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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Tongwei Co Ltd    600438   CNE000001GS3

TONGWEI CO LTD

(600438)
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End-of-day quote. End-of-day quote SHANGHAI STOCK EXCHANGE - 05/23
14.63 CNY   -4.00%
04/15TONGWEI CO LTD : annual earnings release
03/14Large-scale solar power set for double-digit growth - Goldman Sachs
RE
2018TONGWEI CO LTD : annual earnings release
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Large-scale solar power set for double-digit growth - Goldman Sachs

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03/14/2019 | 09:18am EDT
FILE PHOTO: Man works on solar panels at a solar power plant of China Huaneng Group in Huaiyin

SINGAPORE (Reuters) - Utility-scale solar power capacity is expected to grow by double digits globally in 2019 and 2020, driven by expansions in the United States, Europe, Middle East and China, U.S. bank Goldman Sachs said on Thursday.

Solar power is the fastest growing source of electricity generation, taking market share from fossil fuels like thermal coal and natural gas as governments and companies increasingly introduce clean energy targets.

"We expect the combination of lower costs for solar and favourable policy support providing a multi-year runway for utility-scale to drive meaningful upside to the market," the U.S. investment bank said in a research note.

Goldman said it expected utility-scale solar installations globally to reach to 108 gigawatts (GW) in 2019, up 12 percent on the previous year, and then grow by another 10 percent in 2020 to 119 GW.

For 2021 and 2022 the bank expected capacity to reach 129 GW and 135 GW.


(Graphic of solar capacity growth: https://tmsnrt.rs/2UyT2mB

Utility-scale solar is defined as an installation that is designed solely to feed electricity into a grid, unlike smaller scale residential solar units.

Including residential installations, most analysts expect global solar power capacity to soon hit 600 GW.

"We anticipate some of the strongest growth to materialise in key regions such as the U.S., Europe, and the Middle East while we see some potential upside emerging in China where demand appears to have stabilized in recent months following a collapse through the latter part of 2018," it added.

Solar power has been booming not just because of government and corporate sustainability targets, but also thanks to a sharp drop in panel prices in recent years.

Solar panel costs have plummeted from around $70 per watt of electricity generated in 1980, to $0.36 per watt currently in the United States, according to energy consultancy Wood Mackenzie.

Thanks to the solar boom, Goldman said it was "selectively constructive" on solar companies, with First Solar, Canadian Solar, Vivint Solar, Longi Green Energy Technology and Tongwei expected to perform well.

(Reporting by Henning Gloystein; editing by Richard Pullin)

By Henning Gloystein

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN SOLAR INC. -3.07% 17.38 Delayed Quote.25.03%
FIRST SOLAR, INC. -2.93% 57.33 Delayed Quote.39.11%
LONGI GREEN ENERGY TECHNOLOGY CO LTD -1.16% 23.92 End-of-day quote.71.56%
TONGWEI CO LTD -4.00% 14.63 End-of-day quote.84.06%
VIVINT SOLAR INC -5.87% 6.74 Delayed Quote.87.93%
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Latest news on TONGWEI CO LTD
04/15TONGWEI CO LTD : annual earnings release
03/14Large-scale solar power set for double-digit growth - Goldman Sachs
RE
2018TONGWEI CO LTD : annual earnings release
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Financials (CNY)
Sales 2019 37 177 M
EBIT 2019 4 272 M
Net income 2019 3 224 M
Debt 2019 3 147 M
Yield 2019 1,19%
P/E ratio 2019 18,41
P/E ratio 2020 14,58
EV / Sales 2019 1,68x
EV / Sales 2020 1,38x
Capitalization 59 167 M
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Mean consensus BUY
Number of Analysts 18
Average target price 16,5  CNY
Spread / Average Target 8,0%
EPS Revisions
Managers
NameTitle
Yi Zhong Guo General Manager & Director
Han Yuan Liu Chairman
San Deng Chairman-Supervisory Board
Shi Hua Yuan Chief Financial Officer
Hu Yan Vice Chairman, Secretary & Chief Accountant
Sector and Competitors
1st jan.Capitalization (M$)
TONGWEI CO LTD84.06%8 558
NESTLÉ24.91%302 572
MONDELEZ INTERNATIONAL30.13%75 032
DANONE15.46%54 316
THE KRAFT HEINZ COMPANY-25.93%38 998
GENERAL MILLS34.54%31 562