GET, Gintech Witness Increasing Revenue in March, While NSP Still in Transitional Stage

Taiwanese PV makers like Gintech, NSP, and GET announced their financial results for March and 1Q17. GET and Gintech saw better sales performance compared to February this year, but NSP’s consolidated revenue declined by more than 10% MoM since the company’s still in transitional stage.
 
GET announced that the company’s consolidated revenue reached NT$ 930 million in March, up 8.7% from February and down 48% from the same period last year. Its cumulative revenue reached NT$ 2.627 billion in 1Q17, down NT$ 5.269 billion from the same period last year. GET said they will conduct product mix adjustment to respond to the market change, focusing on high-end brick and wafer business for upstream sector and module development for downstream sector. They will put niche products as their sales priority to optimize production line efficiency. Currently, GET’s in-house capacity utilization rate is about 90%.
 
Gintech’s revenue reached NT$ 1.196 billion in March, up 7.1% MoM and down 21.1% YoY. Its revenue reached NT$ 3.418 billion in 1Q17, a 13.7% rise from the previous quarter and a 30% dip from the same period last year. The changes in revenue showed the impact from the changes in the Chinese booming demand in 2016 and 2017.
 
On the other hand, Gintech saw increasing revenue in March thanks to lower average selling prices caused by higher utilization rate. The company is able to maintain stable module and OEM operational status. In addition, since the 400MW is about to be put into production at its Thailand factory, Gintech’s shipment also experienced double-digit quarterly growth. Gintech believes that demand will start to increase before June 30th, leading to stable market condition and prices. Gintech also believes that market competition will rationalize.
 
Recently announced the restructure plan of capacity, NSP indicated that the company’s revenue continued to reflect a downtrend because they are still in transition period. Its revenue reached NT$ 661 million in March, down 10.02% MoM, while the cumulative revenue reached NT$ 2.162 billion in 1Q17, a 63.37% drop from the same period last year. NSP pointed out that they will mainly produce high-efficiency PERC cells with higher profits in Taiwan. Following the rollout of the 200MW module capacity and on-track power plant business, the benefits for transition will begin to show for NSP.
 
According to the phone interview conducted by EnergyTrend, NSP is expected to turn losses around again in 4Q17.