Yingli Green, Canadian Solar and Trina Solar hit higher sales and shipments

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Updated: Three of the leading PV manufacturers in China are pointing to higher product shipments and sales in the second quarter of 2013, supporting a plethora or market analyst reports that the PV industry is in recovery mode.

The biggest of the trio, Yingli Green Energy guided PV module shipments for the second quarter to have increase by 23% to 24% from the preceding quarter, supporting higher much needed gross margins of between 11% – 12%, which is better than its previous guidance of 9% to 11%.

Trina Solar also followed suit by significantly increasing module shipment guidance for the quarter. The company said that it expected 2Q shipments be between 630MW and 660MW, compared to previous guidance of 500MW to 530MW.

Again, increased shipments supporting higher production utilization rates and possibly higher sales to the higher margin booming Japanese market led Trina Solar to raise gross margin guidance to be between 11.0% and 12.0%, compared to the more vague ‘middle single digits in percentage terms,’ description.

Neither company updated full-year guidance at this point before releasing second quarter results in the coming weeks.

However, Canadian Solar did report quarterly results today, noting module shipments of 455MW, compared to 340MW in the first quarter of 2013.

Net revenue was US$380.4 million, compared to US$263.6 million in the first quarter of 2013. Gross margin was 12.8%, compared to 9.7% in the first quarter of 2013.

As expected solar module shipments to Japan increased significantly in the quarter. The company said Japan accounted for 35.7% of total module shipments in the quarter, up 95.0% from the first quarter of 2013. 

European sales sunk to just over 10% of revenue, down from nearly 25% in the preceding quarter. 


In a research note to investors, Deutsche Bank financial analyst, Vishal Shah said of the raised guidance by Yingli Green and Trina Solar the higher margins reinforced his view that tier 1 Chinese manufacturers were “shifting to a higher shipment, higher margin business.” 
Adding, “Although the China-EU deal likely had a notable impact on the quarter (Recall YGE/TSL each reported ~55-60% of shipments to Europe in Q1), we see longer-term strength likely in both shipments and margins as module suppliers continue to benefit from the rise of sustainable markets and grid parity.”

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