Yingli Q2 Preview: Manufacturing Costs and OpEx In Focus

Although the company has seen its volumes soar over the last several quarters, it remains one of the few tier-1 Chinese panel manufacturers yet to return to profitability. We do not expect to see a turnaround this quarter either, despite the fact that the company has guided sequentially lower operating expenses and higher shipments, given that manufacturing costs and average selling prices could be less favorable.