Yingli Green Energy (YGE) has announced four new sales contracts signed at InterSolar 2008. AmTech sees the signings as positive, but is waiting for pricing to be locked in before getting too excited:
1) Two contracts with Conergy, 7 MW in ’08 and 50MW in ’09. Fixed pricing on ’08 contracts, ’09 pricing determined in Q408, and
2) Two contracts with GeckoLogic for 7 MW from September ’08 through March ’09.
We view the signing of these contracts as an incremental positive as YGE continues to lock in contracts for the 2H08 and into 2009. We will view this announcement as much more positive once pricing is locked in for ’09 shipments in Q408. YGE continues to build a very strong reputation within the installer community as a quality module producer.
Assuming Q108 ASPs, these contracts represent ~$263M in revenue. 50MW for 2009 delivery at a blended ASP of $3.64 (down 10% y/y on our estimates) equates to $182M in revenue or 10% of our 2009 estimate.
AmTech maintains BUY on Yingli Green Energy (YGE).
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