China poly-Si wafer maker LDK lowers 4Q08 outlook, 2009 forecast
7 January 2009]
LDK Solar, the largest producer of solar-grade polycrystalline silicon (poly-Si) wafers in China, has announced the downward adjustment of its fourth-quarter 2008 outlook and 2009 projections, with fourth-quarter 2008 revenues dropping by 23% from original estimates.
The downward adjustment is due to the negative impact of the global economic recession, LDK indicated.
LDK's first poly-Si factory with an annual production capacity of 1,000 metric tons has begun production in small volumes, but large scale capacity utilization will be postponed until mid-2009, the company pointed out. However, the construction of its second poly-Si factory with an annual capacity of 15,000 metric tons remains on schedule and production will kick off in the second quarter of 2009, LDK noted.
In addition, LDK will expand its annual production capacity of poly-Si wafers from an equivalent of 1.46GWp at the end of 2008 to that of 2.3GWp at the end of 2009, the company indicated.
LDK: Adjusted operational goals, Jan 2009
Item
Fourth-quarter 2008 outlook
2009 forecast
Original
New
Adjusted down
Original
New
Adjusted down
Revenues (US$m)
555-565
425-435
23.0-23.4%
2,900-3,100
2,300-2,500
13.8-20.7%
Wafer shipment volume (GWp equivalent)
0.260-270
0.245-0.255
5.6-5.8%
1.80-1.85
1.57-1.67
9.7-12.8%
Gross margin
18-21%
10-13%
8 percentage points
26-31%
22-27%
4 percentage points
Poly-Si output (metric ton)
N/A
N/A
N/A
5,000-7,000
3,000-5,000
28.6-40.0%
Source: Company, compiled by Digitimes, January 200
7 January 2009]
LDK Solar, the largest producer of solar-grade polycrystalline silicon (poly-Si) wafers in China, has announced the downward adjustment of its fourth-quarter 2008 outlook and 2009 projections, with fourth-quarter 2008 revenues dropping by 23% from original estimates.
The downward adjustment is due to the negative impact of the global economic recession, LDK indicated.
LDK's first poly-Si factory with an annual production capacity of 1,000 metric tons has begun production in small volumes, but large scale capacity utilization will be postponed until mid-2009, the company pointed out. However, the construction of its second poly-Si factory with an annual capacity of 15,000 metric tons remains on schedule and production will kick off in the second quarter of 2009, LDK noted.
In addition, LDK will expand its annual production capacity of poly-Si wafers from an equivalent of 1.46GWp at the end of 2008 to that of 2.3GWp at the end of 2009, the company indicated.
LDK: Adjusted operational goals, Jan 2009
Item
Fourth-quarter 2008 outlook
2009 forecast
Original
New
Adjusted down
Original
New
Adjusted down
Revenues (US$m)
555-565
425-435
23.0-23.4%
2,900-3,100
2,300-2,500
13.8-20.7%
Wafer shipment volume (GWp equivalent)
0.260-270
0.245-0.255
5.6-5.8%
1.80-1.85
1.57-1.67
9.7-12.8%
Gross margin
18-21%
10-13%
8 percentage points
26-31%
22-27%
4 percentage points
Poly-Si output (metric ton)
N/A
N/A
N/A
5,000-7,000
3,000-5,000
28.6-40.0%
Source: Company, compiled by Digitimes, January 200
