Investment Rating - The report maintains a "Buy-A" rating for the company [3][7]. Core Views - The company reported a revenue of 461.7 billion yuan in 2024, a decrease of 10.0% year-on-year, with a net profit of 22.5 billion yuan, down 22.6% year-on-year [4]. - In Q1 2025, the company achieved a revenue of 85.9 billion yuan, a decline of 10.5% year-on-year and 28.4% quarter-on-quarter, with a net profit of 0.47 billion yuan, down 91.8% year-on-year and 83.8% quarter-on-quarter [4]. - The energy storage business showed strong growth, with a revenue of 97.4 billion yuan in 2024, up 420.8% year-on-year, and a gross margin of 30.8%, an increase of 13.7 percentage points [5]. - The company expects its energy storage business shipment scale to increase to 11-13 GWh in 2025, maintaining high growth [5]. - The photovoltaic module business generated a revenue of 314.8 billion yuan in 2024, down 25.6% year-on-year, with a gross margin of 12.8%, a decrease of 3.0 percentage points [6]. - The company is steadily advancing its overseas production capacity, with 5 GW of module capacity in the U.S. expected to ramp up in the second half of 2025 [6]. Financial Data Summary - The company’s projected EPS for 2025-2027 is 0.61, 0.82, and 1.15 respectively, with corresponding PE ratios of 16.5, 12.1, and 8.7 [7]. - The revenue forecast for 2025 is 51.6 billion yuan, with a net profit of 2.2 billion yuan, reflecting a slight decrease of 0.5% year-on-year [11]. - The gross margin is expected to be 13.8% in 2025, with a net margin of 4.3% [11]. - The company’s total assets are projected to reach 73.6 billion yuan by 2025, with total liabilities of 48.4 billion yuan [12].

证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 目录 | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议议程 | 3 | | --- | --- | --- | --- | | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议须知 | 4 | | 议案一：关于《公司 2024 | | 年度董事会工作报告》的议案 | 6 | | 附件：2024 年度董事会工作报告 | | 7 | | | 议案二：17 2024 | 关于《公司 | 年度监事会工作报告》的议案 | 17 | | 附件：2024 年度监事会工作报告 | | 18 | | | 议案三：关于《公司 2024 | | 年度财务决算报告》的议案 | 20 | | 附件：公司 年度财务决算报告 | 2024 | | 21 | | 议案四：关于《公司 2024 | | 年度报告及其摘要》的议案 | 23 | | 议案五：关于 年度利润分配方案的议案 | 2024 | | 24 | | 议案六：关于公司 | 2025 | 年度非独立董事、高级管理 ...

一季度，阿特斯营收占CSIQ的比例超过90%（未经审计），是其主要生产经营主体。因此虽然公告披 露的是控股股东经营情况，但其实也是衡量阿特斯业绩的重要参考信息。 凭借储能系统产品维持增长，CSIQ预计二季度实现营收至少为136.4亿元，环比增长超六成，毛利率预 计由11.7%环比增长至23%~25%，主要因储能系统产品出货延续高增态势，成为组件跌价与需求下滑之 际的业绩第二增长点。 近日，光伏龙头阿特斯（688472.SZ）发布了控股股东阿特斯集团Canadian Solar Inc.（下称"CSIQ"） 2025年第一季度业绩以及第二季度、2025年度经营展望的公告。 CSIQ披露的全年光伏制造环节产能计划显示，预计拉棒、硅片、电池片和组件的二季度到四季度合计 增长约4%，其中拉棒和组件产能没有扩产，可见在行业供需依然严峻的背景下，光伏制造商正大幅放 缓投建产能的落地速度。 预计二季度收入环比增六成，全年组件出货或同比微降 CSIQ的生产经营主体是阿特斯，根据公告，CSIQ一季度的营业收入为12亿美元（折合人民币86.2亿 元）。而根据财报，一季度阿特斯实现营收85.85亿元，两者相差不到0.4亿元。对比可 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].

Core Viewpoint - The announcement from Canadian Solar (688472.SH) indicates a significant revenue increase driven primarily by its energy storage business rather than its photovoltaic (PV) segment, suggesting a cautious outlook for the PV industry overall [2][5][6]. Group 1: Company Performance - Canadian Solar's parent company reported a Q1 2025 revenue of $1.2 billion (approximately ¥8.62 billion) with a gross margin of 11.7% [5]. - The company anticipates Q2 2025 revenue between $1.9 billion and $2.1 billion (approximately ¥13.64 billion to ¥15.08 billion) with a projected gross margin of 23% to 25% [5]. - The expected revenue growth of 60% and a doubling of gross margin are primarily attributed to the energy storage business, which has a higher gross margin compared to the PV business [2][6]. Group 2: Industry Outlook - The overall PV industry remains cautious, with stakeholders indicating only a slight improvement in the market environment [3][7]. - Despite a minor increase in PV module shipments, the industry has not experienced a transformative change, with Q1 shipments at 6.9 GW and Q2 expected to be between 7.5 GW and 8.0 GW [5][6]. - Industry experts express uncertainty regarding the timing of a market turning point, citing challenges such as fluctuating demand and complex regulatory environments in key markets like the U.S. [7][8].

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

Core Insights - The company reported a 9.8% year-over-year decline in revenue for Q1 2025, totaling $1.2 billion, which was $100 million above market expectations. However, the non-GAAP EPS loss of $1.07 fell short of market forecasts [1] - Following the earnings announcement, the company's stock price increased by 4.35% in pre-market trading [1] Revenue and Shipment Performance - For Q1 2025, the company experienced a 21.3% quarter-over-quarter and 9.8% year-over-year decline in revenue, primarily due to decreased sales of battery storage systems and solar modules [1] - The total shipment of components recognized as revenue was 6.9 GW, reflecting a 16.0% quarter-over-quarter decline but a 9.4% year-over-year increase, exceeding expectations [1] - Of the total shipments, 413 MW were delivered to the company's own utility-scale solar projects [1] Future Guidance - The company anticipates total revenue for Q2 2025 to be between $1.9 billion and $2.1 billion, surpassing the market expectation of $1.76 billion. The gross margin is expected to range from 23% to 25% [1] - The total shipment of components recognized as revenue for Q2 2025 is projected to be between 7.5 GW and 8.0 GW, including approximately 500 MW for the company's own projects [1] - The company expects total battery storage shipments for Q2 2025 to be between 2.4 GWh and 2.6 GWh [1] Annual Projections - For the full year of 2025, the company forecasts total revenue between $6.1 billion and $7.1 billion, compared to market expectations of $7.04 billion [2] - The total component shipment for CSI Solar is expected to be between 25 GW and 30 GW, including about 1 GW for the company's projects [2] - The company projects total battery storage shipments for the year to be between 7 GWh and 9 GWh, including approximately 1 GWh for its own projects [2]

证券代码：688472 证券简称：阿特斯 公告编号：2025-026 阿特斯阳光电力集团股份有限公司 关于自愿披露公司控股股东 2025 年第一季度业绩以及 2025 年第二季度、2025 年度经营展望的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： Canadian Solar Inc.,（阿特斯集团，股票代码：CSIQ，以下简称"CSIQ"） 为阿特斯阳光电力集团股份有限公司（以下简称"公司"）的控股股东，系 一家于美国 NASDAQ 证券交易所上市的公司。CSIQ 于北京时间 2025 年 5 月 15 日在美国披露了 2025 年第一季度业绩以及 2025 年第二季度、2025 年度 经营展望等信息。截至 2025 年一季度末，CSIQ 直接持有公司 62.24%的股权。 本公告中 CSIQ 2025 年第一季度业绩以及 2025 年第二季度、2025 年度经营 展望预测数据系 CSIQ 按照美国会计准则编制，因使用的会计准则不同、外 汇转换等原因，将与公司最终定期报告中的数据存在一定差异，仅 ...

Core Viewpoint - The company, CSIQ, projects significant revenue growth for the second quarter of 2025, with total revenue expected to be between $1.9 billion and $2.1 billion, and an annual revenue forecast of $6.1 billion to $7.1 billion [1] Financial Projections - CSIQ anticipates second-quarter total revenue between $1.9 billion and $2.1 billion, equivalent to approximately RMB 13.64 billion to RMB 15.08 billion [1] - The expected gross margin for the second quarter is projected to be between 23% and 25% [1] - For the full year, total revenue is expected to range from $6.1 billion to $7.1 billion, translating to approximately RMB 43.80 billion to RMB 50.98 billion [1] Shipment Expectations - The company forecasts component shipments to be between 7.5 GW and 8.0 GW for the second quarter, with annual shipments expected to be between 25 GW and 30 GW [1] - Energy storage system shipments are projected to be between 2.4 GWh and 2.6 GWh for the second quarter, with annual expectations ranging from 7.0 GWh to 9.0 GWh [1]

Investment Rating - The industry investment rating is "Overweight" [8] Core Viewpoints - The recent reduction in tariffs between the US and China is expected to significantly benefit sectors such as energy storage, photovoltaics, and AIDC, leading to profit recovery and valuation restoration [1][6] - The report recommends key companies including CATL, Sungrow, Canadian Solar, Megmeet, and Huaneng Electric [1][6] Summary by Sections Tariff Adjustments - The recent negotiations resulted in a larger-than-expected reduction in tariffs, with the effective tax rates for various segments calculated as follows: 1. Energy storage batteries/systems: 40.9% (expected to rise to 58.4% by 2026) 2. Lithium battery materials: 56%-60.8% 3. Inverters: 57.5% [2] Energy Storage Sector - High tariffs previously led to order cancellations and a slowdown in new orders for energy storage companies. The recent tariff reductions are expected to restore profitability for companies heavily exposed to the US market, with recommendations for Sungrow and CATL [3][6] Photovoltaic Sector - The impact of tariff adjustments on photovoltaic companies is deemed limited, as most domestic companies export through overseas bases. The adjustment is expected to improve market sentiment and support valuation recovery, particularly benefiting Canadian Solar due to its US production capacity [4][6] AIDC Sector - Concerns regarding reduced overseas demand due to high tariffs have diminished. The recent tariff cuts are expected to restore valuations for AIDC-related companies, with recommendations for Megmeet and Huaneng Electric [5][6] Company Recommendations - CATL: Expected to maintain a strong market position with a projected net profit of 66.62 billion CNY in 2025 [13] - Sungrow: Anticipated revenue growth of 7.76% in 2024, with a strong outlook for its energy storage business [13] - Canadian Solar: Despite a projected decline in net profit due to tariffs, its US production capacity is expected to mitigate some impacts [13] - Megmeet: Expected to benefit from its diversified layout and strong demand in data center products [13] - Huaneng Electric: Anticipated growth in its wind and energy storage segments, maintaining a positive outlook [14]