Table of contents
China Alternative Energy: investment thesis........................................................... 3
A snapshot of China’s power industry ................................................................... 12
China solar sector vertical integration – cost analysis............................................ 23
Global solar PV demand update............................................................................. 27
China wind power sector analysis.......................................................................... 31
Carbon trading in China ........................................................................................ 40
China nuclear power sector analysis...................................................................... 42
Yingli (YGE US) .................................................................................................... 49
Investment thesis .................................................................................................. 50
Valuation............................................................................................................... 51
Earnings outlook ................................................................................................... 55
Suntech (STP US) ................................................................................................. 67
Investment Thesis ................................................................................................. 68
Valuation............................................................................................................... 69
Earnings Outlook .................................................................................................. 73
LDK Solar (LDK US) .............................................................................................. 90
Investment thesis .................................................................................................. 91
Valuation............................................................................................................... 92
Earnings outlook ................................................................................................... 95
Solargiga (757 HK) ............................................................................................ 113
Investment Thesis ............................................................................................... 114
Valuation............................................................................................................. 116
Earnings Outlook ................................................................................................ 119
CPNE (735 HK) .................................................................................................. 131
Valuation............................................................................................................. 132
Investment thesis ................................................................................................ 133
CNNC Intl (2302 HK) ......................................................................................... 139
Valuation............................................................................................................. 140
Investment thesis ................................................................................................ 141
Gintech Energy (3514 TT).................................................................................. 148
China polysilicon production ground survey - issue 1........................................ 155