Electricity generation figures for the second quarter of 2016

Due to the slowdown in Inner Mongolia, the total electricity generation of United Photovoltaic ("Joint Photovoltaic") grew by 50.7% in the second quarter of 2016 compared with the same period last year, down from 63.4% in the first quarter of 2016, but the valuation of United Photovoltaic is not expensive.

Total electricity generation increased by 50.7% over the same period last year. According to the 2015 rearranged figures, the total electricity generation of United Photovoltaic (UPV) increased by 50.7% in the second quarter of 2016 compared with the same period last year, down from 63.4% in the first quarter of 2016.

The performance varies from region to region. Inner Mongolia is the main power generation area of joint photovoltaic, accounting for 41.2% of the total electricity generation in the second quarter of 2016. The year-on-year growth of total electricity generation in Inner Mongolia fell from 84.0% in the first quarter of 2016 to 68.1% in the second quarter of 2016, explaining the decline in total photovoltaic power generation in the second quarter of 2016. However, year-on-year growth in Gansu improved, from-2.3% to 42.1%.

The total installed capacity has increased. Due to the additional 20 MW expansion in Xinjiang, the total installed capacity of joint photovoltaic increased from 976 MW in the first quarter of 2016 to 996 MW in the second quarter of 2016. The number of solar power plants has correspondingly increased from 25 to 26.

Valuation. According to market forecasts, United Photovoltaic's current share price corresponds to a price-to-earnings ratio of 7.7 times forecast earnings for fiscal year 2016. Considering that China Merchants New Energy is its main shareholder, the company's valuation is not high.