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1、SUSTAINABLEINVESTING:GlobalTechnologyAlternativeEnergySolarCellIndustryLooksAttractiveToward2010"TheGoldmanSachsGroup,Inc.Sunnyskiesahead.WhiletheburgeoningsolarcellindustrymayfaceagrowthslowdownintheshorttermduetosiliconmaterialMarch31,2006shortages,weex
2、pectanacross-the-boardsurgeinsolarcell-relatedearningsfromabout2008.IftechnologyenablescontinuedcostThisreportisthesecondinourcuts,thepotentialmarketscaleshouldexpandaccordingly.EnvironmentalstockseriesForanoverviewoftheinitiative,seeLaunchingOurEnvironme
3、ntalStockSeries,publishedMarch31,2006Solarcelldemandshouldtrebleby2010,stillampleroomforgrowthWeexpectglobalsolarcellinstallationtoreachabout4GWin2010,upfrom1.5GWinDaikiTakayama2005.ExpansionofsolarcelluseshouldcontinueowingtothespreadofelectricpowerGoldm
4、anSachs(Japan)Ltd.purchasingsystemsinEuropeandeffortstoexpanduseintheUSandAsia.Shortagesofdaiki.takayama@gs.comTokyo:81-3-6437-9870siliconmaterialsarelikelytocontinueuntil2007,butsupplyshouldmeetdemandthereafter.TakashiWatanabeGoldmanSachs(Japan)Ltd.2008t
5、obringendtomaterialsshortage,surgeinsolarcellmakerearningstakashi.watanabe@gs.comThesolarcell-relatedvaluechainshouldbenefitfromoverallmarketexpansionovertheTokyo:81-3-6437-9894medium/longterm,butprofitdistributionislikelytovaryindifferentphasesofdevelopm
6、ent.HisaakiYokooShort-termattentionshouldfocusonsiliconmaterialsfirmsandsolarcellmakersthatcanGoldmanSachs(Japan)Ltd.maintainmargins.Thepeaking-outofsiliconpricesshouldpromptsurgesinsolarcellhisaaki.yokoo@gs.commakers’earningsanddemandforproductionequipme
7、nt.Tokyo:81-3-6437-9930SarahForrestCostcompetitivenesstobeultimatedifferentiatoramongsolarcellmakersGoldmanSachsInternationalMakersofcurrentmainstaycrystalsiliconsolarcellsareseparatedbymaterialsprocurementsarah.forrest@gs.comLondon:+44(20)7552-9368streng
8、thandcost-cuttingtechnologies(conversionefficiency,waferthickness,yield,etc.).Longerterm,evaluationofnext-generationtechnologies(thin-film,spherical-silicon,EmilyChangGoldmanSachs(Asia)L.L.C.compound-semiconductor,d