Daqo New Energy Corp
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Information Technology : Semiconductors & Semiconductor Equipment |
Based in China
Company profile

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company's segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions. The Company offers ready-to-use polysilicon, packaged to meet crucible stacking, pulling and solidification needs. The Company offers wafers through its downstream photovoltaic product manufacturing business. The Company also provides wafer original equipment manufacturer (OEM) service to external customers through tolling agreements by processing polysilicon to produce ingot and wafer. Its annual capacity for polysilicon is approximately 12,150 metric tons (MT) in Xinjiang. The Company's wafer manufacturing annual capacity is approximately 90 million pieces.

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Scarcity is keeping car prices from crashing down to Earth

11:14 am ET July 27, 2022 (MarketWatch)

By Joy Wiltermuth

'Balance sheets can be good, but if you lose your job it doesn't matter,' says Jason Callan, head of structured assets at Columbia Threadneedle

Scarcity at car sales lots has kept the roaring auto market from crashing down to earth, as it has in the housing market, even as inflation at a four-decade high squeezes paychecks.

Used-car prices jumped almost 40% higher last year due to microchip shortages and other bottlenecks, causing many borrowers with damaged credit to take out hefty loans at high interest rates.

This year has provided little relief as General Motors Co. (GM) and other automobile giants struggle with persistent supply-chain disruptions, including unfinished vehicles which are built but waiting on chips and other parts to be completed.

The supply crunch helped dash earlier hopes that a surge in the U.S. cost of living, last pegged at early 1980s levels, might soon retreat, even as the Federal Reserve looks to dramatically raise interest rates this summer to tighten financial conditions and quell demand from consumers.

"More inventory is coming on, but it's been slow, and it doesn't happen overnight," said Jason Callan, head of structured assets at Columbia Threadneedle Investments, about new-car production.

As a harbinger of financial stress for American households, Callan has been monitoring car repossessions as they edged up from pandemic lows as well as the uptick in borrowers with low credit scores falling behind on car payments.

"There's clearly been a slowing of demand from where it was, but it's still elevated relative to production," Callan said by phone. "I think the bigger concern is the trend, and where it's going."

Car industry facts

Auto dealers still have the upper hand as low inventories of new cars persists more than two years into the pandemic, often resulting in buyers willing to snap vehicles up before they hit the lot.

Car industry data from Cox Automotive for June provides further insights into what's been driving near-record vehicle prices:

While used-car inventories have begun to normalize to levels seen before the pandemic, the continuing lack of new production likely means a sparse pipeline of previously owned vehicles to fill lots going forward.

Surging auto prices also have meant bigger loans, particularly as interest rates rise. Edmunds reported that 12.7% of borrowers who financed cars in June agreed to monthly auto payments of $1,000 or more, a record share, according to the auto researcher's data.

Related: Nearly 25% of first-time homebuyers open a new credit card when they close on a home. Why that could be a bad idea, especially with a looming recession.

Normal or alarming?

Subprime auto loan delinquencies, often viewed as a canary in the coal mine for consumer balance sheets, this summer topped levels seen before the pandemic.

Loans past due at least 60 days hit a 4% rate in July for debt packaged in asset-backed bonds deals, according to Intex, a figure that topped the roughly 3.27% rate two years ago.

"There's been a lot of press around numbers getting worse," said Daniel Krup, a senior portfolio manager for securitized asset at AllianceBernstein. "I would say, directionally, things are getting worse, but it's still too early to say if it's a normalization or something of concern."

Callan at Columbia worries about the potential repercussions of sharp financial losses in stocks and bonds in the first half of 2022, combined with a cooling in the U.S. housing market.

After the global financial crisis, regulators encouraged lenders to restrict how much mortgage debt borrowers can take on, relative to their income, when buying a home. Similar consumer protections have yet to take hold broadly in auto lending.

If the Fed keeps tightening monetary policy in a slowing economic backdrop, Callan fears it could spur financial hardship for households beyond those already struggling at the bottom of the economic ladder, and ignite a deeper, longer recession than investors have been anticipating.

"Balance sheets can be good, but if you lose your job it doesn't matter," he said.

From the series:Cracks in subprime auto, fears of repo revival aren't yet drying up Wall Street financing

Read next: With the Fed expected to raise interest rates, should you wait to buy a house or car? Here's how to decide

-Joy Wiltermuth


(END) Dow Jones Newswires

July 27, 2022 11:14 ET (15:14 GMT)

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