- Yingli (NYSE:YGE) is guiding for 2015 solar module shipments of 3.6GW-3.9GW, up a moderate 7.1%-16% Y/Y. 400MW-600MW are expected to go towards Yingli's downstream projects.
- In spite of the Q4 miss, the company managed to ship 939.2MW of solar modules (73.7MW for Yingli's downstream projects) in Q4, up from Q3's 903.4MW an topping guidance of 880MW-930MW. Japan (up nearly 3x Y/Y in 2014) and "new emerging markets" (up 90%) were strong points. China accounted for 37% of 2014 shipments.
- Gross margin was 16.8%, down from Q3's 20.9% and up from Q4 2013's 12.2%, and near the high end of a 15%-17% guidance range. ASP declines (also seen by peers) and the euro/yen's weakness affected margins, while cost improvements provided a boost. ASP and forex pressures, of course, also pressured Q4 revenue.
- Operating expenses fell to 22.6% of revenue from 28.2% a year ago. A $19M forex loss was taken, as was a $14.6M bad debt provision. The downstream project pipeline stands at 1.6GW.
- Yingli ended 2014 with $172.3M in cash, $214.7M in restricted cash, $1.57B in short-term borrowings, $276.1M in medium-term notes, and $460.7M in long-term debt. The company is "exploring various financing options, including utilizing credit facilities from local banks and other financial institutions, the renewal and rollover of short-term borrowings and other financing alternatives to support its medium-term notes payment obligations in 2015."
- Q4 results, PR
Below these are the Solar stocks I am follow on 2015.
Solar Stocks List
Solar Pure Plays:
•SunPower Corporation (Nasdaq: SPWR)
•First Solar Inc. (Nasdaq: FSLR)
•Evergreen Solar (Nasdaq: ESLR)
•SunTech Power Holdings (NYSE: STP)
•Trina Solar (NYSE: TSL)
•Canadian Solar Inc. (Nasdaq: CSIQ)
•JA Solar Holdings (Nasdaq: JASO)
•China Sunergy (Nasdaq: CSUN)
•LDK Solar (NYSE: LDK)
•ReneSola Ltd. (NYSE: SOL)
Smaller companies with Solar exposure:
•Hoku Scientific (Nasdaq: HOKU)
•Daystar Technologies (Nasdaq: DSTI)
•Spire Corporation (Nasdaq: SPIR)
Solar Energy ETFs:
•Market Vectors Solar Energy ETF (KWT)
•Claymore/MAC Global Solar Energy (TAN)
Bigger companies with Solar exposure:
•MEMC Electronics (NYSE: WFR)
•General Electric Co. (NYSE: GE)
•Boeing Co. (NYSE: BA)
•British Petroleum (NYSE: BP)
•Royal Dutch Shell (NYSE: RDS-B)
•Kyocera (NYSE: KYO)
•Applied Materials (Nasdaq: AMAT)
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