Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Calvin Lau - Director of IR

Chuanwei Zhang - Chairman of the Board, CEO

Manfred Loong – CFO

Analysts

Paul Clegg - Mizuho Securities USA

Rob Stone - Cowan & Co

Sunil Gupta - Morgan Stanley

Edward Chan - Clairvoyance Capital

Jim Bao - Yiheng Capital

China Ming Yang Wind Power Group Ltd (MY) Q1 2011 Earnings Conference Call May 10, 2011 8:00 AM ET

Operator

Good morning and good evening, ladies and gentlemen. Welcome to the first quarter 2011 China MingYang Wind Power Group Limited earnings conference call. At this time, all participants are in listen-only mode.

With us today are Mr. Zhang Chuanwei, Chairman and CEO; Mr. Manfred Loong, CFO; and Mr. Calvin Lau, Head of Investor Relations. After the management's prepared remarks, there will be a question and answer session.

This conference contains forward-looking statements. These statements constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates, targets, goals, strategy, and similar statements.

Such statements are based upon management's current expectations, and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, or factors, all of which are difficult to predict, and many of which are beyond MingYang's control, which may cause MingYang's actual results, performance or achievements to differ materially from those in the forward-looking statements.

Further information regarding these risks and other risks, uncertainties or factors, is included in MingYang's filings with the US Securities and Exchange Commission. MingYang does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required under applicable law.

I would now like to turn the call over to Calvin Lau, Director of Investor Relations. Mr. Lau, please proceed.

Calvin Lau

Thank you, operator, and thank you for joining us today. Our first quarter 2011 earnings press release has just been issued earlier today, and is now available on the Company's investor relations website at ir.mywind.com.cn. A set of presentation materials for Q1 2011 will also be available for download on our IR website on the webcast, and presentation section. I hope you will get the chance to actually review the material.

In today's call, Mr. Zhang will be discussing the latest business and operational developments of MingYang, and Mr. Loong will take you through the Company's financial performance for the quarter. Mr. Zhang will then brief you on the Company's outlook and guidance. After that, we'll open the floor to questions from the audience.

I would like to take this opportunity to ask everybody to ask questions in English only, for the benefit of our other listeners. We'll be translating the Chairman's remarks into English, where appropriate, using a professional translator.

I would like to now turn the call over to Mr. Zhang. Please proceed.

Chuanwei Zhang

(interpreted) Good morning and good evening to some. I'm Chuanwei Zhang, Chairman and CEO of China MingYang Wind Power Group Limited. Today, I'm most pleased to announce MingYang's first quarter earnings results for 2011, as we, despite an increasingly competitive environment, are able to deliver a set of strong results for the first quarter, which underpins MingYang's outstanding market position, and execution capabilities.

Before I provide the highlights of our results, I would like to provide a brief update of the development in China's wind power industry.

Firstly, in light of China's energy demands, and the unfortunate events at the Fukushima nuclear plant in Japan, wind energy will contribute a higher proportion of China's energy requirements, because of its inherent advantages including safe and reliable proven technology, lower development costs and, more importantly, emission free. Hence, we believe wind power will take a larger share among new energy, and become an important energy solution for China.

Secondly, the Government has implemented a range of policies designed to support the development of wind power industry, and to facilitate the more systematic development of the industry, from focusing on scale only, to focusing on returns on investment. This will be achieved through the development of national grids, enhancing the compatibility of the grid, and the scale of development. To resolve the grid connection issue, the State Grid Corporation of China has started to revamp the infrastructure of the grid facility nationwide.

In addition, wind power equipment market is getting more concentrated, with more shares taken by the top five players. MingYang, as a top three listed wind turbine manufacturers, with its quality products, well developed value chain, leading technology, and research capabilities, proven business models, we are confident to maintain our leading position in the market competition.

Thirdly, offshore wind power development, and decentralized and distributed style clean energy total solution, will become a new catalyst for the wind power industry in China. Guangdong, Shandong, Hebei, Jiangsu provinces have already finished the planning for 10 gigawatts wind power projects.

Among them, Guangdong has granted MingYang the development rights to lead the SCD offshore wind power projects. MingYang will utilize this opportunity, together with SCD WTG's unique technology, cost advantage, offshore project service capabilities, and support capabilities, as well as innovative business models, to push forward offshore wind power development in the country, while enabling MingYang to become the leader in offshore wind power space.

Other than offshore projects, the wind power project development in the northern regions, to a certain extent, is limited by the grid issue, decentralized and distributed wind power projects will become a new catalyst. Decentralized wind power projects will focus on small scale, low voltage, close to consumers project, with direct connection to the grid.

These kinds of projects will have large scale of development in the southern part of Yellow River, Yunnan, Guizhou area, Yangtze River region, and the coastal regions, including Shandong, Jiangsu and Guangdong.

In addition, the soon to be announced energy plan, in the 12th five-year plan, proposes to build 100 new energy pilot cities during this period. In the next five years, wind-solar system, wind-hydro system, wind-solar storage system, off-grid new energy solutions, will become highlights of development. As of now, we have wind power development in the West with a focus on integrated wind-solar storage total solutions.

With the established track record of our tailor-made products, such as high altitude wind turbine, tidal wind turbine, low wind speed wind turbine, we are in a good position to explore the wind power market in south-west, central and eastern part of China.

Additionally, we have locked in wind resources amounting to about 30 gigawatts, which will become our pipeline in the next three years, providing great support to our future business growth.

Fourthly, amid the current tightened monetary environment, we are able to obtain RMB10 billion credit facilities from commercial banks, including the Industrial Bank of China and the Construction Bank of China. We also expect our finance leasing model to become another competitive edge of MingYang, and the EPC business model will be instrumental to enhancing our profitability.

In spite of the seasonality impact in the first quarter, we are seeing more sales orders coming from the southern markets. With more wind resources become our pipeline and sales orders, we believe we will be able to smooth out seasonality impact next year with more balanced product output and financials.

Now let me report to you our 2011 first quarter results and achievements.

Amidst a more competitive market, we are able to deliver another set of strong results. In the first quarter of 2011, we recognized revenue from 198 units of 1.5 megawatt commissioned with revenue amounting to RMB1,397 million, a year-over-year growth of 38.6%.

Our gross margin improved to 26%, an expansion of 3.7 percentage points compared with the fourth quarter of last year, and 5.5 percentage points in the first quarter of 2010 , thanks to a favorable mix of higher margin sales contracts for WTGs commissioned during the quarter.

We also kept our operating expenses to revenue ratio lower. In all, our total comprehensive income increased to RMB218.8 million, a year-over-year increase of 58.6% and a sequential increase of 3.1%. Earnings per share increased to RMB1.80 per share .

Our signed order book continued to increase year over year. We entered into sales contracts for 216 units of 1.5 megawatts wind turbine generators, and 16 units of 2.5/3.0MW SCD wind turbine generators, which kept the Company's order backlog to 1,322 units.

As of March 31, 2011, cumulative signed orders since our inception amounted to 2,490 units, including 2,423 units of 1.5 megawatts wind turbine generators, and 67 units of SCD wind turbine generators. Our signed order book continued to increase year over year, contrary to some of our competitors' contracting order books.

During this quarter, the number of orders awarded and pending contract-signing amounted to an output of 924 megawatts, including 583 units of 1.5 megawatts WTGs, and 18 units of 2.5/3.0MW WTGs. Our current order book for 1.5 megawatts turbines, has fully covered our expected sales target in 2011.

Now about the manufacturing of SCD turbines. In our Zhongshan and Tianjin manufacturing bases, component fabrication and general assembly has already started. It is estimated that, before quarter 2 2011, some deliveries can be realized.

Finally, as a leading wind turbine manufacturer in Guangdong province, we plan to collaborate with the top five wind farm operators, as well as China Southern Power Grid , using total solutions like EPC to push forward offshore wind power projects in Guangdong. And we will work together with Guangdong Yudean Group to kick off the first SCD 3MW WTG offshore wind farm with EPC solutions.

I will now pass it over to Manfred Loong, our CFO, to provide a detailed update on 2011 first quarter results. Manfred, please?

Manfred Loong

Thank you, Chairman Zhang. Let me take you through our key financials.

Revenue for the first quarter of 2011 was RMB1,397.3 million, representing a year-over-year increase of 38.6%, and a sequential decrease of 18.4%, primarily reflecting the number of WTGs commissioned, which amounted to 198 units during the quarter. And this is largely a reflection of the seasonality factor occurring in our industry.

Gross profit for the first quarter of 2011 increased to RMB363.8 million, representing a year-over-increase of 76%, and a sequential decrease of 5%. The sequential decline was mainly due to lower number of WTGs commissioned. Meanwhile, our gross margin increased to 26%, against 22.3% for the fourth quarter of last year, and 20.5% for the first quarter in last year.

Turning to the bottom line, this quarter, we achieved a total comprehensive income of RMB218.8 million, compared to RMB212.2 million in Q4 of last year, and RMB138 million for the same period in 2010.

The increase we have seen this quarter is primarily due to our efforts to improve margins and profitability. I would like to add that our profit before tax this year largely increased to RMB268 million, which represents 82% increase year-over-year. However, the income tax expense amounted to RMB41.6 million for the first quarter of 2011, representing a nominal tax rate of 15%.

We did well on gross margin this quarter, with gross margin improved to 26%, an increase of 5.5 and 3.7 percentage points on a year-over-year and sequential basis. As Chairman Zhang has already mentioned, this is due to a favorable mix of higher margin sales contracts for the WTGs commissioned during the quarter. In addition, we're also seeing continuing cost improvement. We also saw improvement of operating expenses to revenue ratios, due to our management efforts.

Selling and distribution expenses were RMB37.6 million for the first quarter, which accounted for 2.7% of revenue. This is compared to 3.8% and 1.4% of the ratios for the fourth quarter of 2010, and the first quarter of 2010 respectively.

Administrative expenses were RMB54.2 million for the first quarter of 2011, which accounted for 3.9% of the revenue. And again, this compares with 3.5% and 2.0% for the fourth quarter of last year, and the first quarter of last year respectively.

R&D expenses were RMB15.9 million for the first quarter of 2011, which accounted for 1.1% of the revenue. And then again, which compares to 0.8% and 1.4% for the fourth quarter and the first quarter of last year. It is the Company's policy to continue to invest in R&D to maintain our leading advantage in technology development.

Overall, total operating expense to revenue was 7.7% during the quarter, compared with 8.1% and 4.8% in the fourth quarter and the first quarter of last year. Excluding share-based compensation, our operating expenses to revenue ratio stood at 5.3%. And also, our debt ratio remained comfortable and healthy.

In addition, our cash position is very strong, with cash and cash equivalent amounted to RMB2,072 million at the end of March, due to payment of trade payables, notes, and bills which became due during the quarter.

I will now turn this call back to our Chairman, to give us an update on our outlook and strategy.

Chuanwei Zhang

(interpreted) Thank you, Manfred. Finally, about our growth strategy. In light of the macro environment, we will execute focused growth strategies to ensure we will fully leverage the market potential to maintain a strong growth going forward. Our growth strategies are fivefold.

First, to leverage on our technology and cost advantage to further expand our market share in on-land and off-shore wind power market.

Number two, through technical innovation and product optimization we strive to enhance profitability and business models.

Number three, to develop and integrate high-end industry value chain.

Number four, to promote wind-solar hybrid storage solutions to further explore and secure onshore wind and solar resources in Western China.

And finally, to capitalize on our technology, financial and cost advantages to further accelerate the expansion of our international footprint.

In summary, with the market potential and our focus to growth strategies and competitive advantages, we are confident that we will continue to leverage our market opportunities, and expand our market share, strengthen our market position, and maintain solid growth in the future.

I would like to reiterate the Company's target to achieve revenue recognition of revenue from WTGs equivalent to wind projects, with a total output of 2.3 to 2.4 gigawatts. The Company also expects to maintain approximately the same level of gross margin as prior year. This is based on the current market and operating conditions, estimated production capacity, and forecasted customer demand.

I thank you all. Mr. Loong, please.

Calvin Lau

Thank you, Chairman. Operator, would you like to open the floor for questions now, please?

Question-and-Answer Session

Calvin Lau

Can I just remind everybody that, for the benefit of our English speaking audience, please keep all questions in English only, and keep the number of questions to two per person. Thank you.

Operator

(Operator Instructions) Paul Clegg, Mizuho.

Paul Clegg - Mizuho

Congratulations on the strong results and thanks for taking my question. Your full-year guidance calls for 2.3 gigawatts to 2.4 gigawatts of revenue recognition. What do you think your shipments in terms of installations of turbines will be in 2011? And what percentage of the market do you think that could represent?

Chuanwei Zhang

(interpreted) The shipment schedule actually is the schedule of our revenue recognition, and our estimation is that it will be 20% from the shipment schedule above the revenue recognition schedule.

Paul Clegg - Mizuho

And how does that translate into market share?

Chuanwei Zhang

(interpreted) We expect to be between 12% to 14%, based on the current market situation as well as the grid connection situation in China.

Paul Clegg - Mizuho

Okay, and if I may, just one follow-up? You talked at the end about geographic expansion outside of China, and increasing the international footprint. I wanted to hear about the first targets. What countries are we talking about, geographically, and what are the major constraints to operating or entering into those markets?

Chuanwei Zhang

(interpreted) Currently, we have deployed our efforts in the USA, South America, such as Brazil, South Asia, such as India, and Eastern Europe and Northern Europe. And currently we have some project negotiations undergoing there, and we have confidence that we may win some orders during the coming months.

As for the difficulties and the constraints, basically it is not a matter of sales, but rather, when the foreign countries import the turbines, they wish to have the services, such as engineering aftersales services. That is to say, they wish to receive the investments in order to resolve problems, be it local social problems, such as employment and taxation. USA, India and Brazil express the same wishes, and we do have plans to do so.

Another difficulty is that, while different countries have different new energy plans, including wind power, yet their financial services are not so updated. Therefore, our plan is to make full use of our product advantages, financial services advantages, and cost advantages, in order to enter these markets well, and we have confidence that we will win these markets in the near future.

Paul Clegg - Mizuho

Okay, thank you very much for your answers.

Operator

Rob Stone, Cowan & Co.

Rob Stone - Cowan & Co

My first question would be, whatever color you can provide on the outlook for ASP trends and costs for the balance of the year? I know you said you expect to maintain gross margins about the same as last year. If you could help us understand the influence of ASPs and cost improvement on that, please?

Manfred Loong

Yes, let me try to help you to understand that. Even though our ASP has been declining, but we will maintain the offset advantage with our cost improvement. As we see right now, our ASP is actually, the new signing ASP is stabilizing, and we have full visibility for the ASP to be realized for the year 2011.

And then our cost, as we speak, we also have the manufacturing schedule to guide us in terms of that. That's why the Chairman has responded to the earlier, to express his sharing that we look to achieve the same level of gross margin, in line with the last year's performance.

Rob Stone - Cowan & Co

So, Manfred, can you say approximately how much you expect ASPs to decline on the year, on average?

Manfred Loong

On the year, on the current levels, the decline is about 5%, and the cost improvement is more than offsetting that. As we shared earlier in the year that our January conference and discussion with our suppliers were able to accomplish two things. One is year over year, the price from the major suppliers show a total improvement of 10%, and secondly, we also are able to secure from them a five year warranty, so that will be offsetting our warranty to our customers in turn.

Rob Stone - Cowan & Co

Very good. My second question is if you could provide some color on the mix of units that underlies your megawatt target for the year, the mix of 1.5 to 3.0 megawatt wind turbines?

Manfred Loong

Sure. As we started the year by providing that information, so we're looking to obtain 2.3 to 2.4 gigawatts of revenue recognition, and out of which, about 300 megawatts was 3.0 megawatt SCDs, and the rest of them were 1.5 megawatts.

Rob Stone - Cowan & Co

Okay. And one more question, if I may? When do you expect to convert the remaining megawatts of bids into firm backlog?

Manfred Loong

Okay. If you look at our website information, which should be available to you now, in one of the charts we have shown the backlog, of which a majority of that will be realized in this year. And the current contract, the new contract that we're signing, then it will go into the last part of this year, and then next year.

Rob Stone - Cowan & Co

Okay. I was just wondering when you would expect those to get converted to firm orders?

Manfred Loong

Order backlog that we show are already firm orders. These are backlog based on contracts signed, and reducing the number of turbines commissioned, so it's all contracts signed.

Rob Stone - Cowan & Co

Sure. No, I meant the ones that are bids which were awarded, and they're pending the final orders, are those going to be concluded in the next quarter or two, something like that?

Manfred Loong

The new orders signed will be added to our backlog as we speak, and that will be concluded in the next quarter and the following. So it's a continuous process of adding up new orders.

Rob Stone - Cowan & Co

Great, thank you.

Operator

Sunil Gupta, Morgan Stanley

Sunil Gupta - Morgan Stanley

Congratulations on the excellent results. I just wanted to follow up on one of the earlier questions about your full-year guidance where you provided the revenue guidance. I wanted to understand how many megawatts would you recognize as revenue in FY'11, based on the current business outlook?

Manfred Loong

The question here is, how many megawatts would be for the guidance for revenue for this year, is that right?

Sunil Gupta - Morgan Stanley

That's right.

Manfred Loong

Allow us to translate it for the Chairman's benefit also, okay?

Sunil Gupta - Morgan Stanley

Okay, thank you.

Chuanwei Zhang

(interpreted) It is 2.3 to 2.4 gigawatts for revenue recognition this year.

Sunil Gupta - Morgan Stanley

Okay. And how much of that is likely to be in the second quarter?

Manfred Loong

Sorry, can you repeat that, Sunil?

Sunil Gupta - Morgan Stanley

Out of this 2.3 to 2.4 gigawatts that you're likely to recognize in FY'11, how much is likely to be recognized in the second quarter?

Manfred Loong

We would like to provide the guidance, forward-looking guidance as such. In our industry obviously it's very seasonally cyclical, and in terms of our output and, hence, also our revenue recognition perspective, it's about one-third in the first half of the year, and two-thirds in the second half of the year in total, which is in line with the industry in China as well.

Sunil Gupta - Morgan Stanley

Okay, all right. And my final question is, in terms of the shipment, Chairman Zhang mentioned earlier that you expect to make deliveries of the SCD products, how many megawatts or how many units of SCD do you think you'll be able to deliver in 2011? And if you'll have any of those deliveries in Q2.

Chuanwei Zhang

(interpreted) Our SCD turbine generators in our plan it will be 300 megawatts altogether, that is to say, 100 units of 3 megawatt wind turbine generators. In Q2 our delivery plan will be 18 units.

Sunil Gupta - Morgan Stanley

Thank you very much, and congratulations, once again, for the very good results.

Operator

Edward Chan, Clairvoyance Capital.

Edward Chan - Clairvoyance Capital

I just want to follow up on ASP as well as costs as well. Firstly on costs, when I look at the cost of goods sold per kilowatt, in first Q 2011, if I exclude the 3.3% warranty portion, the cost of goods sold per kilowatt in first quarter 2011, it's like RMB3,324 per kilowatt, which is not a lot different from the RMB3,357 per kilowatt in 4Q 2010. I'm just wondering when the 10% cost reduction will happen. This is my first question regarding costs.

The second question is regarding ASP. So when I look at the ASP right now in first quarter 2011, the ASP excluding VAT is like RMB4,700 per kilowatt, RMB4,705, which is a lot higher than what we know like RMB3,800-something per kilowatt right now. So can you give me some guidance in terms of how the ASP will change in the coming quarters? Thank you.

Manfred Loong

So obviously, it's a little bit forward looking. We will have to take as much prudence as possible in answering that. But answering that actual question relating to the actual cost first, you're correct, without a warranty the cost per kilowatt for the first quarter is RMB3,324, which has continued trending down from the last year sequentially, as well as from the quarter-over-quarter basis. And this does not have anything to do with the 10% cost reduction, or price reduction, that we mentioned earlier.

The price reduction of 10% is based on the recent negotiations concluded in January, and the impact of that will be reflected in the later part of the year as the new turbines rolling out of assembly is having the benefit of that cost improvement, or price improvement. So the RMB3,324 is purely a result of the previous year's cost improvement effort, including optimization of product, including the previous cost concession obtained from the suppliers. So that's part one to your question.

And then part two of that is, as we said, the price reflected in this quarter you're correct, it's about RMB4,705 per kilowatt, without VAT, and we having the benefit of some of the higher margin contracts that were signed earlier in the history, back to '09 primarily. So that is kind of a windfall to us for this quarter.

Going forward, as we were very prudent in guiding that this is a favorable mix and, going forward, we will return to the normalized gross margin; it's about the same level as last year. And so you can use that as guidance for going forward in the future quarters.

Edward Chan - Clairvoyance Capital

Thank you.

Operator

Jim Bao, Yiheng Capital.

Jim Bao - Yiheng Capital

My question is, what is the contract ASP that you're seeing in the current quarter? And then I have another one to follow up.

Calvin Lau

Hi, this is Calvin from IR. I just want to say that the contract price that sign into contracts, the ASP should be around the RMB3,700 to RMB3,800 level, so relatively decent.

Jim Bao - Yiheng Capital

Okay. And then another question; I just want to confirm that you're guiding to ASP to decline 5% in 2011 from 2010 level, right? That's what you said?

Calvin Lau

The price I just quoted is actually including 17% VAT, so you have to net it off to arrive at the net ASP which gets reflected in our financial statement.

Jim Bao - Yiheng Capital

Right, but like for like, if I calculate your -- I'm sorry?

Calvin Lau

For example, RMB3,800 would be equivalent to RMB3,250, etc.

Jim Bao - Yiheng Capital

Okay. And so ASP for 2011, if I compare it to 2010, calculate it the same way, excluding VAT, that would decline 5%? That's your comment; I just want to confirm that.

Manfred Loong

That was a different question earlier. We did not give out the price, ASP for the entire year. What we did answer, we have to be careful answering that. And what we did say was, as the Chairman quoted, the Q1 ASP is based on the very favorable mix of earlier contracts and, going forward, we would see a more normalized gross margin, in line with last year's performance. So we did not say what the ASP would be for this year entirely.

Jim Bao - Yiheng Capital

Okay, great. And then my last question is, I read something in the press about a transaction, I don't know if it's confirmed, between you and your joint venture partners for the Jiangsu subsidiary. Can you comment on that at all?

Manfred Loong

Can you rephrase the question again, please? There's some static.

Jim Bao - Yiheng Capital

There was a very brief news story saying that your joint venture partner called [Kingfield] in the Jiangsu subsidiary is trying to buy out the rest of the stake from you. I don't know if you can comment on that.

Chuanwei Zhang

(interpreted) We haven't heard anything about that, and we don't have any plan for this, either.

Manfred Loong

We cannot confirm that rumor, because it's not released from the Company, so we cannot make any comment to that.

Jim Bao - Yiheng Capital

Okay. Thank you very much.

Manfred Loong

Thank you.

Operator

At this time, there are no further questions in the queue.

Calvin Lau

Okay. In conclusion, I would like the Chairman to say a few words, to conclude this evening's conference call. Chairman Zhang, would you please proceed?

Chuanwei Zhang

(interpreted) I thank you all for joining our results announcement. If you have any questions to ask in the future, please don't hesitate to contact us, and it will be my pleasure to share my knowledge with you with regard to the wind power industry in China. Thank you.

Manfred Loong

Thank you. Good night.

Operator

Ladies and gentlemen, this concludes our presentation. Thank you for your participation. You may now disconnect. Have a great day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: China Ming Yang Wind Power Group's CEO Discusses Q1 2011 Results - Earnings Call Transcript
This Transcript
All Transcripts