China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>C1H23 solar PV and wind power capacity addition grew 154% and 72% YoY in China, significantly above 2022 growth. With the real estate fallout, renewable capex will likely stay robust. </li>
<li>We view hydrogen being constrained by its end use in the near future. Incremental renewable capex will still go to solar and wind;</li>
<li>Capacity addition is a long-term problem. But we don’t think overcapacity is an issue now. Capacity investment in upgrading technology is a plus. The more should be the better.</li>
</ul>


C1H23 solar PV and wind power capacity addition grew 154% and 72% YoY in China, significantly above 2022 growth. With the real estate fallout, renewable capex will likely stay robust. 
We view hydrogen being constrained by its end use in the near future. Incremental renewable capex will still go to solar and wind;
Capacity addition is a long-term problem. But we don’t think overcapacity is an issue now. Capacity investment in upgrading technology is a plus. The more should be the better.


[Blue Lotus Sector Update]: Is There a Good Capacity War from China?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>First Solar delivered an all-around beat in the most recent quarterly results.</li><li>Driven by supportive industrial and trade policies, compelling market fundamentals, and robust customer demand, First Solar continued investing and expanding in U.S. domestic manufacturing.</li><li>First Solar purchases Evolar AB in the search for next-generation solar cells.</li></ul>

First Solar delivered an all-around beat in the most recent quarterly results.Driven by supportive industrial and trade policies, compelling market fundamentals, and robust customer demand, First Solar continued investing and expanding in U.S. domestic manufacturing.First Solar purchases Evolar AB in the search for next-generation solar cells.

First Solar Inc.: Can The New Bifacial Solar Panel Power The Future? - Major Drivers

<ul><li>First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.</li><li>The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.</li></ul>

First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

<ul><li>First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic capacity coming online as well as a new Series 7 product.</li><li>The company commenced initial production at its next-generation Series 7 factory in Ohio will continue to ramp this year.</li><li>Furthering its manufacturing program, First Solar recently announced an innovative 3.5-gigawatt Series 7 factory in Alabama and also a 0.9-gigawatt rise to nameplate capacity at its Ohio factories.</li></ul>

First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic capacity coming online as well as a new Series 7 product.The company commenced initial production at its next-generation Series 7 factory in Ohio will continue to ramp this year.Furthering its manufacturing program, First Solar recently announced an innovative 3.5-gigawatt Series 7 factory in Alabama and also a 0.9-gigawatt rise to nameplate capacity at its Ohio factories.

First Solar Inc: A Strong Start To 2023 – Key Drivers

<ul><li>First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to revenues as well as earnings.</li><li>The company’s manufacturing plants produced 2.4 gigawatts of modules in the third quarter and sold 2.8 gigawatts.</li><li>Besides, their current fleet's manufacturing performance metrics remain consistent, and plans for the third manufacturing plant in Ohio are still on track.</li></ul>

First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to revenues as well as earnings.The company’s manufacturing plants produced 2.4 gigawatts of modules in the third quarter and sold 2.8 gigawatts.Besides, their current fleet's manufacturing performance metrics remain consistent, and plans for the third manufacturing plant in Ohio are still on track.

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

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First Solar Inc (FSLR US)

[Blue Lotus Sector Update]: Is There a Good Capacity War from China?

Capacity addition is a long-term problem. But we don’t think overcapacity is an issue now. Capacity investment in upgrading technology is a plus....

Blue Lotus Research Institute

First Solar Inc.: Can The New Bifacial Solar Panel Power The Future? - Major Drivers

First Solar delivered an all-around beat in the most recent quarterly results. Driven by supportive industrial and trade policies, compelling...

Baptista Research

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations...

Baptista Research

First Solar Inc: A Strong Start To 2023 – Key Drivers

First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic...

Baptista Research

First Solar Inc: Major Drivers

First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to...

Baptista Research

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