YGE = Yingli = Chinese mono- and multi-crystalline PV panel-maker. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly.
stock: $41 to $2.50, 2007 hi to 2008 lo. Now $12.
company website, press releases, FY09 results:
ir.yinglisolar.com
4FQ09 CC notes:
seekingalpha.com
4Q09:
-- PV Module Shipments Increased by 15.7% Quarter over Quarter
-- Total net revenues were RMB 2,530.9 million (US$370.8 million) and PV module shipment volume increased by 15.7% quarter over quarter, reaching a historical high.
-- Gross profit (1) was RMB 750.4 million (US$109.9 million) and gross margin was 29.6%. The increase in gross margin was primarily due to the continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt, continuous reduction in non-polysilicon cost, and the relatively flattish average selling price in the fourth quarter of 2009.
-- Operating income was RMB 111.1 million (US$16.3 million) and operating margin was 4.4%.
-- Net loss (2) was RMB 44.8 million (US$6.6 million) and diluted loss per ordinary share and per American depositary share ("ADS") was RMB 0.30 (US$0.04).
-- On an adjusted non-GAAP (3) basis, net income was RMB 137.5 million (US$20.2 million) and diluted earnings per ordinary share and per ADS was RMB 0.89 (US$0.13).
Non-poly processing cost ; $0.76 per watt in Q4. Polysilicon was 40% of total cost. (my calculation: total production cost of $1.27/W??) On our new 300 MW and 100MW lines, it will cost us roughly $1.20 per watt.
Close to 65% of modules sold to German customers, and close to 20+% to other European countries.
Full Year 2009:
-- Total net revenues were RMB 7,254.9 million (US$1,062.8 million) and PV module shipments increased by 86.6% year over year to 525.3 MW.
-- Gross profit (4) was RMB 1,714.4 million (US$251.2 million) and gross margin was 23.6%.
-- As of December 31, 2009, Yingli Green Energy had RMB 3,631.1 million (US$532.0 million) in cash and restricted cash, compared to RMB 2,657.6 million as of September 30, 2009.
-- Net loss was RMB 459.2 million (US$67.3 million) and fully diluted loss per ordinary share and per ADS was RMB 3.31 (US$0.48).
-- On an adjusted non-GAAP basis, net income for the full year 2009 was RMB 364.5 million (US$53.4 million) and fully diluted earnings per ordinary share and per ADS was RMB 2.53 (US$0.37).
Full Year 2009 PV Module Shipments and Gross Margin Exceeded High End of Guidance
Debt, end-2009: 623M$ = 110M$ LTD + 513M$ STD:
2009 non-cash interest expenses were related to the derivative liabilities bifurcated from the Company's convertible notes issued in January 2009, the beneficial conversion feature of the convertible notes issued in July 2009, the freestanding warrants issued in connection with a loan facility provided by ADM Capital in April 2009, and the equity component bifurcated from the Company's convertible notes issued in December 2007.
Short-term borrowings increased from RMB 2,044.2 million as of December 31, 2008 to RMB 3,501.0 million (US$512.9 million) as of December 31, 2009 and the increase in long-term bank borrowings from RMB 663.0 million as of December 31, 2008 to RMB 752.8 million (US$110.3 million) as of December 31, 2009. The weighted average interest rate for these borrowings in 2009 was 7.07%, which slightly increased from 6.93% in 2008.
Cash: 532M$, end-2009
Shares and ADSs, diluted:
148M end-2009
128M end-2008
2010 guidance:
Gross margin target for fiscal year 2010 to be in the estimated range of 27% to 29%.
Our 2010 shipment target is 950 MW to 1 GW, with 40% in 1H, 60% in 2H. For 2010, we have already secured more than 90% of the total targets through the legal binding sales contract. For the whole year 2010, we're anticipating to ship close to 50% to the German markets, and roughly 20% to other European countries, and then the US proportion will go above 10%, and also China’s will increase to slightly less than 10%.
We are implementing a 300 MW strategic capacity expansion plan of high efficiency mono-crystalline silicon-based, vertically integrated production lines at our Baoding headquarters. Combined with the existing 600 MW production capacity in Baoding and the 100 MW capacity under construction in Hainan Province, this new expansion project is expected to bring our total production capacity to 1 GW by the end of 2010. In this expansion project, we will adopt new technologies developed from our PANDA project, through which we have already developed next-generation PV cells with an average efficiency rate of 18% or higher on pilot production lines. We expect that the average efficiency rate of our next-generation PV cells will reach at least 18.5% on the commercial application lines by the end of this year. 350M$ capex in 2010.
Polysilicon: we're in the final stage of testing the manufacturing process, and we expect to start commercial production in the first half of this year with full production capacity of 3000 metric tons expected by the end of this year. |
