Yuan Slaps Yingli Earnings

尽管美国财政部长盖特纳(Tim Geithner)要求人民币升值，但中国却一直对此持谨慎态度。中国太阳能电池板制造商英利绿色能源控股有限公司(Yingli Green Energy Holdings)的情况就形象地说明了个中原因。英利公布第四季度销售额和净利润分别较第三季度下降了20%和33%。这个业绩好于分析师的预期，股价也随之上涨。这家公司说，销售额和利润下降的原因之一在于总体经济状况的低迷，以及西班牙等国取消了对清洁能源的部分支持。但英利第四季度业绩下滑的最大原因是人民币兑欧元的走强拖累了其利润，这家中国公司的销售额几乎都来自于欧洲。第四季度英利太阳能电池板的出货量几乎同第三季度相等，分别是78.8兆瓦与80兆瓦。但本季度每瓦太阳能电池的平均售价却暴跌了21%：“此外，由于这家公司交付的光伏模块根据合同都是以欧元定价的，2008年第四季度欧元兑人民币的贬值也对平均售价产生了不利影响。”面对人民币升值，英利和其他中国公司可采取两种方式来保护利润率：获得更便宜的原材料或提高使用效率。多晶硅的价格已经下降，英利预计2009年的价格将下降约一半；仅此一项就将使利润率回到20%以上。通过研发提高效率也能增加英利的利润率，但这需要付出成本。英利说，第四季度营业费用增加了17%，这主要是由于研发预算的上升。对于人民币汇率的争论显然是任何以出口为主的经济体都面临的一个大问题。美国决策者，尤其是奥巴马政府也一直非常关注这个问题。但这对清洁能源技术而言更为重要。尽管经济低迷，但对气候变化和能源安全的担忧仍会推动亚洲欧洲和美国对清洁能源技术的投资。随着中国新兴的清洁能源技术领域越来越多地进入需求旺盛的国外市场，人民币汇率将会占据舞台的中心。在此应密切关注中国的风力涡轮机制造商。Keith Johnson相关阅读人民币有望海外受宠 2009-02-09周小川：人民币汇率不应大起大落 2009-02-04在人民币汇率上做文章是错误的 2009-02-02温家宝：中国必须保持现有汇率机制 2009-01-31中国的困境 2009-01-30 本文涉及股票或公司document.write (truthmeter('2009年02月11日14:45', 'YGE'));英利绿色能源控股有限公司英文名称：Yingli Green Energy Holding Co. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：YGE


Yingli Green Energy Holdings (YGE), the Chinese maker of solar panels, provides a graphic illustration of why China is leery of a stronger yuan, whatever Treasury Secretary Tim Geithner says to the contrary.Yingli reported a 20% drop in sales and a 33% drop in net income during the fourth quarter compared to the third quarter. That beat analyst expectations, and the shares rose.Part of that big top- and bottom-line decline is due to general economic malaise, the company said, as well as countries such as Spain which have throttled back some support for clean energy.But the big reason Yingli's fourth quarter turned sour is because the yuan got stronger against the euro, weighing down its profits; the Chinese company makes almost all its sales in Europe.Yingli shipped almost the same amount of solar panels in the fourth quarter as in the third quarter - 78.8 megawatts versus 80 megawatts. But the average selling price per watt plummeted 21% during the quarter:'Furthermore, as a majority of the Company's PV module shipments were under contracts denominated in Euros, average selling price was also negatively impacted by the depreciation of the Euro against the Renminbi in the fourth quarter of 2008.'A rising yuan leaves Yingli and other Chinese companies two ways to protect profit margins-get cheaper raw materials or use them more efficiently. Polysilicon prices are already falling, and Yingli expects prices to almost halve in 2009; that alone will send margins back up above 20%.Boosting efficiency through research and development also makes Yingli more profitable-but at a cost. Operating expenses rose 17% in the fourth quarter, led by a higher R&D budget, Yingli said.The debate over the value of the yuan - a longtime concern for U.S. policymakers, and especially the Obama administration - is obviously a big issue for any export-led economy. But it may be even more important for clean tech. The combination of fears of climate change and energy security are still driving clean-tech investment in Asia, Europe, and the U.S. despite the economic meltdown.As China's nascent clean-tech sector increasingly looks to feed hungry foreign markets-keep an eye on China's wind-turbine makers-the yuan's value is going to take center stage.Keith Johnson