In terms of 2010, the Chinese module manufacturer says its module shipments increased by 21.6 percent quarter over quarter, or 102.1 percent year over year, thus reaching a "historical high" of 1,061.6 megawatts (MW). It expects this years shipments to hit between 1,700 MW to 1,750 MW.
According to Liansheng Miao, chairman and CEO, Europe continued to be the region with the largest demand, with the company generating around 80 percent of its global sales there. He comments: "( ) we also achieved great success in fast growing markets such as Italy, France, Greece and the UK. In 2011, we expect to generate around 60 percent of our global sales in Europe. We are confident to further diversify our market exposure by combining our strong regional sales efforts with our partners' strong channel building capabilities."
The U.S. market accounted for over 10 percent of the companys sales: this is expected to increase to between 13 and 15 percent this year. Miao continued: "Outside Europe, we have never stopped penetrating deeper into new and emerging markets such as the U.S. and China."
Financial results
Financially speaking, the company achieved total net revenues of RMB 4,066.2 million (USD$616.1 million) in the fourth quarter of 2010, while gross profit hit RMB 1,337.7 million (USD$202.7 million), which represents a gross margin of 32.9 percent.
The reasons attributed to the quarter over quarter increase of net revenues was a 21.6 percent increase in PV module shipment, and improved average selling price compared to the third quarter of 2010. Meanwhile, the decrease in gross margin compared to Q3 2010 was said to be due to the increase in the blended cost of polysilicon.
Operating income for Q4 2010 reached RMB 943.5 million (USD$142.9 million), thus representing an operating margin of 23.2 percent. Meanwhile, net income was reported as RMB 554.4 million (USD$84.0 million).
For the whole year, 2010 net revenues were RMB 12,500.0 million (USD$1,893.9 million), and gross profit was RMB 4,152.8 million (USD$629.2 million), representing a gross margin of 33.2 percent. Operating income, on the other hand reached RMB 2,780.6 million (USD$421.3 million), representing an operating margin of 22.2 percent and net income was RMB 1,419.2 million (USD$215.0 million).
"I'm pleased to report that we concluded a successful 2010 punctuated by another strong quarter of sustainable profitability," said Miao. "Our success was driven by the continuously robust market demand, our competitive cost structure, diversified customer base and the well-established ‘Yingli Solar' brand."
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