Yingli 2010 Shipments More than Double YoY

Yingli Green Energy (NYSE:YGE) recorded revenues of RMB 12.5 billion, an increase of 72.3% y-o-y, while PV shipments reached 1.06GW, up 102.1% on an annual basis and in excess of revised company guidance, according to the company's Q4 and full year 2010 earnings announcement on February 18. Yingli attributed the growth in shipments to strong market demand, broader brand recognition and diversified customer base, supported by the completion of an additional 400MW of total production capacity for each of polysilicon ingots and wafers, PV cells and PV modules in the third quarter of 2010.

For the fourth quarter, Yingli made net income of RMB 554.4 million and diluted earnings per ADS of RMB 3.46, an increase of 21.5% y-o-y. Yingli recorded total net revenues of RMB 4.07 billion in the quarter, an increase of 23.8% q-o-q and 60.7% y-o-y, on 21.6% q-o-q shipment growth. Gross margin for the quarter reached 32.9%.

Yingli expects to deliver 1.7-1.75GW in 2011, representing y-o-y growth of 60.1-64.8% y-o-y. The company has been selected to supply approximately 70% of the total amount of 272 MW PV projects under the Golden Sun Program, which is sponsored by the Ministry of Finance, and that it has received an advance payment of RMB 749.4 million, or 35% of the total purchase price in December 2010. The majority of the shipments are scheduled to be delivered by the Company in the second half of 2011.