

◙ Tech, Environmental Issues Cast New Clouds Over Solar Firms

◙ US Solar Probe: Get Ready for China Bashing 美国太阳能调查：炮轰中国大潮的前奏

US Congress Turns Up Heat in China Solar Debate

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There aren’t many things that US Republicans and Democrats can agree upon, but one of the few issues that seems to be uniting them in Washington these last few weeks is China bashing. In this particular case, both parties are strongly denouncing Chinese solar energy manufacturers, blaming their strong support from Beijing for an unfair advantage that has bankrupt many US solar panel makers in recent months. (English article) I previous predicted such China bashing would be coming after the US House of Representatives opened a hearing earlier this month into a $528 government-backed loan given to now-bankrupt US solar firm Solyndra. (previous post) But while I predicted we would see lots of anti-China talk, I failed foresee that the Democrats would unite with Republicans in the debate, making the likelihood of actual punitive measures more likely in this year before the big 2012 presidential elections. Now it looks like the House will call on the Obama administration to take this case to the World Trade Organization (WTO), which could easily rule against China due to Beijing’s huge support for its solar sector in the form of a wide range of preferential treatments for these firms. While such a complaint could take several years to resolve, the US lawmakers could also turn to the US-based International Trade Commission (ITC), which has the power to immediately issue punitive tariffs if it feels there is a strong case of unfair trade practices. Ironically, all the anti-China talk comes as Suntech (NYSE: STP), one of China’s leading solar players, has just announced a relatively big deal to supply 35 megawatts of capacity to two California projects. (company announcement) If the anti-China rhetoric continues on Capitol Hill and eventually turns into action at the WTO or ITC, this sale for Suntech could be one of the last ones from China to the US that we’ll see for a while. Of course, US solar energy producers might not have a lot of other choices by then, as most US panel makers are either on the brink of bankruptcy or already out of business.

Bottom line: US Congressional rhetoric against Chinese solar panel makers is showing signs of turning into concrete action in the form of punitive tariffs.

Related postings 相关文章:

◙ Tech, Environmental Issues Cast New Clouds Over Solar Firms

◙ US Solar Probe: Get Ready for China Bashing 美国太阳能调查：炮轰中国大潮的前奏

◙ US Solar Maker Fights Back With Govt Loan

 

US Solar Probe: Get Ready for China Bashing 美国太阳能调查：炮轰中国大潮的前奏

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The Republican-controlled House of Representatives has seized on a scandal surrounding a bankrupt US solar panel maker for some new political theater, which means we can probably expect to see a new round of China bashing in the run-up to next year’s presidential election. So what’s happening here? According to media reports, US solar panel maker Solyndra could default on a $528 million loan guaranteed by the US government following its recent bankruptcy filing, forcing the government to repay the loan. (English article) While this appears to be a purely US matter, since both the company and loan are US-based, an investigation in the House of Representatives is likely to explore WHY the US firm went bankrupt as part of a Republican-led show designed to embarrass the Democrats. When that happens, executives from Solyndra and other struggling US solar panel makers, many of which have also gone bankrupt in recent months, will undoubtedly tell Congress about the unfair competition they face from big Chinese names like Suntech (NYSE: STP), Trina (NYSE: TSL) and Yingli (NYSE: YGE), which receive huge support from the Chinese government in the form of subsidies and preferential loans, in addition to their natural advantage of low labor costs. When that happens, look for House Republicans to take at least some symbolic action, such as proposing punitive tariffs for Chinese-made solar cells, to show they are being tough on China in the run-up to next year’s elections. Of course, none of their plans will ever succeed since the Democrats still control the Senate and the presidency. But that kind of reality hasn’t stopped the Republicans since they gained control of the House last year, and all the talk and negative publicity could cause an already battered field of US-listed Chinese solar firms to see their shares sink even lower.

Bottom line: Chinese solar panel makers are likely to become targets in an upcoming round of political theater in Washington, further pressuring their already-battered shares.

美国太阳能面板生产商Solyndra破产，众议院借题发挥，也就是说走向明年总统大选前，我们可能又要看到一轮炮轰中国的热潮。到底是什麽情况？据媒体报导，Solyndra近日申请破产後，公司的5.28亿美元政府担保贷款可能发生违约，迫使政府出面还款。虽然此事看似美国内务，因无论当事企业还是贷款都是发生在美国境内，但众议院调查可能会清查Solyndra为何破产。众议院由共和党控制，调查旨在让民主党难堪。一旦调查展开，Solindra与美国其他苦苦挣扎的太阳能企业必定向国会大倒苦水，抱怨面临尚德(STP.N)、天合光能(TSL.N)与英利(YGE.N)等中国太阳能大企如何进行不公平竞争。中国政府通过补贴与优惠贷款等形式向这些企业提供巨大支持，而且公司本身还有劳动力成本低的天然优势。如果出现这种情况，预计众议院内的共和党人至少会采取象征性行动，诸如提议对中国制造的太阳能电池板徵收惩罚性关税，以在大选日益临近之际彰显他们对中国的强硬态度。当然，他们的提案根本行不会获得通过，因为民主党仍控制参议院与白宫。但这并不妨碍共和党去采取行动力，一切的争论与负面宣传可能导致在美上市的中国太阳能题材股进一步下跌。

一句话：华盛顿新一轮政治博弈越来越近，中国太阳能面板制造商可能不幸沦为博弈目标，进一步压低相关企业的股价。

Related postings 相关文章:

◙ US Solar Maker Fights Back With Govt Loan

◙ Suntech: Separating Good Solar from Bad

◙ LDK: An Exploding Star for a Sector in Turmoil

Solar Buzz at German Show on New Tech, M&A

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My headline for this item may be a little misleading, as I’m sitting here having my morning coffee in Shanghai writing it while speculating on what will happen at one of the world’s top solar energy shows that kicks off today in Germany. All the big Chinese names, including Suntech (NYSE: STP), Trina (NYSE: TSL), Yingli (NYSE: YGE) and many others, are attending the show this week in Hamburg, in a rare event that will bring together many of the sector’s top executives in a single place at a single time. (event homepage) Event materials and the flood of company press releases coming out this week are filled with upbeat talk of improving technology, which is helping the sector gain momentum, especially in markets with strong government incentives. What’s receiving little or no mention, however, is the industry’s current state of malaise, as it suffers through its worst-ever downturn amid slumping demand and overcapacity that has seen many weaker industry players, such as LDK (NYSE: LDK), sink into the red. While technology is indeed improving and will be widely discussed in public forums at the Hamburg event, I have no doubt that M&A will also be a regular topic of discussion between top company executives in more private venues and over drinks and other meetings out of public view. Renesola (NYSE: SOL), a mid-sized player in reasonably good health, already alerted the markets that it’s open to being acquired when it adopted a so-called “poison pill” plan last month to prevent a hostile takeover. (previous post) Other mid-sized players, such as JA Solar (Nasdaq: JASO), could also look like good acquisition targets, as the entire sector suffers from a stock market sell-off that has pushed share prices to very attractive levels. With so many executives in one place at one time, this event is the perfect starting place for talks on much-needed consolidation, and I wouldn’t be surprised to see announcements of the first round of M&A coming by the end of this year.

Bottom line: M&A is likely to be a common theme at a major solar event this week in Germany, with the first round of resulting deals likely to be announced by year-end.

Related postings 相关文章:

◙ Suntech: Separating Good Solar from Bad

◙ LDK: An Exploding Star for a Sector in Turmoil

◙ Renesola Rights Plan: Consolidation Coming

 

Suntech: Separating Good Solar from Bad

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Solar industry leader Suntech (NYSE: STP) has just released its latest quarterly results, which prove that times of crisis are a natural selector to separate the strong from the weak. (company announcement) While other companies have been sharply revising down their annual forecasts amid the industry’s worst ever downturn, Suntech’s revisions were far less severe, and it even forecast a sharp rebound in its gross margins in the third quarter as its situation stabilizes. The company slightly lowered its full-year revenue forecast to about $3 3 billion from a previous $3.4 billion, and actually maintained its full-year shipment target at 2.2 gigawatts worth of modules. Last month it showed it was aggressively moving to manage costs by terminating an expensive 10-year supply agreement with MEMC, negotiated five years ago when solar material prices were rising. (previous post) The company forecast more turbulence for the next few quarters, but clearly it has turned the corner by containing costs and using its market-leading position to steal sales from other weaker performers. Its strong performance contrasts sharply with LDK Solar (NYSE: LDK), one of the industry’s weakest players, which last week shocked few with a massive downward revision in many of its second-quarter forecasts, including a 63 percent downgrade in its forecast for module shipments. (previous post) Suntech shares ended Monday down slightly, possibly due to a net loss in the second quarter on some one-time charges. But with its shares now trading near a 52-week low, like most of the industry, Suntech looks like a good bet to lead the sector out of its current downturn, set to not only survive but also emerge as a possible consolidator for some of its weaker peers with attractively low valuations.

Bottom line: Suntech’s latest results show that stronger companies are starting to emerge from the solar sector’s downturn, and could lead consolidation by buying up weaker players.

Related postings 相关文章:

◙ LDK: An Exploding Star for a Sector in Turmoil

◙ Renesola Rights Plan: Consolidation Coming

◙ Trina, Ming Yang Kick Off New Wave of Energy Deals 天合光能、明阳风电掀起新一轮能源“订单潮

LDK: An Exploding Star for a Sector in Turmoil

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The bloodbath also known as China’s alternate energy sector is nearing the end of its worst reporting season on record, and newly updated guidance from problem-plagued LDK Solar (NYSE: LDK) should provide a spectacular finale to the show. (company announcement) The company won’t release final figures until the end of this month, but it has revised down all of its previous forecasts for the second quarter by 20 percent or more, including a staggering 63 percent downward revision in shipments of modules, the final product in the solar energy production chain. At the same time, its gross margins tumbled to about 2 percent from a previous forecast of about 24 percent, and it wrote off $60 million in inventory, which is the company’s way of preparing the market for a massive net loss when it releases its actual results. The company made its announcement after New York markets closed on Thursday, and not surprisingly its shares were down 21 percent in after hours trading. LDK’s dismal report follows downbeat results from nearly everyone, including the most recent forecast-missing figures from Canadian Solar (Nasdaq: CSIQ) (company announcement). Despite signs that the downturn has bottomed, severely depressed valuations this week prompted mid-sized player Renesola (NYSE: SOL) to approve a shareholder rights plan, often called a poison pill designed to prevent hostile takeovers, in a sign that we’re likely to see some consolidation in the months ahead for this bloated sector. Such consolidation would mean smaller companies like Renesola could become acquisition targets. But major money losers like LDK are likely to find little interest from potential buyers, forcing them to sell off assets or even to file for bankruptcy if they run out of funds.

Bottom line: LDK Solar’s sharply lowered Q2 guidance reveals a company on the brink of crisis, boding poorly for its future as the broader solar sector struggles to emerge from its current downturn.

Related postings 相关文章:

◙ Renesola Rights Plan: Consolidation Coming

◙ LDK: Cash Crunch Looming? 赛维LDK即将囊中羞涩？

◙ Trina, Ming Yang Kick Off New Wave of Energy Deals 天合光能、明阳风电掀起新一轮能源“订单潮

Renesola Rights Plan: Consolidation Coming

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The alternate energy sector’s current downturn may have bottomed, but signs of pain still linger, as reflected by the latest announcements from Renesola (NYSE: SOL), which may be bracing for hostile takeover attempts, and Yang Ming Wind Power (NYSE: MY), which reported anemic results and sharply reduced its full year outlook. In what looks like a first for the industry, Renesola has announced it will implement a shareholder rights issue plan, something companies do when they believe they could face a hostile takeover bid. (company announcement) Renesola added it knows of no imminent hostile takeover bids, but is rather seeking to protect its shareholders in case such a bid occurs. With a share price that has tumbled by more than two-thirds since March and a rock-bottom price-to-earnings ratio of 1.7, Renesola could indeed look like an attractive takeover target in an industry that is sorely in need of consolidation. Investors also seem to believe something may be in the works, with Renesola’s battered shares jumping more than 7 percent in Monday trade on Wall Street. Given such low valuations, I wouldn’t be surprised to see a buyout or two announced for Renesola or one of its other battered mid-sized competitors in the next few months. Meantime, Ming Yang has come out with its own weak results, and reduced its full year sales outlook by a hefty 20 percent. (company announcement) Even the lower full-year target looks difficult, with the company saying it hopes to sell 1.8 to 2 gigawatts worth of wind turbines in 2011, after selling only 0.7 gigawatts worth in the first half of the year. Its recent tie-up in China with the developer of the Three Gorges Dam project could put some wind back in its sails (previous post) in the second half of the year, but I wouldn’t be surprised to see more downward revisions before the year is finished.

Bottom line: Renesola’s shareholder rights plan could signal a coming wave of consolidation in the solar sector, with mid-sized companies like Renesola as attractive buy-out targets.

Related postings 相关文章:

◙ Solar Comeback Rising, Clouds Still Shadow Trina 光伏产业复苏中 天合光能仍疑云密布

◙ China Tie-Up Pushes Wind Power in US 国电和富国银行的合作推动美国风电的发展

◙ Trina, Ming Yang Kick Off New Wave of Energy Deals 天合光能、明阳风电掀起新一轮能源“订单潮

Trina, Ming Yang Kick Off New Wave of Energy Deals 天合光能、明阳风电掀起新一轮能源“订单潮

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It’s been less than a week since Beijing announced new incentives to help boost its struggling alternate energy sector (previous post), and already we’re seeing the first trickle of new deals as state-run entities start to heed the call to help these companies by building new projects. In the first round of what will undoubtedly be many similar announcements in the months ahead, solar cell maker Trina Solar (NYSE: TSL) has signed a contract with a unit of China Power Investment Corp to provide panels for a plant in Qinghai with up to 30 megawatts of capacity. (company announcement) In a similar deal announced at nearly the same time, wind energy specialist Ming Yang (NYSE: MY) has announced its own tie-up with another state-owned entity, the operator of the massive Three Gorges Dam Project, to co-develop wind energy projects in Guangdong province and potentially overseas down the road. (company announcement) Neither of these deals should come as a huge surprise to anyone, as Beijing has indicated for the last few months that it will step up to help these promising but struggling young companies through the worst-ever downturn for their young industry. What is a bit surprising is how fast Beijing has taken action, with these two deals coming just a week after it announced its first concrete incentives to help the sector, which just proves that the central government can move surprisingly fast when it makes up its mind to do something. This coming wave of orders from domestic Chinese power producers, combined with recent positive signs from the global market (previous post) mean the sector will be poised for a sharp comeback in the months ahead, making these beaten down stocks an attractive prospect in the second half of the year.

Bottom line: The solar sector is poised for a strong comeback, riding a rebound in global demand and a coming wave of new domestic orders like ones just announced by Trina Solar and Ming Yang.

中国政府宣布新能源刺激政策还不到一个星期，我们已开始看到新的协议签署，因国有企业响应号召，通过新项目来帮助这些企业。光伏产品制造商天合光能<TSL.N>与中国电力投资集团旗下公司签署协议，向青海一工厂提供太阳能面板。未来数月，预计还将有更多类似协议宣布。几乎与此同时，风电厂商明阳风电<MY.N>宣布，与另一家国有企业–中国三峡集团旗下公司中国三峡新能源公司签署协议，在广东省共同开发风电项目，未来还可能在海外进行合作。这些协议毫不令人感到意外，因为中国政府最近几个月已表示，将帮助这些遇到困难的新能源企业渡过难关。但让人意外的是中国政府行动会如此之快–刚刚宣布新的行业扶持政策就有两宗协议签署，由此证明，只要中央政府下定决心，就可快速行动。中国国内风电企业的此番“订单潮”以及全球市场最近出现的积极迹象都意味着，太阳能产业未来数月料迅速扭转颓势，今年下半年这些公司的股票料前景向好。

一句话：全球需求反弹以及中国将出现一批类似天合光能、明阳风电的新协议，太阳能产业料强势复苏。

Related postings 相关文章:

◙ Solar Comeback Rising, Clouds Still Shadow Trina 光伏产业复苏中 天合光能仍疑云密布

◙ China’s Solar Plan: Get Ready for Big New Spending

◙  Latest Solar Audit Resignation Hints at Major Issues Ahead 中国太阳能行业再现审计人员辞职：昭示问题还在前方

Solar Comeback Rising, Clouds Still Shadow Trina 光伏产业复苏中 天合光能仍疑云密布

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Trina Solar (NYSE: TSL) has just announced updated guidance for its second quarter that looks downright ugly, making its rosy outlook for the rest of the year even stranger, possibly signalling a bottom for the struggling solar sector in its worst-ever downturn. Just days before reporting its results, Trina has told the market it expects its unit sales to come in around 10 percent below its previous guidance, while margins will miss previous guidance by an even sharper 20 percent. (company announcement) But what’s decidedly odd here is that the company is sticking to its previous full-year guidance for 65-70 percent shipment growth on the back of a sharp turnaround in the second half of the year. The conflicting news initially spooked investors, who sold off Trina shares but then later started buy, causing the company’s stock to end down a modest 1.4 percent on Tuesday, well ahead of much bigger losses for the broader indexes. The unusual second-quarter guidance looks even stranger in light of much more positive second-quarter guidance given a day later by rival Yingli (NYSE: YGE), which said its results will come in at or higher than previous forecasts (company announcement). I’m going to be a bit cynical here and note that Trina was one of two companies whose audit committee chairmen suddenly resigned last month (previous post), which hinted at potential accounting issues within the firm. That said, Trina’s sudden sharp shortfall in quarterly results looks suspiciously like part of an effort to quietly cover up accounting issues that need to be “resolved”. If that’s the case, then the company should be commended on the one hand for resolving those issues, but also criticized for the way in which it did so. Regardless, investors are clearly focused on the future, which includes fresh incentives from Beijing for building new solar power plants (previous post) and a possible pick-up in demand from other global markets. Still, I would be wary of Trina’s stock for the short term, even as the broader solar sector appears on the cusp of a comeback.

Bottom line: The solar sector’s downturn may have bottomed out in the second quarter, but look for continued uncertainty around Trina following the resignation of its audit committee chairman.

天合光能(Trina Solar)(TSL.N)刚刚下调了第二季度光伏电池出货量和毛利率的预估，使其对今年馀下时间作出的靓丽前景描绘更显诡异，可能也为苦苦挣扎的光伏产业发出了一个陷入谷底的信号。天合光能在距离季度财报发布仅几天的时间下调预估，预计其光伏电池出货量比此前预估低10%，而毛利率相比此前预估则降幅更大，达到20%。但奇怪的是，天合光能依然坚持此前65%-70%的全年出货量增长预估，因公司预计今年下半年将有大转机。这种逻辑相悖的消息起初吓坏了投资者，他们先抛售天合光能的股票，随後又买进，造成该公司周二股价收低1.4%，但依然好于大盘表现。而其竞争对手英利绿色能源(YGE.N)一天后表示该公司业绩符合或高于其此前预估，英利第二季度更为正面的预估，使得天合光能异乎寻常的第二季度预估看起来更为奇怪。我在这里要做个小小地恶意揣测，并要指出天合光能的独立董事兼审计委员会主席上月突然离职，这暗示着公司内部可能潜存着审计问题。这就是说，天合光能大幅下调季度业绩，看起来似乎像在悄然掩盖“亟需解决的”审计问题。若果真如此，那麽我一方面既要称赞天合光能对这些问题的解决，又要批评其解决之道。无论如何，投资者明显着眼的是未来，包括中国对修建新的光伏发电的最新激励措施以及全球其他市场可能增加的光伏需求。但我短期内对天合光能的股价还是有所警惕，即便整个光伏产业似乎都在反弹回归中。

一句话：光伏产业的疲软可能在第二季度见底，但伴随着审计委员会主席的辞职，天合光能似乎还有不确定性。

Related postings 相关文章:

◙ China’s Solar Plan: Get Ready for Big New Spending

◙ Latest Solar Audit Resignation Hints at Major Issues Ahead 中国太阳能行业再现审计人员辞职：昭示问题还在前方

◙ More Solar Woes at Trina, Renesola 昱辉阳光、天合光能：旧伤未去，新伤又来

China’s Solar Plan: Get Ready for Big New Spending

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After months of talk, China has finally come out with some concrete details of how it plans to support its struggling solar panel makers, rolling out a new set of state-set electricity rates designed to make solar power generation economically attractive. Under the new rates announced earlier this week, solar power producers will be able to charge 1.15 yuan per kilowatt hour for their electricity, according to Chinese media reports. (Chinese article) Shares of major names like Trina Solar (NYSE: TSL), Suntech (NYSE: STP) and Yingli (NYSE: YGE) briefly surged on the news, but then gave back most of their gains after investors and industry watchers did some number crunching and realized the new rates were far from ground-breaking. One industry source told me that under the new rates, a relatively well-planned and managed power producer might expect to earn an annual return of 2-3 percent — not very exciting when other options are available at much lower risk levels. In order for this plan to work, local governments will have to step in and offer their own incentives for building new solar power plants — something that will probably happen on a much more piecemeal basis. Following the central government’s announcement, I would expect to see a string of announcements of new projects in the months ahead as local governments and big state-controlled power producers like Huaneng (HKEx: 902) fall into step with the central government’s policies. Industry leaders with strong government connections, such as Hong Kong-listed GCL Poly Energy (HKEx: 3800), could be some of the biggest beneficiaries of a new round of China construction that could see the nation install as much as 10 gigawatts of new capacity by 2015 and 50 gigawatts by 2020. (previous post) The new policy should also receive general public support because of its green nature, making it less prone to potential cuts under a likely new wave of cutbacks in major new government programs sparked by Beijing’s desire to cool the economy.

Bottom line: Beijing’s announcement of new tariffs for solar power projects presages a series of new solar power projects in the coming months to support the struggling solar panel sector.

Related postings 相关文章:

◙ More Solar Woes at Trina, Renesola 昱辉阳光、天合光能：旧伤未去，新伤又来

◙ Latest Solar Audit Resignation Hints at Major Issues Ahead 中国太阳能行业再现审计人员辞职：昭示问题还在前方

◙ China Backs Solar Firms With Europe Financing 中国继续支持国内太阳能企业

 

Latest Solar Audit Resignation Hints at Major Issues Ahead 中国太阳能行业再现审计人员辞职：昭示问题还在前方

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The latest resignation of a top audit committee member in the solar sector, this time at LDK Solar (NYSE: LDK), hints that major new storm clouds could be on the horizon for an industry already struggling with its worst ever downturn. LDK announced late on Monday in the US that Louis Hsieh, one of its independent directors who also happened to chair its audit committee and was a member of its corporate governance committee, has resigned for unspecified reasons after several years on the board. (company announcement) LDK’s announcement comes less than a week after an eerily similar one from another major player, Trina Solar (previous post), whose audit committee chairman, an independent director as well, also abruptly resigned without any further explanation. (company announcement) These two similar resignations so close together look very ominous, especially in light of the industry’s current woes, which have seen solar panel prices drop steadily for most of this year due to oversupply. One of my industry sources tells me word on the street is that many of these firms may have recorded sales to phantom customers during the industry’s brief boom in 2009 and 2010, hoping to earn a profit by selling that product at higher prices later when panel prices were still rising. If that were true, the current downturn may have left many of these companies with piles of inventory that have already officially been “sold” on their accounting books for much higher prices than current market rates. Whatever the case, I sense even more turbulence ahead for this already-reeling industry, which perhaps now faces the potential for its own set of accounting scandals.

Bottom line: The resignation of LDK Solar’s audit committee chairman, following a similar departure at a rival last week, points to a potential industry-wide accounting scandal in the struggling solar sector.

中国太阳能行业又有审计人员辞职了，这次是江西赛维LDK太阳能公司<LDK.N>。此事暗示整个行业新的乌云可能已不远。LDK周一晚在美国宣布，公司独立董事、公司治理委员会成员、审计委员会主席Louis Hsieh辞职，原因不详。无独有偶，天合光能<TSL.N>几天前刚刚宣布独立董事兼审计委员会主席突然离职，公司对辞职原因亦没有给出解释。两起辞职事件如此相似，时间如此接近，给人一种不祥的预感，尤其考虑到当前整个行业的困局。我的一名业内消息源向我透露坊间传闻，称2009和2010年行业向好时期，很多太阳能企业可能把一些对挂名客户（phantom customers）的销售记录在帐，希望随後价格上升时以更高的价格卖出产品。如果事实确实如此，那麽目前颓势可能让很多企业滞留大量库存，而在帐面显示上已是以很高的价格“卖出”了。无论到底是什麽情况，我认为太阳能行业将会有更多地震，眼下来看有爆发审计丑闻的可能。

一句话：继上周天合光能审计委员会主席辞职後，江西赛维LDK太阳能也宣布其审计委员会主席辞职，两件事双双指向同一种可能：挣扎不一的太阳能行业可能爆发会计丑闻。

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