Hapoalim Securities is out maintaining its Sell rating on Yingli Green Energy (YGE) following the earnings report.
“Based on our initial take on YGE’s 2Q10 earnings release, it reported an impressive quarter that surpassed our and Street estimates across the board. Both revenue and GMs exceeded our above-consensus forecast, while lower than-expected opex and interest income offset higher-than-anticipated FX losses to drive EPS of $0.21 ahead of our $0.15 estimate and the Street at … Read the rest
Yingli Green Energy (YGE) reported a Q2 non GAAP EPS of $0.21, 6 cents better than the analyst estimate of $0.19 on revenue of $398.1 million, vs the estimate of $371.13 million. That represents a 62% increase over the year ago EPS number and an 82% jump in revenue, so a real nice quarter from Yingli. Gross margins reached a record high 33.5% in the quarter.
Yingli Green Energy just announced that it will be collaborating with Innovalight, a company that sells highly efficient solar products based on silicon ink. The goal of the collaboration is to help Yingli boost the efficiency of its own solar cells.
It was announced this morning that the Italian subsidiary of Yingli Green Energy (YGE) signed a 6MW solar module sales agreement with Tecno Spot for this year and Tecno has committed to another 10 – 20MW for 2011.
Yingli Green Energy (YGE) announced at the North American Intersolar conference today that it will provide 15MW of solar modules to Kaiser Permanente hospitals and office facilities across California. They will deliver around 65K modules over the next year to Swinerton Renewable Energy which is the designer and installer of the solar power systems. Recurrent Energy will own and operate the 16 power systems. No word on the financials of the deal.
Citi has initiated coverage on a few more solar names, adding Trina Solar (TSL), Yingli Green Energy (YGE) and Suntech Power to its coverage. Hat tip to Street Insider for the analyst commentary.
TSL gets initiated with a Buy rating and price target of $30 which is about 50% higher from current levels. It’s down about 2% today and will face some resistance at the 200 day moving average. “We see solid execution, no need … Read the rest
Yingli Green Energy just announced that one of its affiliates, Yingli Group Company, has signed a strategic cooperation agreement with China’s state-owned China Development Bank. Under the agreement, a maximum of RMB 36 billion worth of credit facilities may be granted to Yingli and its affiliates, including Yingli Energy (China) Co., Ltd and Fine Silicon Co., Ltd, which are owned completely by Yingli and Yingli Green Energy–Baoding Tianwei Yingli New Energy Resources Co., Ltd, which … Read the rest
Yingli Green Energy (YGE) announced its U.S. subsidiary, Yingli Green Energy Americas signed a solar module supply agreement with DC Power Systems through the end of this year. It’s one of the largest US agreements for Yingli this year, and represents the largest contract between the companies to date. Yingli has been selling its solar panels to the US residential solar market through DC Power and other solar distributors and this widens that distribution.
Auriga is out this morning with some notes on the solar industry after attending Intersolar in Munich, Germany. The firm believes industry fundamentals remain strong with robust European demand being driven by attractive rates of return on solar projects. They believe that as long as project returns are attractive, and both debt and equity financing remains available, demand for PV projects will continue to surprise versus the bearish outlook.
According to Reuters, demand for solar panels has risen so sharply that industry leader First Solar is unable to keep up. Although First Solar’s business slowed down in the 3rd quarter, it is expected to pick up in the fourth, despite German solar subsidy cuts that are expected to hit July 1.
Reuters quotes First Solar’s Stephan Hansen saying “In 2010 we will not be able to produce enough modules to meet demand.”