April 11 (Bloomberg) -- Yingli Green Energy Holding Co., the world’s biggest solar-panel maker, expects first-quarter shipments to have slumped by at least 30 percent from the previous three months.
The result would be a bigger drop than an earlier forecast of a decline in the mid-20 percent range because of weak Chinese demand resulting from traditional seasonality and the delayed delivery of panels for projects in Algeria, the Baoding-based company said today in a website statement.
A recovery in Chinese demand for the rest of the year and robust orders in Japan and the U.S. prompted Yingli to reiterate its 2014 forecast of at least 4 gigawatts of solar-panel shipments.
The company raised its forecast for gross margin in the first quarter to at least 15.5 percent from 14 percent because of higher average selling prices, it said.
A group of companies led by a unit of Yingli in December won a contract to supply 233 megawatts of panels in Algeria.
Yingli said in a separate statement that it started construction of two solar farms totaling 25 megawatts at a cost of more than 200 million yuan ($32 million).