SolarPVInvestor Forums

Both Multi and Mono (n-type Panda) product lines have gotten a high end bump of 10w. Low end remains the same, so mid-point bump is 5w in both cases.

http://www.yinglisolar.com/assets/upload…l_Series_EN.pdf
http://www.yinglisolar.com/assets/upload…l_Series_EN.pdf

Yingli thus joins SOL in the volume production (80-90%) of HP multi and takes the exclusive (10-20% of production) HP mono to a higher level. What's interesting with Yingly compared to for example JA in the HP production is that they make their wafers themselves, i.e. they don't just buy their high conversion efficiency from buying expensive high quality substrates.

So they make everything for their panels except the poly, but is the technology enabling the conversion efficiency differentiation propiertarity to Yingli?

The improvements on multi seen in the datasheets now means that they've upgraded their production lines to benefit from the technology partnership with Zhejiang Jingsheng Mechanical & Electrical Company Limited ("Jingsheng") announced a month ago:

http://ir.yinglisolar.com/phoenix.zhtml?…icle&ID=1771149

More on this domestic ingot equipment maker here:

http://www.jsjd.cc/eindex.asp
http://www.china-stock.org/zhejiang-jing…ctrical-co-ltd/
http://finance.yahoo.com/q?s=300316.SZ

As annouced the best ingot with upgraded furnaces gives an average cell conversion efficiency improvement corresponding to 10w panel improvement. This could explain why the low end of conversion efficiency was not bumped (they still yield some ingots without any power improvement). Another possible explanation for keeping the old low end is that not all furnaces could or have been upgraded (yet). Yet another possible explanation is that they want the datasheets to not only represent what their lines currently produce, but also what's still in their (and retailers) inventory. The latter seems opposite to what I've observed from SOL and less likely I think. From what I've observed with SOL it seems stocks at retailers are often products born on the production lines up to 6 months ago.

When it comes to Panda it will be interesting to read Odyd's interview with ECN, which is their technology partner on Panda:

http://www.ecn.nl/fileadmin/ecn/corp/Nie…anda_n-type.pdf

Anyway I think Yingli is a case of big brand getting access to the best technology out there and can thus be a valid technology differentiation case even if they don't own the superior technology. The superior technology choose the superior brand as its preferred partner. Yingli owning the production of its wafers should be in a better position to get these partnerships than the GCL-pack.

Comparing to SOL and GCL it is a bit different. They want to own their own technology, but focus is clearly on the crystalline growth and not on the cell step for them. For them its more about creating the high quality substrates with propietary technology than to match up their brand with technology developed by others. I'm saying more, since it's always a scale of propietary and partnership when it comes to technology. They also focus on poly production and wafer slicing technique (like SOL's related technology for making diamond wires), but of ingot growth, poly production and wafer slicing I'd say that even though all three focus on both conversion efficiency enabling quality as well as cost reduction, the quality yield focus is larger in the first, while the two latter have a lot of cost reduction focus. Note that Yingli probably has the most wafer focus after these two and LDK (but just as LDK they tend to rely more on partnership than developing propiertary technology). To the degree that they never buy wafers and have their own poly plant, just like the other 3. Yingli being the only one in this group with a big module brand, makes it interesting.

For reasons like retrofitting ability or cost Honey (comparable to power of SOL and YGE multi offering) isn't a volume product (although 20% is not bad). Their volume panel is this one:

http://www.trinasolar.com/images/PDF/dat…TSM-PC05_EU.pdf

and that needs to get more attractive in my view. The panels YGE are bumping are shipping 500 MW per quarter. They can add 4 cents to price when adding 10w to the module. Worse is the panels in the range TSL ships its volume are losing more than the 2 cents per 5w value. Now that 250w are becoming mainstream, panels below this are getting sub par pricing. Trina still has a brand that can keep their price up, but if they continue to sell a lot sub par power rated modules for too long brand value might be negatively impacted.

I believe Trina will keep navigating this industry well, but right now I need to see where they're going on quality and cost for their volume production before I feel comfortable with their outlook.