APWR appears to be extremely undervalued here. Recently the company posted strong Q3 and reaffirmed 2008 and 2009 earnings. CEO Mr. Lu said in the conference that he expected “strong market demand for efficient power production throughout China and Southeast Asia; we do not expect that our business will be negatively impacted by the global economic slowdown.”

The following are highlights of the recent conference:

Revenue Q3 was $85.4 million, up 120% from $38.9 million for the same period of the prior year.
Comprehensive income for Q3 2008 increased to $11.3 million, up 144% from $4.6 million for the same period of the prior year.
In the third quarter of 2008, we secured a new distributed generation contract in China’s Jilin province worth approximately $195 million.
The company signed a binding MOU with National Power Supply Company, a subsidiary of Advance Agro Pacific, for what is expected to become its largest distributed power generation contract to-date – a $300 million contract to develop a 600 MW distributed power system in Thailand’s Chachoengsao province.
A-Power will have an annual capacity to produce over 1,800 MW of wind turbines, and is expected to become one of the leading wind turbine producers in China.