SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Aug 22, 2012) - Complaints from U.S. solar companies stating that China's government uses cash grants, discounts on raw materials, and preferential loans and tax incentives to boost exports of solar cells have resulted in anti-dumping duties on Chinese solar makers. The anti-dumping duties, ranging from 31 percent to 250 percent, were proposed after the Commerce Department in May ruled that Chinese solar companies were selling products at a loss. Five Star Equities examines the outlook for companies in the Solar Industry and provides equity research on LDK Solar Co., Ltd. (NYSE: LDK) and Trina Solar Ltd. (NYSE: TSL).
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Bloomberg New Energy Finance estimates that approximately 68 percent of all solar panels were produced from Chinese companies in 2011, compared to only 40 percent in 2009. U.S. manufacturers' market share decreased from 23 percent in 2009 to just 9 percent in 2011, while EU countries dropped from 19 percent to 12 percent over the same period.
Xinhua News Agency recently reported that a group of Chinese solar companies have requested the Chinese government to probe polysilicon dumping by German manufacturers. The request follows a similar complaint filed by a group of European manufacturers to the European Commission to investigate whether or not Chinese companies were selling products at a loss in European markets.
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LDK Solar is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. For the second quarter of fiscal 2012, LDK Solar estimates its revenue to be in the range of $220 million to $270 million.
Trina Solar is one of the few PV manufacturers to have developed a vertically integrated business model that extends from the production of monocrystalline and multicrystalline silicon ingots, wafers and cells to the assembly of high quality modules. Shares of the company have fallen over 25 percent year-to-date.
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