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Solar Energy China

August 2014
2
Executive Summary
Market
Drivers &
Challenges
Competition
China accounted for x% of the global PV cumulative installed capacity in 2012
Chinese cumulative solar PV installation base is expected to reach aa MW in 2017 growing
with a CAGR of y% during 2013-17
Major Players
Player A Player B Player C Player D
Government
Initiatives
China National Solar Policy
BIPV Program
Golden Sun Program
Drivers:
Challenges:
Focus on CSP Technology
Steady IT Investments
Solar Power Plant Construction
Trends
Growing Energy Demand
Geographical Advantages
Solar Subsidies
Focus on Renewable Energy
Reduction in CO
2
Emission
Oversupply Condition
Insufficient State of Power Grid
Low Per Capita Income
National Renewable Energy Law
Research and Development
Investment Guidelines
SOLAR ENERGY IN CHINA 2014.PPT
3 SOLAR ENERGY IN CHINA 2014.PPT
Introduction
Market Overview
Global
China
Value Chain
Drivers & Challenges
Government Initiatives
Trends
Mergers & Acquisitions
Investment Scenario
Competitive Landscape
Strategic Recommendations
Appendix
4
SAMPLE
European region accounted for about xx% of the worlds
cumulative PV capacity in 2012
Note: Policy Driven: The European market would stabilize first around 16-17 GW in 2013 before growing slowly again to around 25-28 GW five years from now; Business as usual: Refers
to the normal conduct of business regardless of current circumstances
Business as usual Policy Driven
Business as usual Policy Driven
Global PV cumulative installed Capacity
Evolution of global PV annual installations
250
200
150
100
50
0
300
f4
f3
f2
f1
2016e
E
e4
e3
e2
e1
2015e
D
d4
d3
d2
d1
2014e
C
c4
c3
2017e
GW
F
c2
c1
2013e
B
b4
b3
b2
b1
2012
A
a4
a3
a2
a1
100
500
400
300
200
0
F
f4
f3
f2
f1
2016e
E
e4
e3
e2
e1
2015e
D
d4
d3
d2
d1
2014e
C
c4
c3
c2
c1
2013e
B
b4
GW
b2
b1
2012
A
b3
a3
a2
a1
2017e
a4
Others Europe Americas China Others Europe Americas China
50
40
30
20
10
0
c1
2013e
B
b4
b3
b2
b1
2012
A
a4
E
e4
e3
e2
e1
2015e
D
d4
d3
d2
d1
2014e
C
GW
a3
a2
a1
c4
c3
c2
2017e
F
f4
f3
f2
f1
2016e
20
100
80
60
40
0
2017e
F
f4
f3
f2
f1
2016e
E
e4
e3
e2
2013e
B
b4
b3
b2
b1
2012
A
a4
a3
a2
a1
e1
2015e
D
GW
d3
d2
d1
2014e
d4 c4
c3
c2
c1
C
Others Europe Americas China Others Americas Europe China
SOLAR ENERGY IN CHINA 2014.PPT
5
SAMPLE
PV Technology has grown over the past decade at a
remarkable rate in China
Business as usual Policy Driven
Historical Cumulative PV Installed Capacity Trend
Forecasted Cumulative PV Installed Capacity
0
5,000
10,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
MW
x13
x12
x11
x10 x9 x8 x7 x6 x5 x4 x3 x2 x1
0
20,000
40,000
60,000
MW
A
2017e
a15
2016e
a14
2015e
a13
2014e
a12
2013e
a11
0
20,000
40,000
60,000
80,000
b13
2015e 2014e
B
2016e
b14
MW
2017e
b15
b12
2013e
b11
SOLAR ENERGY IN CHINA 2014.PPT
Note: Policy Driven: The changes witnessed in China solar energy market is primarily due to the stabilization in the European market
6
SAMPLE
In 2012 rooftop segments represented around y1 GW of the
total installations in the country
Business as usual Policy Driven
Rooftop PV Development Scenario
Utility - Scale PV Development Scenario
Business as usual Policy Driven
30
20
10
0
GW
2017e
y6
x6
2016e
y5
x5
2015e
y4
x4
2014e
y3
x3
2013e
y2
x2
2012
y1
x1
China World
50
40
30
20
10
0
GW
2017e
y6
x6
2016e
y5
x5
2015e
y4
x4
2014e
y3
x3
2013e
y2
x2
2012e
y1
x1
China World
25
20
15
10
5
0
GW
2017e
b6
a6
2016e
b5
a5
2015e
b4
a4
2014e
b3
a3
2013e
b2
a2
2012
b1
a1
China World
0
40
10
30
20
2017e
b6
a6
2016e
b5
a5
2015e
b4
a4
2014e
b3
a3
2013e
b2
a2
2012
b1
a1
GW
China World
SOLAR ENERGY IN CHINA 2014.PPT
Note: Policy Driven: The changes witnessed in China solar energy market is primarily due to the stabilization in the European market
7
SAMPLE
Electricity demand projected to grow at x% CAGR during
2008-35 is poised to drive solar energy growth in China
Growing Energy Demand (2/2)

Note: Mtoe Mn tonnes of oil equivalent; Production in TWh (Tera Watt Hours); Power Capacity in GW; HP: Hydro Power; WP: Wind Power; CFP: Coal Fire Power
Electricity Demand
0
20,000
40,000
2025
y4
x4
2020
y3
x3
2015
y2
x2
2008
y1
x1
Twh
x
2035
y6
x6
2030
y5
x5
China World
Expected PV Role (2050)
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
a3 a4 a5
Production B b1 b2 b3 b4 b5
Power Capacity A a1 a2
Nuclear Wind Power PV Others Hydro Power
SOLAR ENERGY IN CHINA 2014.PPT
8
SAMPLE
Growing emphasis on renewable energy to act as a major
growth driver for the solar energy market in China
China aims to source more than x% of its energy requirement from renewable sources by 2020
The country intends to replace around aa mn tons of standard coal equivalents of fossil energy
with renewable energy by 2015
Investments required to meet the renewable energy target of x mn tons of standard coal
equivalents by 2020 is estimated at around USD y bn
During 12
th
plan solar power has an estimated investment potential of around USD a bn
In 2013, The National Energy Administration (NEA) of China has been planning to set up
distributed solar PV demonstration power plants across the country
Increasing investments in solar projects with a view to meet the renewable energy targets is
expected to have a favorable impact on the growth of the solar energy market
Focus on Renewable Energy Impact
Category
2011 2015
(USD bn)
Solar Water Heater and
Surface Geothermal Energy
x
Biomass y
Solar Power z
Wind Power a
Others b
Investment Potential (12
th
Plan) Renewable Energy Targets by 2015
100%
80%
60%
40%
20%
0%
GW
2020e
B
b4
b3
b2
b1
2009
A
a4
a3
a2
a1
Solar PV Biomass Power
Wind Power Hydro Power
SOLAR ENERGY IN CHINA 2014.PPT
9
SAMPLE
Insufficient state of Power Grid act as a greatest hindrance
to the development
Currently, China is facing serious grid connection problem in integrating solar power to the grid
In 2012, around 1 GW of capacity was newly installed in the province of Qinghai, but only x % of
it was connected to the grid in good time
Despite of all, the country does not have enough transformers for the mn kilovolt (kV)
transmission lines
In Tibet, the construction of a aa kV line to connect additional solar power plants has been
delayed due to grid connection problems
Insufficient State of Power Grid Impact
Only x% of total
capacity was
connected to the grid
Connection Status
0
200
400
600
800
1,000
MW
a
Connected To Grid
b
Newly Installed
Capacity
SOLAR ENERGY IN CHINA 2014.PPT
10
SAMPLE
Note: Changed according to May 2014 exchange rate
BIPV Program Vs. Golden Sun Program
Subject BIPV Program Golden Sun Program
Applications XX1 YY1
System Size XX2 YY2
Subsidy XX3 YY3
Other Terms XX4 YY4
Comparative Analysis (BIPV/Golden Sun)
SOLAR ENERGY IN CHINA 2014.PPT
11
SAMPLE
CSP technology is gaining immense popularity in Chinese
solar energy market
In 2013, China announced its plan to build aa GW Concentrating Solar Power(CSP) installations
by 2015, more than the current cumulative world total CSP installation
12
th
Five-Year Plan has clearly recognized the potential of CSP in China, with the target being
raised to x1 GW of commercial-scale activity by 2020
The x2 GW of CSP installations by 2020 would be located mainly in Tibet, Inner Mongolia, Gansu, Ningxia,
Xinjiang, Qinghai, and Yunnan, all provinces with high levels of insolation
China will emerge as the worlds leading CSP proponent if the country met its target of installing
x3 GW of CSP solar
Focus on CSP Technology
Players are
focusing on CSP
technology
CSP Solar Target (2015)
0
10
20
30
2011
mn kw
A
2020e
a2
a1
China announced in 2011 a goal of a
GW for solar power by 2015,
including a1 GW for CSP, and then
raising the goal in 2012 to b GW for
PV and c GW for CSP
SOLAR ENERGY IN CHINA 2014.PPT
12
SAMPLE
Chinese solar players are mainly focusing on semiconductors
and semiconductor equipment investments
Text 1
Text 2
Text 3
Text 4
Text 5

Steady IT Investments
Players are
focusing on IT
Investment
IT Investments
Hanwha Solarone Co. Ltd. IT Investments
Note: Investment data for 2013 - 14; *(% of Total Investments); **Semiconductor and Semiconductor Equipment; *** IT Investments include semiconductor investments
0
20
40
60
80
100
D
Canadian
Solar
C
Trina
Solar
B
JA Solar
A
%*
Yingli
Green
G
GT
Advanced
F
Renesola
E
Hanwha
Solarone
a1
a2
Industrials
IT
C
Semiconductor Equipment**
SOLAR ENERGY IN CHINA 2014.PPT
13
SAMPLE
Mergers & Acquisitions (M&A)/Private Placement (1/x)
Announced
Date
Closed Date
Transaction
Type
Target Buyer/Investors Sellers
Deal Size
(USD mn)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
Note: Data for 2013 and 2014
SOLAR ENERGY IN CHINA 2014.PPT
14
SAMPLE
Investment Overview (x/x)
Player 1 Point A
Player 2 Point B
Note: Data for 2013 14 ; * 100% investments in Renewable electricity
D
A
B
C
IT
Utilities
Energy
Industrials
a1
Independent Power and Renewable Electricty*
x
y
Electric Power by Wind Energy
Electric Power By Solar Energy
a1
IT
a2
Semiconductors and Semiconductor equipment
SOLAR ENERGY IN CHINA 2014.PPT
15
SAMPLE
Market Competition Porters Five Forces Analysis


Text 3


Text 1
Text 4
Text 5


Text 2
Bargaining Power of Suppliers
Threat of New Entrants
Competitive Rivalry Bargaining Power of Buyers
Threat of Substitutes
Impact
Medium
Impact
Low
Impact
Medium
Impact
Medium
Impact
High
SOLAR ENERGY IN CHINA 2014.PPT
16
SAMPLE
Competitive Benchmarking (1/5)
Public Trading Comparables (FY 20--)
Player 1 Player 2 Player 3
Market Capitalization (INR mn) x1 y1 z1
Share Price (INR) x2 y2 z2
EV/EBITDA (x) x3 y3 z3
EV/Revenue (x) x4 y4 z4
PE Ratio x5 y5 z5
Note: Top 4 Public companies based on the Market Capitalization; Market Capitalization is as on 22/05/20--, Share Price is as on 21/05/20-- and PE ratio is as on
22/05/20--
SOLAR ENERGY IN CHINA 2014.PPT
17
SAMPLE
Key Ratios of Major 3 Companies Operational Basis (FY 20--) (x/x)
Competitive Benchmarking (x/x)
xxx
0
5
10
15
20
25
xx
Player 2
xx
xx
xx
Player 1
xx
xx
xx
xx
Player 3 Player 4
Debtors Turnover Ratio Inventory Turnover Ratio
CLOUD COMPUTING MARKET IN CHINA 2014.PPT
18
SAMPLE
Public: Domestic Company Player 1 (x/x)
Key People
Products and Services
Company Information Locations China
Corporate Address
Tel No.
Fax No.
Website
Year of Incorporation
Ticker Symbol
Stock Exchange
Name Designation
Headquarters
CLOUD COMPUTING MARKET IN CHINA 2014.PPT
Category Products/Services
Products
19
SAMPLE
Financial Snapshot Key Ratios
Financial Summary
The company earned a net profit of USD xx mn in FY 20--, as
compared to a net profit of USD xx mn in FY 20--
The company reported total Income of USD xx mn in FY 20--,
registering an increase of xx % over FY 20--
The company earned an operating margin of xx% in FY 20-- an
increase of xx percentage points over FY 20--
The company reported debt to equity ratio of xx in FY 20--, an
increase of xx % over FY 20--
Financial Summary
Total Income Net Profit/Loss
c
b
b
0 0
a a
y
x
20--
y
y
Profit
USD mn
x
Total Income
USD mn
x
20--
y
x
20-- 20--
Indicators Value (12/05/2014)
Market Capitalization (USD)
xx
Total Enterprise Value (USD)
xx
EPS (USD)
xx
PE Ratio (Absolute) xx
Improved Decline
Particulars
y-o-y change
(20--)
20-- 20-- 20-- 20--
Profitability Ratios

Operating Margin
Net Margin
Profit Before Tax Margin
Return on Equity
Return on Capital Employed
Return on Working Capital
Return on Assets
Return on Fixed Assets
Cost Ratios
Operating costs (% of Sales)
Administration costs (% of
Sales)
Interest costs (% of Sales)
Liquidity Ratios
Current Ratio
Cash Ratio
Leverage Ratios
Debt to Equity Ratio
Debt to Capital Ratio
Interest Coverage Ratio
Efficiency Ratios
Fixed Asset Turnover
Asset Turnover
Current Asset Turnover
Working Capital Turnover
Capital Employed Turnover
CLOUD COMPUTING MARKET IN CHINA 2014.PPT
Public: Domestic Company Player 1 (x/x)
20
SAMPLE
A%
B%
0%
Z%
Y%
20--
x
Z%
Y%
20--
x
0%
A%
B%
20-
-
x x
20-
-
Y% Y%
20-
-
x
Y%
Industry1
Region 1 Region 2
Key Business Segments Key Geographic Segments
Key Recent Developments
Description News
Overview

Joint Ventures

New Business

CLOUD COMPUTING MARKET IN CHINA 2014.PPT
Public: Domestic Company Player 1 (x/x)
21
SAMPLE
Text
Text

Text

Text

T
O
W
S
Strength Weakness
Opportunit
y
Threat
CLOUD COMPUTING MARKET IN CHINA 2014.PPT
Public: Domestic Company Player 1 (x/x)
22
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SOLAR ENERGY IN CHINA 2014.PPT