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4-Traders Homepage  >  Equities  >  Nyse  >  Daqo New Energy Corp    

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Daqo New Energy Corp. : Daqo New Energy's CEO Dr. Gongda Yao Receives "2011 Chongqing Friendship Award"

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03/29/2012 | 06:55am CET

Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today announced its chief executive officer, Dr. Gongda Yao, received "2011 Chongqing Friendship Award" from Chongqing municipal government. This award was established in 2002 as the highest award to recognize foreign experts' contribution to the city. Mr. Qifan Huang, Mayor of Chongqing City and Mr. Zhengqi Ma, Executive Vice Mayor, attended the ceremony and presented the 10th annual awards to the laureates.

"The Chongqing Friendship Award is to recognize foreign experts, as top ranking talents in his or her own fields and positions, who have made great contributions to build up bridges of friendship among Chongqing City and the rest of the world," commented Mr.Qifan Huang, Mayor of Chongqing City. "Dr. Yao has been successfully leading Daqo New Energy to outperform in the fierce competition in global solar PV market and therefore develop into one of the most competitive solar companies in China."

Since Daqo New Energy commenced polysilicon production in 2008, the Company has been committed to continuously improve quality, lower cost and enhance capacity. Presently, Daqo's quality of polysilicon is among the best in class globally and its production cost is also competitive among the first-tier polysilicon manufacturers in China. Upon the completion of Phase II polysilicon project in Xinjiang, Daqo is expected to achieve 7,300MT capacity per annum with a world-class cost structure by the end of 2012.

"It's a great honor to receive Chongqing Friendship Award. We cannot attain the achievement without employees' effort and the great investment and work environment provided by Chongqing government,"commented Dr. Yao, Chief Executive Officer of the Company. "The award represents a recognition to the success in the past as well as an expectation for the future. We will continue our effort in technology innovation and efficient operation to deliver solar PV products with higher quality and lower cost, so as to create better opportunities for local employment and contribute more to the economy in the region."

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) is a leading polysilicon manufacturer based in China that aims to become a vertically integrated photovoltaic product manufacturer. Daqo New Energy primarily manufactures and sells high-quality polysilicon to photovoltaic product manufacturers. It also manufactures and sells photovoltaic wafers and modules. For more information about Daqo New Energy, please visit www.dqsolar.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; our ability to significantly expand our polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and our ability to successfully implement our vertical integration strategy. Further information regarding these and other risks is included in the reports or documents we have filed with, or furnished to, the Securities and Exchange Commission. Daqo New Energy does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Daqo New Energy undertakes no duty to update such information, except as required under applicable law.

Daqo New Energy Corp.
Kevin He, Investor Relations
+86-23-6486-6556
Kevin.he@daqo.com


© Business Wire 2012
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Financials ($)
Sales 2016 233 M
EBIT 2016 73,0 M
Net income 2016 47,1 M
Debt 2016 215 M
Yield 2016 -
P/E ratio 2016 4,76
P/E ratio 2017 5,13
EV / Sales 2016 1,88x
EV / Sales 2017 1,17x
Capitalization 221 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 33,3 $
Spread / Average Target 57%
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NameTitle
Gong Da Yao Chief Executive Officer & Director
Guang Fu Xu Chairman
Ming Yang Chief Financial Officer
Qiang Ming Zhou Chief Technology Officer
Xiang Xu Director
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