Yingli Green Energy Holding Company Limited (NYSE: YGE), one of China’s fastest growing vertically integrated photovoltaic manufacturers, reported strong 3Q10 earnings.
Total net revenues were RMB 3,284.2 million (US$490.9 million), an increase of 21.7% from RMB 2,699.6 million in 2Q10 and 47.6% from RMB 2,225.2 million in 3Q09.
Net income was RMB 456.1 million (US$68.2 million), an increase of 109.4% from RMB 217.8 million in 2Q10 and 277.5% from RMB 120.8 million in 3Q09. Diluted earnings per ordinary share and per ADS was RMB 2.92 (US$0.44) in 3Q10, an increase of 107.1% from RMB 1.41 in 2Q10 and 269.6% from RMB 0.79 in 3Q09.
Shipments increased by 25.2% quarter over quarter.
Gross profit was RMB 1,094.5 million (US$163.6 million), representing a gross margin of 33.3%.
The Company raised its PV module shipment target to the estimated range of 1,020 MW to 1,040 MW from the previous estimated range of 950 MW to 1,000 MW for fiscal year 2010.
The net revenue for full year 2010 is estimated to be in the range of US$1,780 million to US$1,810 million.
In addition, Yingling raised its gross margin target to the estimated range of 32.0% to 32.5% from the recently raised estimated range of 31% to 32% for fiscal year 2010.
The margin adjustment was based on the strong gross margin performance in the first three quarters of 2010, the estimated ramp-up cost of Fine Silicon and the 400 MW of new production lines which started initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi.
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