PVinsights : Overall performance of Taiwanese cell makers deteriorated seriously in 3Q14.

Average net profit margin of major Taiwanese cell makers plunged dramatically from 2.68% to -8% in 3Q14 as the sales and gross margin stepped down.

1. Sales revenue of major Taiwanese cell makers was NTD 19.3 billion in 3Q14, a significant decrease of NTD 6.1 billion, with -24 % QoQ growth rate primarily due to the plunge of shipment and ASP.

2. In 3Q14, average gross margin of major Taiwanese cell makers was -2.2%, a decrease of 10.8% since the cell companies sold their products near or below their cash cost to stimulate cell demand.
3. Average net profit margin of major Taiwanese cell makers plunged dramatically from 2.68% to -8% in 3Q14 as the sales and gross margin stepped down. Hence, Overall Taiwanese ROA ratio and ROE ratio declined as well.
4. Overall major Taiwanese cell manufacturers had low liquidity risk with current ratio above 100%. Yet, with the increase of inventories, the quick ratios of Tainergy, Eton and Solartech get worst in 3Q14.

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