汇丰银行--德国光伏产业研究报告2008年7月

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We believe it is time to become more
selective on the German solar sector
given the uncertain macro environment,
expected overcapacities and resultant
pricing pressure and margin moderation
 We like fully-integrated companies with
strong balance sheets, like SolarWorld
(OW (V), TP EUR44) but would be more
careful on business models that focus
on park projects in Spain and Germany
 We think current valuations in the solar
equipment sector are expensive despite
the market’s strong growth. We like
Manz (N (V), TP EUR165) – and, as a
more defensive play, Pfeiffer (OW, TP
EUR77)
 We initiate coverage on: Q-Cells (N (V),
TP EUR75), Centrotherm (UW (V), TP
EUR52), Roth & Rau (UW (V), TP EUR115)
 The stocks we see with highest potential
return are Centrosolar and SolarWorld.
The stocks with the greatest potential
downside are Conergy and Roth & Rau

目录

Solar in 2009: running into
oversupply 3
Consolidation ahead? 11
Growth has its price 13
Centrosolar 15
Centrotherm PV 20
Conergy 26
Manz Automation 31
Pfeiffer Vacuum 36
Phoenix Solar 41

Q-Cells 46
Roth & Rau 53
Singulus 59
SolarWorld 64
Solon 69
Wacker Chemie 75
Disclosure appendix 80
Disclaimer 83

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2008-7-21 00:13:00 上传

汇丰银行--德国光伏产业研究报告2008年7月
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