Moving in the opposite direction to many of its competitors, Yingli Green Energy reported record revenue and shipments in the second quarter of 2011. Yingli posted record revenue of US$680.6 million, up 27.4% compared to the prior quarter. PV module shipment increased by 36.6% from the first quarter, reaching an historical high of approximately 410MW, helped by increased demand in the US and China and gaining 46 new customers, who contributed approximately 90MW of PV module shipments in the quarter.
“Our efforts on developing new markets are reflected by our leading presence in markets such as North America and China,” noted Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “With cumulative shipments of 250 MW to 23 U.S. states, Canada, Mexico and the Caribbean, we have become a leading module supplier in North America and expect to capture nearly 15% of the North American solar market in 2011. As a solar pioneer based in China, we have been firmly committed to our domestic market and established a strong market position. With the announcement of the unified national solar feed-in-tariff, we are expecting a stronger growth in China in the years to come.”
Yingli reported a gross profit of US$150.1 million, an increase of 2.8% from the prior quarter. Overall gross margin was 22.1% in the second quarter, compared to a gross margin of 27.3% in the first quarter of 2011 and 33.5% in the second quarter of 2010.
The decline in gross margin quarter was primarily caused by the decline of average selling price, a trend that is set to continue into the third quarter, despite demand pick-up. Yingli guided gross margins would decline further and drop into the mid to high-teen percentages.
“In light of the strong demand for our products, I'm pleased to announce that we have just brought online another 700MW capacity, including 600MW in our Baoding headquarters and 100 MW in Hainan Province. We expect the new capacities to be fully released before the end of this year, bringing our total designed capacity to 1.7GW,” added Miao.
Yingli reaffirmed its PV module shipment target to be in the range of 1,700MW to 1,750MW for fiscal year 2011, representing an increase of 60.1% to 64.8% compared to fiscal year 2010.