With earnings reports out of solar shops like Solarfun Power
While I dubbed the firm's fourth-quarter shipment levels abysmal, CSI moved even less product this time around. Revenue wasn't quite as low as what JA Solar
As long as we're talking about revenue, I couldn't help but notice that fourth-quarter European revenue was adjusted downward by $4.2 million, or about 7% lower than initially reported. The change wasn't discussed in CSI's press release, and no analyst asked about it on the conference call. I guess we'll have to wait for the firm's 20-F filing, which is the foreign issuer's version of a 10-K.
In my take on Yingli's results, I attributed the shares' catapult to growing analyst recognition that crystalline silicon (c-Si) PV is becoming more competitive with thin film by the day. First Solar's
While the plunge in polysilicon prices (crystalline PV's key input) has somewhat stolen CSI's thunder when it comes to the company's e-Module offering, the rapidly shifting industry cost structure plays into this company's hands as well. While stocks like CSI and Trina Solar
Unfortunately, for an older vintage of solar investors, CSI still needs to quadruple to retake last year's highs. Perceptions of the shares' performance thus vary wildly, depending on how long someone's been involved with these extraordinarily volatile solar stocks.