Zino

Better, then, to find the leanest, low-cost solar suppliers, says Angelo Zino , an analyst with Standard & Poor's Equity Research, a unit of McGraw-Hill Cos.

Alternative Energy 2011

And Mr. Zino had his eye on one stock in particular, a China-based maker of solar components called LDK Solar Co., which had focused on getting better control of the production process from key ingredients to end products, a strategy known as vertical integration.

To the Bullish Went the Spoils Matt Phillips 2011

While Mr. Zino had good instincts on avoiding losses or capturing gains in many of the companies he covers, he was off the mark on Ascent Solar Technologies Inc. He had it as a hold for most of the year, and shares declined, but he rated it a sell for a two-month period from July through September and shares rose 14%.

Alternative Energy 2011

Tim Bower Mr. Zino was watching the situation in Europe carefully as the debt crisis unfolded.

To the Bullish Went the Spoils Matt Phillips 2011

Mr. Zino believed this integrated model would help the company drive down the cost of solar panels faster than its peers, many of which focus on one or two steps in the manufacturing process.

Alternative Energy 2011

Despite the risks, Mr. Zino saw reason for optimism.

Alternative Energy 2011

Mr. Zino also covers semiconductor-equipment makers, and success in both industries flows from making better silicon wafers while cutting costs.

Alternative Energy 2011

For similar reasons, Mr. Zino, 31 years old, was also attracted to China-based Solarfun Power Holdings Co., which in December changed its name to Hanwha SolarOne Co.

Alternative Energy 2011

"We thought that their ability to drop costs would be above those of their peers, and that's exactly how it's played out," Mr. Zino says.

To the Bullish Went the Spoils Matt Phillips 2011

This had generated a lot of debt, but Mr. Zino thought this investment would help boost its cash flow and lower its production costs.

Alternative Energy 2011