Solarfun (SOLF) reported another big quarter of growth and smashed analyst estimates in the process.  It appears the company is quietly emerging as a top China solar play while companies like Suntech Power (STP), Trina Solar (TSL) and JA Solar (JASO) garner much of the attention.  SOLF reported a non GAAP EPS of .59/share, which was more than double the analyst estimate of .25/share.  Revenues were impressive too coming in at $258 million vs the analyst estimate of $213 million.  That’s a nearly 50% bump in EPS sequentially and a 638% increase over the year ago quarter.  On  the revenue side it’s good for a 19% increase sequentially and a 106% quarter over quarter.  A very impressive quarter out of Solarfun this morning which was aided by decreasing manufacturing costs and the ability of the company to properly hedge against currency fluctuation of the Euro.

===> Click Here For Your FREE Solarfun Technical Analysis

CEO Peter Xie commented, “We are pleased to announce another quarter of outstanding performance. For the first six months of 2010, the Company shipped a total of 355 MW of PV modules and achieved net income per basic ADS of US$1.05 on a GAAP basis and US$0.99 on a non-GAAP basis. The strong results can be attributed to continued strong end-market demand as well as consistent execution by the management team. We expect robust demand for the rest of 2010, and are raising our 2010 full year shipment guidance from 650 MW to approximately 750 MW. Based on early demand indications from our key customers for 2011, we are increasingly optimistic about the Company’s future performance.”

Looking ahead the company sees 210MW – 220MW in module shipments this quarter and is raising its estimates from 650 – 750MW for the full year 2010.

Shares of SOLF are up over 20% in pre-market trading which will create a gap up at the open to a nearly two year high.