DALLAS, Jan. 11, 2010 (GLOBE NEWSWIRE) -- StockPreacher.com announces an investment report featuring ReneSola Ltd. (NYSE:SOL). The report includes financial and investment analysis, analyst consensus, and pertinent industry information you need to know to make an educated investment decision.
The full report is available at: http://www.stockpreacher.com/n/SOL
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ReneSola Ltd. (SOL) is a manufacturer of solar wafers. As of December 31, 2008, SOL had 306 monocrystalline furnaces and 64 multicrystalline furnaces installed. As of December 31, 2008, it had annual wafer manufacturing capacity of approximately 645 megawatt, consisting of monocrystalline wafer manufacturing capacity of approximately 325 megawatt and multicrystalline wafer manufacturing capacity of approximately 320 megawatt. It offers monocrystalline wafers and multicrystalline wafers of various sizes and thicknesses. The Company is one of the wafer manufacturers in China capable of slicing wafers with a thickness less than 180 microns.
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In the report, the analyst notes:
"Gross profit for Q3 2009 was US$4.7 million, compared to US$4.3 million in Q2 2009 and US$45.8 million in Q3 2008. Gross margin for Q3 2009 was 3.4%, compared to 5.1% for Q2 2009 and 21.2% for Q3 2008. The sequential decrease in gross margin was a result of further wafer ASP decline and the residual higher cost of inventory worked through during the quarter.
"SOL last week announced that it has determined not to proceed with its acquisition of Dynamic Green Energy Ltd. (Dynamic Green). SOL and Dynamic Green, which operates through its wholly owned subsidiary Jiawei Solarchina Co., Ltd. (Jiawei) and other Chinese operating subsidiaries, announced a share purchase agreement on September 23, 2009, under which SOL agreed to acquire 100% of the shares of Dynamic Green, subject to customary closing conditions. While the acquisition and share purchase agreement were approved by both companies' boards of directors, the transaction has not been approved by local government agencies where an operating subsidiary of Jiawei is located."
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