Daqo New Energy Corp. is a polysilicon manufacturer based in China. It recently has expanded to the downstream photovoltaic manufacturing businesses to establish facilities for wafer and module manufacturing. Its current wafer and module manufacturing annual capacities are, 125MW and 100MW, respectively. It manufactures and sells polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions.
Daqo New Energy Corp. was incorporated in Cayman Islands as Mega Stand International Limited in November 2007. It changed the corporate name to Daqo New Energy Corp. in August 2009.
In January 2008, it established Chongqing Daqo New Energy Co., Ltd., or Chongqing Daqo, as the wholly owned operating subsidiary in China. Through Chongqing Daqo, it focuses primarily on the manufacture and sale of polysilicon and has recently expanded into the wafer manufacturing. In addition to Chongqing Daqo, it established Nanjing Daqo New Energy Co., Ltd., or Nanjing Daqo, in December 2007 in China, through which it conducts the module manufacturing business. In January 2009, it established the wholly owned subsidiary Daqo Solar Energy North America, or Daqo North America, in California to promote products in North America. In April 2011, it established a wholly owned subsidiary, Daqo New Energy Holdings (Canada) Ltd., or Daqo Canada, to expand the operations in Canada. In February 2011, to expand its polysilicon manufacture capacities, Daqo New Energy Corp. established another wholly owned subsidiary in China Xinjiang Daqo New Energy Co., Ltd., or Xinjiang Daqo.
The company shut its main polysilicon production plant in Wanzhou, China for annual plant maintenance during the fourth quarter in 2012.
Daqo New Energy produced 3,771 MT and 4,524 MT of polysilicon in 2010 and 2011, respectively. It increased the annual production capacity to 7,300 MT by the end of 2012 through adding a Phase 2 production line and improving the production efficiency. Daqo New Energy currently sells polysilicon to China-based photovoltaic product manufacturers. The majority of its sales are made under framework contracts. It also sells a significant portion of polysilicon on a spot pricing basis. As of December 31, 2011, its major photovoltaic product customers included operating entities of Hanwha SolarOne, Solargiga, Tianwei New Energy and Yingli Green Energy.
Daqo New Energy Phase 1a wafer manufacturing facilities in Chongqing commenced commercial production with 125MW capacity in July 2011. It uses own polysilicon to produce wafers, and sells module products to photovoltaic system integrators and distributors in China. It had an annual module production capacity of 100MW at facilities in Nanjing at the end of 2011. Daqo New Energy Corp. commenced commercial production of modules in May 2010 and shipment to Europe in July 2010.
Daqo New Energy seems to have achieved growth since it commenced commercial production of polysilicon in July 2008. It produced 1,523 MT, 3,771 MT and 4,524 MT of polysilicon and sold 1,498 MT, 3,650 MT and 3,947 MT of polysilicon in 2009, 2010 and 2011, respectively. It generated revenues of $111.2 million, $242.7 million and $255.8 million and achieved net income attributable to Daqo New Energy Corp. shareholders of $30.8 million, $68.6 million and $33.3 million in 2009, 2010 and 2011, respectively.
Daqo New Energy expanded Wanzhou Annual Polysilicon Manufacturing Capacity from 4,300 MT to 9,000 MT in 26, August, 2011.
The top competitors of Daqo New Energy are GCL-Poly Energy Holdings Ltd., Green Energy Technology Inc.[comma] Ltd., Hemlock Semiconductor Group.
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