Seemingly resistant to the weak photovoltaic demand, the Chinese module manufacturer has just closed a successful Q2 2011, which saw its shipments reach a historical high.
Indeed, Yingli raised shipments by 36.6 percent from Q1 2011. The company declined to provide any further details as to what it achieved in the same period last year. However, it did reiterate its full year shipment guidance, which it expects to be in the range of between 1.7 gigawatts (GW) and 1.75 GW a year-on-year increase of between 60.1 and 64.8 percent.
At RMB 4,398.8 million (US$680.6 million) Q2 2011 total net revenues, meanwhile, increased both sequentially and year-on-year, up from RMB 3,453.0 million and RMB 2,699.6 million respectively.
Gross profit reached RMB 970.1 million (US$150.1 million) in Q2 2011, compared to the RMB 943.7 million seen in Q1 2011 and the RMB 905.1 million reaped in Q2 2010.
Overall gross margin decreased, down from 27.3 percent in Q1 2011 and 33.5 percent in Q2 2010 to hit 22.1 percent in Q2 2011. "The decrease in gross margin quarter over quarter was primarily caused by the decline of average selling price," explained Yingli in a statement.
Operating expenses, at RMB 443.7 million (US$68.7 million), also hit the balance sheets, growing from RMB 375.5 million in Q1 2011 and RMB 339.7 million in Q2 2010. The company attributes the rise to its research and development activities into cell conversion efficiency and yield rates.
As a result, operating income fell to RMB 526.4 million (US$81.4 million) from RMB 568.2 million in Q1 2011 and RMB 565.4 million in Q2 2010.
Operating margin, meanwhile, took a tumble, decreasing from to 16.5 percent in Q1 and 20.9 percent in Q2 2010, to 12 percent.
Finally, at RMB 375.6 million (US$58.1 million), Yinglis net income grew from RMB 368.3 million in Q1 2011 and RMB 217.8 million in Q2 2010.
Looking at it on an adjusted non-GAAP basis, however, the company experienced sequential losses in Q2 2011, having achieved RMB 354 million (US$54.8 million) in comparison to RMB 403.6 million in Q1.
"I’m pleased to announce that we had our best quarter ever in terms of PV module shipments, which increased by 36.6 percent over the previous quarter," commented Liansheng Miao, chairman and CEO.
He added: "In light of the strong demand for our products, I’m pleased to announce that we have just brought online another 700 MW capacity, including 600 MW 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 1.7 GW."