More Solar Woes at Trina, Renesola 昱辉阳光、天合光能：旧伤未去，新伤又来

By newsdoug on July 13, 2011

More worrisome noises are coming from China’s large but struggling solar industry, with the latest sounds of trouble emerging from Trina (NYSE: TSL) and Renesola (NYSE: SOL), two of the top players. The most worrisome rumblings are coming from Trina, which has just announced the departure of its audit committee chairman, an independent director, and some changes at its corporate governance committee. (company announcement) These kinds of moves will certainly look suspicious to investors, Looming storm in Trina shuffle? especially in the current environment that has seen a ballooning confidence crisis in accounting practices by overseas-listed Chinese firms. Trina shares fell 8.5 percent in New York on Tuesday, and I wouldn’t be surprised to see more drops in the days ahead as the market holds its breath and waits for signs of a new accounting scandal. As the saying goes, where there’s smoke there’s often fire, and the solar industry is probably due for a scandal as it struggles with its worst-ever downturn amid plunging prices and oversupply. In the second bit of worrisome news, Renesola has sharply revised downward its second-quarter guidance, dropping its module shipment and revenue forecast both by about 15 percent. (company announcement) The company cites declining wafer prices and a “challenging solar module market” behind the steep revisions, which should come as a surprise to no one considering the weak state of the industry. Renesola’s shares were unchanged in Tuesday trade, probably because people were already expecting the worst. But concerns about potential accounting scandals in this battered sector certainly won’t help China’s solar stocks over the short term, and look for the entire industry to take a hit if such a scandal really does emerge — something that looks likely.

Bottom line: China’s already-struggling solar stocks could soon take another hit if and when any accounting scandal emerges following a worrisome announcement by Trina Solar.

中国苦苦挣扎的太阳能行业再传忧心噪音，而最近的麻烦来自业内两个数一数二的大企业：昱辉阳光能源<SOLA.L>与天合光能<TSL.N>。最为令人忧心的当属光合天能。该公司刚刚宣布独立董事兼审计委员会主席离职，公司治理委员会也有人事调整。此类动作必令投资者起疑，尤其当前中国海外上市企业正面临会计问题上的巨大信任危机。天合光能周二在纽约股市大挫8.5%。市场屏息等候企业再爆会计丑闻之际，未来几天如果天合光能股价继续下探，我不感意外。俗话说得好，无风不起浪，太阳能行业在苦苦挣扎于当前颓势、价格下挫与供应过剩之时，或许会爆出新的丑闻。第二条令人忧心的新闻则是昱辉阳光大幅下修二季度财测，模块与营收预测下修幅度双双约达15%。公司称调降财测主要源自硅片价格下降和太阳能工业面临的“挑战”。昱辉股价周二保持稳定，原因可能是人们对坏消息已经早有准备。但是短期而言，市场对会计丑闻的担忧显然对中国太阳能题材股而言不是好消息，如果真爆出此类丑闻，那估计整个行业都会受到冲击。

一句话：天合光能宣布独立董事兼审计委员会主席离职後，如果业内爆出会计丑闻，中国本已苦苦挣扎的太阳能题材股可能再受重创。