YGE 2010 results:
gross margin 33%, up from 24% in 2009
GAAP EPS $1.37
rev $1.89B, 80% in Europe, 10% U.S.
total cash 985M$ (still no data on unrestricted cash)
total debt 1733M$
2011 guidance:
sales 60% in Europe, 14% U.S.
1725MW shipped, up 62% from 2010
no 2011 guidance for rev., EPS, gross margin
The Company has been selected to supply approximately 70% of the total amount of 272 MW PV projects under the Golden Sun Program, which is sponsored by the Ministry of Finance of China
On the PANDA commercial production lines, we have reached another historical high cell efficiency rate of 19.89%.
seekingalpha.com
my comment:
1. If they dominate the Chinese market, and gain share in the U.S., they have the best growth prospects of any solar company.
2. debt is increasing fast
3. steady progress on increasing efficiency. They aren't too far behind SPWRA on efficiency, and their costs are much lower.
4. Long YGE and short SPWRA might be interesting. |
