Yingli Green posts strong Q2 results, guides 1GW of solar PV module shipments for 2010

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

World Cup sponsor Yingli Green Energy posted strong revenue, gross margin, and net income numbers in the second quarter, with sequential increases shown across the board. The vertically integrated Chinese solar manufacturer said it experienced a substantial increase in PV module shipments during the period ended June 30 and still expects to hit between 950MW and 1GW in total panel shipments for 2010.   

Second-quarter net revenues reached RMB2,699.6 million ($398.1 million), a 10.2% increase from Q1’s RMB2,449.9 million ($358.9 million). The company attributed the increase to a midteen growth rate in the shipment volume of its Yingli Solar-branded PV modules, which was partially offset by the depreciation of the Euro against the Chinese currency.

Gross margin during the second quarter hit a record 33.5%, compared with 33.3% in the previous period and 19.8% in Q2 2009. Yingli said the improved gross margin was primarily due to the better-than-expected average selling price and continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt, and continuous reduction in nonpolysilicon cost (although it did not call out those cost and usage numbers in its official press release).

Net income rose to RMB217.8 million ($32.1 million) during the second quarter, compared to RMB190.9 million ($28 million) in the first quarter. The adjusted non-GAAP-based Q2 net income came in at RMB261 million ($38.5 million) in the second quarter of 2010, compared to income of RMB246.8 million ($36.2 million).

The company reaffirmed its PV module shipment guidance target to be in the 950MW-1GW range for 2010, an increase of 80.8% to 90.4% compared to FY2009.

Based on the strong gross margin performance in the first half of 2010, the estimated ramp-up cost of Fine Silicon, the 400MW of new production capacities put into initial operation in July 2010, the expected average selling price of PV modules, and the forecasted exchange rates of the Euro and U.S. dollar against the Renminbi, the company hiked its estimated gross-margin target range from 27-29% to 28-30% for the year.

Chairman/CEO Liansheng Miao issued the following statement in conjunction with Yingli’s earnings announcement.

“The past few months have been very exciting for us in many ways. In the second quarter of 2010, we achieved a midteen-percent sequential increase in PV module shipment volume and realized a record high gross margin of 33.5%.

“In addition to delivering solid operational results, the company also reached important milestones on many other fronts. In terms of marketing, our 2010 FIFA World Cup sponsorship has made a huge splash. As the market for distributed electricity generation is expanding in many major solar markets, the power to influence and decide the solar industry’s future is rapidly vesting to the general public.

“We believe our groundbreaking 2010 FIFA World Cup sponsorship project, accompanied by a series of marketing initiatives, has effectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance our competitive advantages in this new era. Furthermore, supported by our reliable products and services, we expect to enjoy a pricing premium and receive stronger demand as a result of our ever-increasing brand equity.

“On the research and technology front, we have commenced initial production of 300MW Panda high-efficiency solar cells in July 2010, merely 13 months from conceptualizing the project. In parallel, we have successfully enhanced Panda cell conversion efficiency rate to 19% on the pilot line, and have kicked off collaboration with Innovalight to boost the average efficiency of our multicrystalline silicon based solar cells. All these efforts demonstrate our aspiration to technological advancement and our commitment to bringing the benefits of cutting-edge technologies to our valued customers.

“I’m also excited to report another significant operating milestone. Fine Silicon, our polysilicon manufacturing facility with a designed annual production capacity of 3000 metric tons, has successfully commenced commercial operation since earlier this month. We expect this achievement to further strengthen our leadership as one of the world’s largest vertically integrated PV manufacturers.

“Last but not least, we are encouraged by our accomplishments in markets around the globe. In Europe, we are fully stretched to satisfy our existing customer base and to continue to attract new customers in high-growth emerging markets such as France, Italy, Czech Republic, Greece, and the United Kingdom.

“In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground-mounted segments and were recently selected for a number of high-profile projects on both the West and the East coasts.

“In China, we are enhancing our strategic cooperative relationships with utility companies in various concession bidding projects in order to further expand our footprints.

“For all the reasons stated above, we are confident in our prospects for a strong second half of the year,” Miao concluded.

18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.
20 October 2021
The race is on but we need to sprint… With global climate talks fast approaching and time running out to prevent the most disastrous impacts of climate change, now is the time to act. The Summit will explore the opportunities that emerge from taking action on climate change and provide a clear pathway forward for governments, citizens and companies. Taking place just 10 days before the G20 meeting in Rome, on 30-31 of October, and in the lead up to the critical COP26 meeting in Glasgow from 31 October–12 November, this event will be instrumental in influencing ambitious global action.
10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
15 November 2021
The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!

Read Next

October 15, 2021
US residential solar financier GoodLeap has raised US$800 million to expand into the broader market for sustainable home improvement, other carbon-reducing products and later commercial offerings and electric vehicles (EVs).
October 15, 2021
Doral Renewables has broken ground on the 1.65GWdc Mammoth Solar project in Indiana, set to be the US’ largest solar farm once complete.
October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.
October 15, 2021
The European Commission (EC) has urged member states to accelerate solar deployment in order to tackle Europe’s rising electricity prices and has released a ‘toolbox’ to address the short-term impact of prices and strengthen resilience against future shocks
October 14, 2021
Europe’s most competitive renewable power purchase agreement (PPA) offers rose 8% quarter-on-quarter as Europe’s worsening energy crisis bites, according to US firm LevelTen Energy’s Q3 2021 PPA Price Index report.
October 14, 2021
JinkoSolar has laid claim to a new n-type monocrystalline silicon solar cell conversion efficiency record, taking that efficiency rating to 25.4%.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021