Gabelli基金经理John Segrich讲到他已经做空晶澳太阳能和宝威电源，因为德国和意大利计划减少太阳能补助。
Segrich没有透露他卖空了多少，并讲到市场已经充满同类产品。根据公司网站信息透露，晶澳太阳能主要生产太阳能电池，宝威电源是世界第二大太阳能转换器制造商（总部位于加利福尼亚）。
“新市场的争斗将让价格大幅下降，我们已经考虑到这种情况。“Segrich在电话采访中讲到（Segrich管理着大约4000万美元的Rye 基金）。
意大利政府计划减少光伏发电的支持，因去年已完成6GW的装机容量，是2009年全部产能的5倍。最大的市场德国也将在7月减少补助。The Bloomberg Global Leaders Solar Index自2月来跌幅达15%。
“可能接下来的一年意大利不需要运送任何光伏组件，现在盈利的公司可能在2季度挣不到任何钱。”Segrich讲到。
晶澳太阳能与合肥市签订投资协议将在2012为其增加3GW的产能。晶澳太阳能四季度的盈利从之前的330万美元激增至1.18亿美元，但它的股价自2月来下跌大约20%。
自2月4日管理层宣布一季度销售将低于分析师预期来宝威电源下跌了大约34%。Segrich透露这两个公司是他的最大的空头头寸之一。
Gabelli & Co. fund manager John Segrich said he has shorted JA Solar Holdings Co. and Power-One Inc. (PWER) as Italy and Germany plan cuts to solar-power subsidies.
Segrich, who didn´t disclose how much borrowed stock he sold, said some of the best markets for their products have too much supply. Shanghai-based JA Solar makes solar cells, and Power-One of California is the second-largest manufacturer of solar-power inverters, according to the company’s website.
“It’s going to take prices collapsing to open up new markets,” Segrich, who manages about $40 million at Rye, New York-based Gabelli, said in a telephone interview yesterday. “We’ve got the hard-landing scenario.”
The Italian government plans to reduce incentives for photovoltaic power generators in June as developers installed as much as 6 gigawatts of capacity last year, five times its total potential at the end of 2009. Germany, the world’s biggest market, is set to lower subsidies in July. The Bloomberg Global Leaders Solar Index has lost about 15 percent since Feb. 18.
“You may not need to ship any more modules into Italy for the rest of the year,” Segrich said. “You have companies that are earning money now that might not earn any money in the second quarter.”
JA Solar said yesterday it agreed to set up a new factory in the Chinese city of Hefei that will add 3 gigawatts to its annual production capacity from 2012. The company saw profit surge to $118.7 million in the fourth quarter from $3.3 million in the year-earlier period. Its stock has slumped about 20 percent since Feb. 18.
Segrich, who manages one hedge fund and one mutual fund, said he sees solar panels selling for between $1.65 and $1.70 a watt compared with $1.90 in the fourth quarter. He forecast panel prices will dip below $1.50 per watt by the end of June.
Power-One has lost about 34 percent since Feb. 4 when its management said first-quarter sales will trail analysts’ expectations. Segrich said the two companies are among his biggest short positions.
>
>
