Through its subsidiary, Zhejiang Yuhui Solar Energy Source Co. Ltd. (“Yuhui”), ReneSola, Ltd., engages in the manufacturing and sale of solar wafers and related products in the People’s Republic of China. Committed to technology innovation and with a corporate mission dedicated to developing clean energy, Yuhui remains focused on wafer production, while establishing long term relationship with leading international suppliers and customers.
As a leading Chinese wafer manufacturer, Yuhui has 226 monocrystalline furnaces and 32 multicrystalline furnaces with a combined annual production capacity of 378 MW as of the end of 2007. Yuhui is well on its way to achieving its corporate objective of becoming a world-class company in the photovoltaic industry.
They are quickly becoming a major player in the Semiconducter-Integrated Circuit industry, which has been growing at an incredible pace. World solar demand is doubling every two years and the demand in China is set to grow even faster as it increases its share of global solar manufacturing. ReneSola is at the forefront of Chinese ingot and wafer manufacturing, and is set to increase its presence in this space. The company continues to post impressive sales figures, and can translate those sales into an 18.77% profit margin.
For the quarter ended September 30, 2007, the company had $152.9 million in total revenues, an increase of 194% year over year. The bottom line was a net income of $34.77 million, which was a 42% increase year over year. The stock is currently trading slightly below $10 per share, well below the $13 per share price at the time of its January 29th IPO. An analyst for Shazamstocks.com has the fair value of the stock at $34 and believes that in the near future the stock will rise to the $18-20 range.
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