Vosges shares solar PV improves performance elasticity

The company has 50MW crystalline silicon solar cell capacity, and has begun to contribute to profits.　　The first Cigsse thin film solar cell production line is being debugged, the profit expectation is good.　　With the help of Bosch, the company's solar photovoltaic business is expected to have greater development space.　　The company is expected to return 2010-2012 earnings per share of 0.18 yuan, 0.29 yuan and 0.38 yuan, to give "overweight" investment rating.　　Risk hints: Solar PV project income uncertainty, traditional industries overseas markets and exchange rate changes brought about by the risk. Vosges shares (002083) The main business is towel and decorative cloth, such as home textile business, is China's largest, export the largest number of professional engaged in high-end towel products, decorative cloth products production and sales of modern home textile manufacturers, with significant scale and cost advantages, technical equipment and quality advantages, and marketing advantages. In the textile industry under the circumstances of greater pressure, the company actively promote a moderately diversified development strategy, involved in technology-intensive photovoltaic industry.　　The company's investment in the photovoltaic industry is financed mainly by its own funds, through syndicated loans and other financial instruments. Crystal Silicon solar cell profitable company and Germany Aleo Solar AG Co., Ltd. established a joint venture with the ZF Photovoltaic Manufacturing Company (50%), the production of crystalline silicon solar module project. Design capacity of 50MW, is expected to invest 390 million yuan.　　The company is expected to achieve a stable return on investment in view of its underwriting contract with Aleo and its competitive aleo battery quality. August 2008 The first 10MW crystalline silicon solar module was put into production, the second 40MW production line was put into production in the second half of 2009. Despite the impact of the international financial crisis in the first half of 2009, Crystal Silicon battery sales and prices have been affected, but in the world's new energy development policy support, the second half of 2009, the PV industry has a large growth, the company basically maintain full load production, and through the implementation of product certification and management system certification , crystalline silicon module in the conversion efficiency, product quality and other aspects have reached the world's first-class level, the product has entered the high-end market in the field of photovoltaic, by the German cooperative company highly appraised. 2009, ZF PV achieved sales revenue of 16,813.340,000 yuan, net profit of 4.1597 million yuan, the first half of 2010 expected to achieve net profit of more than 12 million yuan.　　The company's current production capacity of 50MW, is expected to produce basic production in 2010. Enter Cigsse film solar cell at the same time, the company set up a wholly-owned subsidiary Vosges Photovoltaic Technology Co., Ltd., with Germany Johannah Solar Technology Co., Ltd. (Johanna Solar Technology GmbH), the introduction of its technology, To invest in the production and research and development of Cigsse (indium, gallium, sulfur and selenium compound) thin film solar modules. The first design capacity of 60mw/year, is expected to invest 1.6 billion yuan. PublicThe secretary is expected to achieve sales income of 1 billion yuan after the project to achieve more than 200 million yuan in profits and taxes.　　Up to now, the company completed the acquisition of Johanna 12.35% of the shares, become its third largest shareholder. The project began construction in February 2008. In 2009, the company was expected to produce qualified products in 2010. is currently being debugged. We believe that the project is expected to contribute a certain profit in 2011.　　Of course, the timing of the company's production of qualified products is uncertain, and the progress remains to be seen. Leveraging Bosch development Space in 2008, Bosch entered solar cell production through the acquisition of Germany's Ersol solar company, and in 2009 Bosch announced the acquisition of its partner Aleo and Johanna companies. Bosch is optimistic about the bright future of solar energy and intends to expand its photovoltaic power business. We believe that it is possible for Bosch to expand its solar photovoltaic business through the company. With Bosch's strong strength, the company's solar photovoltaic business is expected to be more space for development. Do not rule out the possibility that the company will continue to expand its solar PV business scale.　　Investors are advised to pay close attention to their progress. Earnings forecasts and rating companies 2010-2012 earnings per share is 0.18 yuan, 0.29 yuan, 0.38 yuan. At present, Vosges shares have not been significantly underestimated, but in view of the company's home textiles business and solar PV business development trend is good, and are likely to continue to expand, the company performance flexibility. In particular, with the support of the Bosch group in Germany, the company's solar photovoltaic business is likely to achieve rapid development, the company can enjoy a certain valuation premium, so the company "overweight" investment rating.