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| Title: | 太陽能電池公司之財務表現分析
A study on the financial performances of solar cell companies |
| Authors: | 蔣依倩
Chiang, Anne |
| Contributors: | 謝明華
Hsieh, Ming Hua
蔣依倩
Chiang, Anne |
| Keywords: | 太陽能 |
| Date: | 2008 |
| Issue Date: | 2009-09-14 09:53:19 (UTC+8) |
| Abstract: | 太陽能電池公司之財務表現分析
The global warming issue becomes more severe in the past decade. In 2007, the former Vice President of United State Al Gore and the U.N.’s Intergovernmental Panel on Climate Change won the 2007 Nobel Peace Prize. The movie “An Inconvenient Truth”, which exposes the myths and misconceptions regarding global warming, won two Oscars. Al Gore said "It is the most dangerous challenge we`ve ever faced, but it is also the greatest opportunity we have had to make changes."
To solve the problem, actions are taken. One of the most popular topics is the usage of renewable energy. Governments have aggressive investment plans in the renewable energy sector. Especially of those economic stimulus plans, we find that renewable energy investment plays a significant role. Taiwan government also has aggressive investment plans in the renewable energy sector. On April 23, 2009, Executive Yuan of Taiwan approved the proposal “Green Energy Industry Development Plan.” On June 13, 2009, Taiwan’s legislative Yuan passed in final reading a renewable energy bill aimed at spurring clean energy investment and reducing carbon dioxide emissions.
Solar energy is one of the main streams of renewable energy technology development in Taiwan. Since the technologies applied in the production of solar cells and ICs are quite similar, Taiwan, being the world’s leading contract manufacture of IC, has the comparative advantage to develop the solar energy industry.
The aim of this thesis is to provide the solar energy industry and the general investing public in Taiwan the financial performance comparison of worldwide leading solar cell companies, and to provide more insight of their financing strategies and the solvency of each company. About 5 years ago, the solar energy industry in Taiwan started to boom. The high growth trend was the best prove of the situation. However, the financial crisis in 2008 caused a huge change. Companies those don’t have strong financial resources face serious challenges on their cash flow. Their solvency is weak. Most of the companies reported losses on the forth quarter of 2008. It remained the same on the first quarter of 2009. We found that Motech had the best financial performance in the past five years. Though it was not the No.1 in terms of production scale, but its financial performance was very outstanding. Even with conservative debt leverage, it still outperformed.
However, we see some opportunities even in downturns. So far the industry is subsidized by governments. Along with the decrease of average sell price of solar energy products, we believe the grid parity will be reached sooner. When it reaches grid parity, the demand will increase dramatically for the following decade. Companies those can survive the financial crisis and economy downturns would be the final winners.
CHAPTER 1. INTRODUCTION 9
1.1 RESEARCH MOTIVE 9
1.2 RESEARCH OBJECTIVE 12
CHAPTER 2. REVIEW OF LITERATURE 15
2.1 FINANCIAL STATEMENT ANALYSIS 15
2.2 PREVIOUS RESEARCH 16
CHAPTER 3. RESEARCH METHODOLOGY 17
3.1 SELECTED COMPANIES 17
3.2 FINANCIAL STATEMENT ANALYSIS LIMITATIONS 20
CHAPTER 4. COMPANY PROFILES 21
4.1 COMPANY PROFILE – Q-CELLS SE 21
4.2 COMPANY PROFILE – SUNTECH POWER HOLDINGS CO., LTD. 29
4.3 COMPANY PROFILE –MOTECH INDUSTRIAL INC. 36
4.4 COMPANY PROFILE –SUNPOWER CORPORATION 44
4.5 COMPANY PROFILE –E-TON SOLAR TECH. CO., LTD. 50
CHAPTER 5. FINANCIAL PERFORMANCE ANALYSIS 57
5.1 PERCENTAGE CHANGES ANALYSIS 57
5.1.1 Percentage Changes in Net Sales 57
5.1.2 Percentage Changes in Gross Profit 59
5.1.3 Percentage Changes in Net Income 61
5.2 TREND PERCENTAGES ANALYSIS 62
5.2.1 Trend Percentages in Net Sales 63
5.2.2 Trend Percentages in Gross Profit 64
5.2.3 Trend Percentages in Net Income 65
5.3 RATIO ANALYSIS AND OTHER MEASUREMENTS 67
5.3.1 Measurement of Short-term Liquidity 67
5.3.2 Measurement of Long-term Credit Risk 73
5.3.3 Measurement of Profitability 75
5.4 FINDINGS 81
CHAPTER 6. CONCLUSION 84
6.1 LIMITATION OF THE STUDY 84
6.2 CONCLUSION 84
TABLES AND FIGURE
TABLE 1: FUND FOR RENEWABLE ENERGY INVESTMENT 10
TABLE 2: TOP 10 SOLAR CELL MANUFACTURES WORLDWIDE IN 2008 13
TABLE 3: SELECTED SOLAR CELL COMPANIES 17
TABLE 4: MEASURES OF SHORT-TERM LIQUIDITY 18
TABLE 5: MEASURES OF LONG-TERM CREDIT RISK 19
TABLE 6: MEASURES OF PROFITABILITY 19
TABLE 7: BALANCE SHEET OF Q-CELLS SE 26
TABLE 8: INCOME STATEMENT OF Q-CELLS SE 27
TABLE 9: FINANCIAL RATIOS OF Q-CELLS SE 28
TABLE 10: BALANCE SHEET OF SUNTECH 32
TABLE 11: INCOME STATEMENT OF SUNTECH 34
TABLE 12: FINANCIAL RATIOS OF SUNTECH 35
TABLE 13: MOTECH’S SOLAR CELL CAPACITY AND OUTPUT 38
TABLE 14: BALANCE SHEET OF MOTECH 39
TABLE 15: INCOME STATEMENT OF MOTECH 42
TABLE 16: FINANCIAL RATIOS OF MOTECH 43
TABLE 17: BALANCE SHEET OF SUNPOWER 46
TABLE 18: INCOME STATEMENT OF SUNPOWER 48
TABLE 19: FINANCIAL RATIOS OF SUNPOWER 49
TABLE 20: BALANCE SHEET OF E-TON 52
TABLE 21: INCOME STATEMENT OF E-TON 55
TABLE 22: FINANCIAL RATIOS OF E-TON 56
TABLE 23: PERCENTAGE CHANGES IN NET SALES 58
TABLE 24: PERCENTAGE CHANGES IN GROSS PROFIT 59
TABLE 25: PERCENTAGE CHANGES IN NET INCOME 61
TABLE 26: TREND PERCENTAGES IN NET SALES 63
TABLE 27: TREND PERCENTAGES IN GROSS PROFIT 64
TABLE 28: TREND PERCENTAGES IN NET INCOME 65
TABLE 29: MEASURES OF SHORT-TERM LIQUIDITY 68
TABLE 30: CURRENT RATIO AND QUICK RATIO 68
TABLE 31: DAYS TO COLLECT AVERAGE ACCOUNTS RECEIVABLE 69
TABLE 32: DAYS TO SELL AVERAGE INVENTORY 70
TABLE 33: OPERATING CYCLE 71
TABLE 34: MEASURES OF LONG-TERM CREDIT RISK 73
TABLE 35: DEBT RATIO 73
TABLE 36: INTEREST COVERAGE RATIO 73
TABLE 37: MEASURES OF PROFITABILITY 75
TABLE 38: GROSS MARGIN 75
TABLE 39: OPERATING EXPENSE RATIO 77
TABLE 40: NET PROFIT RATIO 77
TABLE 41: EARNINGS PER SHARE 78
TABLE 42: RETURN ON ASSETS 79
TABLE 43: RETURN ON COMMON SHAREHOLDERS` EQUITY 80 |
| Reference: | 1. Renewables Global Status Report: 2009 Update, 2009, REN21
2. iSuppli: Solar Panel Revenue Could Drop 20% in 2009, Dec. 23, 2008, iSuppli
Books
1. Principles of Corporate Finance, 6th Edition, Richard A. Brealey & Stewart C. Myers, McGraw-Hill Companies, Inc., 2000
2. Financial Accounting, 7th Edition, Belverd E. Needles and Martin Powers, Houghton Mifflin Company, 2001
3. Financial Accounting, 11th Edition, Jan R. Williams & Susan F. Haka & Mark S. Bettner & Robert F. Meigs, McGraw-Hill Companies, Inc., 2003
4. Financial Analysis, 2nd Edition, Steven M. Bragg, John Wiley & Sons, Inc., 2007
5. Case Studies in Finance, 5th Edition, Robert F. Bruner, McGraw-Hill Companies, Inc., 2007
6. Fundamentals of Corporate Finance, 5th Edition, Richard A. Brealey & Stewart C. Myers & Alan J. Marcus, McGraw-Hill Companies, Inc., 2007
Online Glossaries
1. www.solarbuzz.com
2. www.cliffsnotes.com/WileyCDA/CliffsReviewTopic/Need-for-Financial-Statement-Analysis.topicArticleId-21248,articleId-21210.html
3. www.semi.org/en/Press/CTR_030382?id=highlights
4. www.investopedia.com
5. http://newmops.tse.com.tw/
6. www.motechind.com
7. www.photon-magazine.com |
| Description: | 碩士
國立政治大學
國際經營管理碩士班(IMBA)
92933016
97 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0929330161 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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