Annual Performance of Chinese Solar companies in 2015
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As FY2015 comes to an end, and most of the solar companies have declared their full year results, let us assess their performances. I will concentrate on teh Chinese solar companies now. Some of my favorite Chinese solar stcosks are Trina Solar (TSL), Jinko Solar (JKS), CanadianSolar (CSIQ), Hanwha Q ells (HQCL) and JA Solar (JASO). I was quite happy with their Q4’15 and FY’15 performance. These companies gave better than estimated results and are continuing to expand their production capacities to take advanatge of the double digit growth of the solar market globally. Some of the companies are Trina and Jinko have expanded capacities in Thailand and South East Asia to circumvent the anti-dumping duties imposed by Europe and USA. These companies also occupied leading positions in PV Tech’s top 10 module manufacturers for 2015.
Comparitive Analysis of Major Chinese Solar Companies in 2015
Shipment numbers
| Shipments (in GW) | Q4’15 | FY’15 | FY’16 (expected) | Top Markets |
| Trina Solar | 1.78 | 5.74 | 6.3-6.55 | USA, China & Japan |
| Jinko Solar | 1.7 | 4.2 | 6.5 | China, North America, Europe |
| JA Solar* | 1.32-1.35 | – | – | |
| Canadian Solar | 1.43 | 4.7 | 5.4-5.5 | USA, China, Europe |
| Renesola | 0.373 | 1.6 | – |
* Results Expected
Downstream Project Buisness
All these companies have also been developing a strong downstream project portfolio, since this business is highly profitable. In fact Renesola has largely diversified its business, scaling it majorly towards project development. The company has more than 50% of its project portfolio in Europe and is also trying to expand in USA. Trina Solar has a project portfolio largely in China, but is also present in USA and Europe. Jinko Solar on the other hand has a large presence mainly in China. Canadian Solar has large projects in USA and Canada, and is also present in China, UK and Brazil.
Other major Parameters
| Revenues (in million $) | Gross Margin (in %) | Net profit (in million $) | ||||
| Q4’15 | FY’15 | Q4’15 | FY’15 | Q4’15 | FY’15 | |
| Trina Solar | 961.9 | 3035.5 | 19.1 | 18.7 | 41.7 | 76.5 |
| Jinko Solar | 937 | 2535 | 19.5 | 20.34 | 53.9 | 105.1 |
| JA Solar* | 16.4-17.4 | |||||
| Canadian Solar | 1120.3 | 3470 | 17.9 | 62.3 | 171.9 | |
| Renesola | 296.4 | 1282 | 16 | 14.7 | 6.7 | -5.1 |
* Results Expected