Yingli Solar sees 2Q12 revenues up by 22.6%on-quarter Press release;Jackie Chang,DIGITIMES[Thursday 31 May 2012]Yingli Green Energy,a China-based vertically integrated solar firm which markets its products under the brand"Yingli Solar,"announced its unaudited consolidated financial results for the quarter ended March 31,2012.
Yingli Solar reported total net revenues were CNY3,148.5 million(US$500.0 million)in the first quarter of 2012,an increase by 22.6%from CNY2,567.6 million in the fourth quarter of 2011 and compared to CNY3,453.0 million in the first quarter of 2011.The increase in total net revenues from the previous quarter was primarily attributable to the increased solar module shipment that resulted from stronger demand in major markets such as Germany and the US,according to the firm.
Yingli Solar reported gross profit of CNY245.2 million in the first quarter of 2012,an increase by 217.2%from CNY77.3 million in the fourth quarter of 2011 and compared to CNY943.7 million in the first quarter of 2011.
According to the firm,the overall gross margin in the first quarter was 7.8%,up from 3.0%in the fourth quarter of 2011.Nevertheless,first-quarter 2012 gross margin showed a decrease compared to the gross margin of 27.3%in the first quarter of 2011.Yingli Solar indicated that the overall gross margin in the first quarter of 2012 was negatively impacted by a provision for preliminary US countervailing and anti-dumping duties of CNY86.3 million and a non-cash inventory provision of CNY21.2 million.Excluding these provisions,gross margin of solar modules in the first quarter of 2012 would be 11.5%,said the firm.
The provision for preliminary US countervailing and anti-dumping duties was recognized in response to the US Department of Commerce's preliminary decisions regarding the import of China-based solar cells and modules to the US,stated Yingli Solar.According to the decisions,Yingli Solar's products containing solar cells manufactured in China are subject to a preliminary countervailing duty rate of 3.61%and an anti-dumping duty rate of 31.18%.
First-quarter 2012 net loss was CNY283.2 million,compared to net loss of CNY3,772.4 million in the fourth quarter of 2011 and net income of CNY368.3 million in the first quarter of 2011,according to Yingli Solar.
Based on current market and operating conditions,estimated production capacity and forecast customer demand,Yingli Solar reaffirms its PV module shipment target to be in the estimated range of 2,400-2,500MW for fiscal year 2012,which represents an increase of 49.6-55.9%compared to fiscal year 2011.
"Yingli Solar experienced strong demand in Germany and the US,which accounted for approximately 80%of our total revenues in the first quarter.Shipments to China were comparably small due to the seasonally soft demand in the first quarter.However,the firm believes that shipments to China will gradually pick up in the second quarter and the third quarter supported by the acceleration of utility scale projects in western China and the recently announced 1.7GW projects under the Golden Sun program.Yingli Solar expects approximately 30%of our revenues to come from China-based customers in this year,"said Liansheng Miao,chairman and CEO of Yingli Solar.
