Dutton Associates initiates coverage on Deli Solar of China - DLSL

Dutton Associates Announces Investment Opinion: Deli Solar (USA) Buy Rating in Initiating Coverage By Dutton Associates
Dutton Associates initiates coverage of Deli Solar (USA) (OTCBB:DLSL) with a Buy rating and a $7.35 price target. The 22-page report by Dutton senior analyst Yan Zhao is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Deli Solar is a solar water heater and coal-fired boiler manufacturer based in China. With total sales of $9.4 million in 2004, Deli has estimated market share of 0.4%, ranking between 10th and 20th among solar water heater manufacturers in China. Deli is positioned in the mid to low end of the market, with over 70% of its sales to rural areas. Among almost 5,000 manufacturers in the solar water heater industry in China, Deli Solar has approached the top 10 players through organic growth. Early this year, Deli Solar closed a private placement of $6 million, and the Company is poised for acquisition and upgrade.

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