Yingli Green Energy Holding Company accounted for 3.2 billion Chinese yuan ($493.9 million) in revenues for the third quarter, representing a 21.7 percent quarterly jump from 2.23 billion yuan.
The company attributed this increase to a 25.2 percent sequential growth in photovoltaic module shipments brought, it said, by strong market demand and improved brand recognition.
This was further supported by 400 megawatts of additional manufacturing capacity from new production lines.
“The third quarter was another exciting period for us with strong operating results. The demand for our Yingli Solar modules continues to grow rapidly in the global market,” said Liansheng Mao, chief executive.
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Yingli (NYSE:YGE) raised its module shipment target for the entire year to the range of1,020 MW to 1,040 MW, from 950 MW to 1,000 MW previously. The new target range is an increase of up to 98 percent increase from the 2009 fiscal year.
The company also expects net revenues between $1.78 billion to $1.81 billion. Gross profit rose sequentially by 20.9 percent from 905.1 million yuan to 1.09 billion yuan.
Meanwhile, operating expenses went up from 339.7 million yuan to 358.7 million yuan as a result of a larger scale of operations.
The company claimed that the cell conversion efficiency for its Panda solar cell registered 18.5 percent on commercial production lines and is expected to reach 20 percent by 2012.
This quarter, the company launched 700 MW of new capacity expansion projects scheduled to start initial production by the middle of next year. These projects will raise Yingli Green Energy’s capacity to 1.7 gigawatts by late 2011.
