129784668078178750_38Suntech "midlife crisis"
"The richest man in the Sun" Shi "Sun King" Shi ideal of Suntech Power ("Suntech") described as a middle-aged man, 35 years old-a tall, handsome, strong
tera gold, responsible, quick thinking, open and dynamic, always challenge their own limits. March 2012 publishing company reported for the year 2011, this "Year man "is going through an unprecedented" midlife crisis ".
Venture capital for ten years, shipments of the world's largest, loss--the first full year net loss of us $ 1 billion for the industry, the top spot on the charcoal Pan big burning man. In fact, the industry profit levels generally higher in 2010, Suntech's main industry has been losing money. More and more attention isGermany people started asking questions: Suntech going on here? Surge capacity, price collapse of Suntech's rise in the "transnormal development".
When the "richest man in the Sun" Shi as a "made in China" appeared on the international stage, the representative of the new image, "Suntech miracle", "Suntech myth" interpretation of a great number. In September 2002, Suntech first 10 megawatts of solar panelsProduction line put into operation, national solar cell production capacity equivalent to 4 years combined.
Prior to 2004, Suntech capacity not more than 100 MW. Christmas Eve 2005, Shang Decheng headed home in the United States of Chinese private enterprises listed on the New York Stock Exchange. Demonstration effect survey of this initiative is that future collective landing in North America over more than 10 Chinese PV companies, securitiesFarm.
In 2006, Suntech from 150 megawatts of production capacity increased to 270 MW, an increase of 80%. By 2007, capacity expansion of Suntech to 540 megawatts.
5 years, Suntech completes the goals of general business may 30 years to complete. In front of the international financial crisis, Shi pace of expansion has not ceased. In August 2008, the formerFoxconn executives Jiang Zongxian "Airborne" Suntech, became chief operating officer.
Shi Jiang Zongxian task is to expand production capacity, 3-5 to keep up with the future marketing plans.
Starting from the second quarter of 2010, Suntech has shipped more than United States counterparts, ranking first in the world. Market when its infinity, as long as the ship will be able to make money. Key market is that supplyBusiness productivity.
Many listed in the US PV companies reported, before and after the 2005 gross margins were higher than the 20% of PV components industry as a whole, some companies even more than 30%. All capital wealth myths under the stimulus of surging into the photovoltaic industry. 2001 Shi businesses, Chinese photovoltaic cell production of only 3 megawatts by 2007 China PV powerPond production has 1088 megawatts, ranking first in the world, grew by more than 360 times 6 years.
After 5 years, annual production capacity of nearly 150%. "Many baganzidabuzhe businesses to do PV", Beijing Jiaotong University solar Institute Director Xu Zheng told the look East magazine, "Shandong textile, Wenzhou, many in the SouthClothing, leather, leather goods and even glasses enterprises are coming in. "Fever of capital brought the irrational exuberance of the industry.
Low level duplication, growing homogenization of competition, industry profit was quickly diluted. Technology study on origin of Shi does not seem to be good at price/performance advantages of competition. Suntech's net profit margin under continued after the 2004 per centFall. 2005-2007 years and even in the prosperity of the industry in 2009, Suntech is also maintained a lower net profit margin.
At the same time, Suntech's debt to capital ratio has been high. "Blue Ocean industries formed a pattern of Red Sea, PV profiteering era ended forever. "Original Wuxi Suntech CFO, Tin Wah Sun holdings CEO Zhang, Yi WangEast magazine said, "over the years many PV has far exceeded capacity expansion of the enterprise profit and cash flow to support, expand annual production capacity of more than 100%. 90% capacity expansion depends on the cash flow and bank financing. "In 2011, the reduced solar subsidies in Europe and the United States debt crisis, the impact of multiple factors such as polysilicon prices plummeted, photovoltaic industry intoWinter, CSG Solar Jiang Weiwu, head of Division, in the words of: "five enterprise is in a shutdown state, 30% half of enterprise production, 20% the rest is barely maintained status.
"The speed of expansion over the years industry face the dilemma of overcapacity, excess. Industry benchmarking Suntech has to slow down the pace, turned to reduce production costs, programme 2012 component at the end of the target cost dropped to $ 0.65 per watt in 2011, representing a decline by half. Industrial chain for trouble as Xiaobo Wu (Twitter) says in the lost: when the enterprise is in General accelerating development stage when all covered up by the crisis are speed. However, after you entered a period of steady, all defects and contradictions will oneTo expose a. Low gross margin has been plagued by Suntech.
High cost mostly the lack of silicon and silicon wafers in the upper link.
A long time, there has always been a business model within the PV industry and organization, represented by Yingli Green energy firm to do the vertical integration of enterprises, represented by Suntech enterprises believe in specialization of production. The international financial crisisVolt businesses suffered its first "Shuffle", Silicon metal from high price drop of $ 500 per kg to dozens of dollars, component of the small and medium plant or factory stopped production of Silicon material, fail, most factory Maori has been negative. Vertically integrated factory "good landscape", Trina and Yingli factory not only retains the industry gross margins of the Championship, also have "minimum cost" of reputation.This got Shi into reflection: "when an industry is not mature, even the very early stage
tera power leveling, of the whole industrial chain is a definite advantage. Because the supply chain is not in itself a sound, if you can control the supply chain, to control profit levels. As the industry matured slowly, turning professional might be more appropriate. "So the company decided to own 50% 's Silicon, leftUnder half rely on procurement, this can effect, and reserved for the specialized turning space. To strengthen control of the industry chain, Suntech was attempting to establish a PV Union, and Rimpac silicon wafer joint venture, was founded, and at a cost of nearly $ 100 million acquisition of silicon vendors Shun large holdings. These two types of investment are not successful to review, at least not sayAbundance of Shi business integration experience. Suntech has not given up on the extension of the industrial chain. In 2009, Suntech 6.4 million euros of investment polysilicon producers in Asia small amounts of equity in the silicon industry. The end of 2010, Suntech to buy silicon wafer manufacturer de new energy. The end of 2011, Changzhi city, Shanxi Province Government confirmed that in to coal resources in exchange for investmentUnder funding commitments, Suntech has invested a 30,000 ton polysilicon projects on the ground. During this period, Shi has moved into the lower reaches of the Luxembourg formed a joint venture company--universal solar project solar energy fund, Suntech committed to a 258 million euros, 86% of the total fund size. Since its inception in 2010, the Fund's contribution is largest in the Shang DecaiPoints. Suntech Power, Director of public relations, Chen Xiao (micro-blogging) look East told the weekly in the East: "Suntech has always wanted to maintain professional survival, but will look at different stages to make Adaptive changes. Despite the industry-wide access to a certain amount of interest, but the burden of enterprises are large, can already see examples. Thing, this company has always wanted to do, but larger outside interference, which isGerman test.
"Another major reason for the differences of high costs attributable to the employment system.
To reserve international talents, Suntech has two personnel changes, a large number of introduced talents with multinational backgrounds and overseas life experience. Between the new and old, more contradictions between international personnel and local talent, communication costs increase exponentially. One company from professional tube"Many simple things is very complex, internal friction is very large. "In June 2010, the company employee turnover rate at the basic level from five spurt to 6%.
Back at the expense of full pay 20%~30% to calm down. Management personnel and differences on the expansion has been made public. More than an old staff on the rapid expansion of the company objects to the debt ratio at a high level.In 2011, Senior Vice President, CFO Zhang, Yi Cai Shijun, and then to follow Shi Shao Huaqian, Deputy Chief Executive of venture capital veterans for many years away one after another. Have overseas executives chose to leave. In July 2011, Suntech, United States, President Chen Lizhi departure. On January 21, 2012, Chief Operating Officer and Vice President of product management for the company DavidHOgg "for personal reasons" to resign. Staged with the decline of industry executives tide off won't really matter.
Because PV shares collective depression, since 2011, Trina solar
tera power leveling, LDK LDK, ja solar, renesola sunshine more than United States listed PV company's CFO, Audit Committee Chairman in succession to leave. Now, Shi started another try�� He established the school of leadership, training senior officers; selection of potential managers, sent to the company in the branch of global participation in international operations.
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