Shipments continue to tumble at China Sunergy: Australia its biggest market in Q3

Facebook
Twitter
LinkedIn
Reddit
Email

China Sunergy reported Q3 2012 financial results just in-line with guidance but needed support from emerging markets such as Australia to do so.

The company reported revenue of US$59.5 million, a significant decrease of 46.1% compared with Q2 2012, when sales reached US$110 million, up from US$68.5 million in Q1 2012.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Shipments fell 45.1%, compared to the previous quarter, reaching 82.5MW (81.9MW were module shipments).

Gross profit, including a small inventory provision of US$1.3 million, wasUS$0.4 million in the quarter, while the gross margin was 0.7%. A decline in wafer and polysilicon costs contributed to the positive margins in the quarter, despite the weak sales and shipments. However, the net loss was US$23.2 million, with a net negative margin of 39.0%.ASPs continued to decline over 5% q-on-q.

Stephen Cai, CEO of China Sunergy said, “In spite of a challenging market environment, our financial performance of this quarter remained in line with expectations, and the Company has performed solidly in managing costs and cash flow. We believe that the quarter marked a turning point for China Sunergy, as we continued diversifying our end markets, forming new partnerships with strong customers, and gradually transforming ourselves from a pure manufacturer to a downstream solar solutions provider.”

On a regional basis, revenue from Australia in the quarter stood-out, contributing 26.0% of total revenue, compared to previous key markets of Italy and Germany which contributed 16.8% and 15.3% of total revenue, respectively in the quarter.

Financial guidance

 

China Sunergy guided a small increase (90MW – 100MW) in shipments for Q4 2012. However, continued pricing pressure and falling ASPs will continue to impact gross margins, which the company said would remain in the low single digits and forecasted a net loss.

Shipments for the full-year were reaffirmed at between 400MW – 420MW, after previously being lowered.

Read Next

September 15, 2025
Advances in edge-based artificial intelligence are helping make solar and storage interoperable by tackling the data challenge, writes Andrew Foster.
September 15, 2025
Italy’s latest renewable energy tender has received 12GW of bids, of which the majority, 10GW, came from solar PV.
September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 
September 15, 2025
Norwegian energy firm Statkraft has agreed to divest a portion of its renewable energy portfolio to Serentica Renewables.
September 15, 2025
UNSW spin-out company Lab360 Solar has been awarded funding from ARENA to bring its drone-based PV inspection technology to market.
Premium
September 15, 2025
The UK government and solar industry have jointly published a long-anticipated roadmap detailing how to maximise the country’s solar potential. Chris Hewett, CEO of Solar Energy UK takes a closer look at the details.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines