总市值（亿）： 511.19 2024 年 11 月 16 日 公司研究/公司快报 公司近一年市场表现 太阳能 阿特斯（688472.SH） 买入-A(维持) Q3 盈利环比持续增长，储能单季度量利创新高 事件描述 事件：公司发布 2024 年三季度报告，前三季度公司实现营收 341.8 亿元， 同比-12.6%；实现归母净利润 19.5 亿元，同比-31.2%。其中，Q3 实现营收 122.2 亿元，同比-6.1%，环比-1.1%；实现归母净利润 7.2 亿元，同比-22.0%， 环比+8.3%。 事件点评 储能业务 Q3 量利新高，在手订单充足。2024 年前三季度，公司实现储 市场数据：2024 年 11 月 14 日 能产品销售 4.4GWh；其中 Q3 出货 1.8GWh，出货量和单位净利均创单季度 收盘价（元）： 13.86 历史新高。展望四季度，在全年出货 6.5-7GWh 的预期下，Q4 出货量有望环 年内最高/最低（元）： 16.69/8.84 比持续增长。2024 年，公司大储产品主要销往中国市场及海外美国、欧洲（英 流通A股/总股本（亿）： 13.82/36.88 国）、澳洲等市场。截至 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Insights - The report highlights the company's strong performance in large-scale energy storage orders and improving profitability in its component business, suggesting a robust growth trajectory in the solar and storage sectors [6][12]. - The company reported a revenue of 34.178 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.63%, with a net profit attributable to shareholders of 1.955 billion yuan, down 31.17% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 12.22 billion yuan, a decline of 6.10% year-on-year, but the net profit of 716 million yuan showed a 21.99% decrease year-on-year, marking a continuous growth trend over three consecutive quarters [5][6]. Summary by Sections Business Performance - The company shipped 22.9 GW of solar modules from January to September 2024, a slight increase compared to the same period last year, with Q3 shipments reaching 8.4 GW, a 2.4% increase quarter-on-quarter [5][6]. - The North American market accounted for over 30% of Q3 shipments, indicating a shift towards higher-priced market segments [5][6]. Large-Scale Energy Storage - The large-scale energy storage segment experienced rapid growth, with shipments reaching 4.4 GWh from January to September 2024, and Q3 shipments of 1.8 GWh exceeded guidance [5][6]. - Both shipment volume and unit net profit in the energy storage sector hit record highs for a single quarter, reflecting strong demand and operational efficiency [5][6]. Financial Projections - The report adjusts revenue forecasts for 2024-2026, estimating revenues of 49.3 billion yuan, 61.9 billion yuan, and 77.9 billion yuan respectively, with net profits projected at 2.9 billion yuan, 4.8 billion yuan, and 5.7 billion yuan [6][7]. - The earnings per share (EPS) is expected to be 0.78 yuan, 1.29 yuan, and 1.53 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 11, and 9 [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company's Q3 performance met expectations, with historical highs in energy storage shipments and unit net profit [3][4]. - The company has prioritized profit stability in its sales strategy, focusing on high-margin markets, particularly in North America [4][6]. - Despite a year-on-year revenue decline, the company has shown resilience with a sequential increase in net profit over three consecutive quarters [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 34.2 billion yuan, a year-on-year decrease of 12.6%, and a net profit attributable to shareholders of 1.955 billion yuan, down 31.2% [3]. - In Q3 2024, revenue was 12.22 billion yuan, a year-on-year decline of 6.1% and a sequential decline of 1.1%, while net profit was 716 million yuan, down 22% year-on-year but up 8.3% sequentially [3]. Market Position and Strategy - The company shipped 22.9 GW of components in the first three quarters, a slight year-on-year increase, with Q3 shipments reaching 8.4 GW, up 2.4% sequentially [4]. - The company has increased its shipments to the North American market, which accounted for over 30% of Q3 shipments, emphasizing a strategy of prioritizing profitability over volume [4][6]. Future Outlook - The company is expected to achieve over 7 GWh in large-scale energy storage shipments for the full year 2024, representing a year-on-year growth of more than five times [4]. - Revenue projections for 2024-2026 are estimated at 50.4 billion, 57.9 billion, and 68.1 billion yuan, respectively, with adjusted net profit forecasts of 2.8 billion, 3.8 billion, and 5.0 billion yuan [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 34.178 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.63%, and a net profit attributable to shareholders of 1.955 billion yuan, down 31.17% year-on-year [2] - The decline in revenue is primarily due to intensified competition in the global photovoltaic market, leading to a significant drop in sales prices of photovoltaic modules, although this was partially offset by growth in energy storage revenue [2][3] - The company is focusing on balancing price and shipment volume, prioritizing profit over volume, with an expected total shipment of photovoltaic modules between 32-36 GW for the year [3] - The company has established significant production capacity in the U.S., including a 5 GW N-type module factory and a 5 GW N-type battery project, which are expected to enhance profitability in the high-margin U.S. market [3] - The company has a robust order backlog in its energy storage business, with approximately 66 GWh of orders and a projected shipment of large storage products expected to reach 6.5-7.0 GWh, representing a year-on-year increase of over 500% [3] - The company has launched a stock incentive plan aimed at motivating key personnel, reflecting confidence in its growth trajectory, with ambitious profit targets set for the next three years [3] - Revenue forecasts for 2024-2026 are 49.417 billion, 60.994 billion, and 73.717 billion yuan, with corresponding growth rates of -3.7%, 23.4%, and 20.9% [3][4] - Net profit forecasts for the same period are 2.790 billion, 4.590 billion, and 5.488 billion yuan, with growth rates of -3.9%, 64.5%, and 19.6% [4][6] Financial Summary - The company’s total revenue for 2023 is projected at 51.310 billion yuan, with a growth rate of 7.9% [4] - The net profit attributable to shareholders for 2023 is estimated at 2.903 billion yuan, reflecting a growth rate of 34.6% [4] - The company’s PE ratio is expected to be 19 for 2024, decreasing to 10 by 2026, indicating an improving valuation outlook [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 34.18 billion yuan for the first three quarters of 2024, a decrease of 12.6% year-on-year, with a net profit attributable to shareholders of 1.95 billion yuan, down 31.2% year-on-year [2] - The company has seen a continuous increase in its North American market share, with module shipments reaching 22.9 GW in the first three quarters of 2024, a slight year-on-year increase [2] - Energy storage shipments reached 4.4 GWh in the first three quarters of 2024, with Q3 deliveries at approximately 1.8 GWh, marking a 20% quarter-on-quarter increase and over 300% year-on-year growth [3] - The company emphasizes cash flow management and has a strong focus on intellectual property, with a total of 4,761 patent applications filed as of Q3 2024 [3] - The profit forecast for 2024-2026 has been adjusted downwards, with expected profits of 2.9 billion, 4.7 billion, and 6.1 billion yuan respectively, reflecting a 1% year-on-year increase for 2024 [4] Financial Summary - Total revenue for 2023 is projected at 51.31 billion yuan, with a net profit of 2.9 billion yuan, resulting in an EPS of 0.79 yuan [10] - The company’s total assets are estimated to reach 66.18 billion yuan in 2024, with total liabilities of 35.14 billion yuan [10] - The company’s P/E ratio is projected to be 19.16 for 2024, decreasing to 9.17 by 2026 [11]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 34.18 billion CNY and a net profit attributable to shareholders of 1.95 billion CNY [3] - In Q3 2024, the revenue reached 12.22 billion CNY, with a net profit of 720 million CNY, reflecting a quarter-on-quarter growth of 8.3% [3] - The company generated nearly 2.5 billion CNY in net cash flow from operating activities in the first three quarters [3] Group 2: Product Shipment and Sales Strategy - For the first nine months of 2024, the company shipped 22.9 GW of solar modules, a slight increase compared to the same period last year [3] - In Q3 2024, module shipments were 8.4 GW, representing a quarter-on-quarter growth of 2.4% [3] - The company maintains a "profit-first" sales strategy, with over 30% of Q3 shipments directed to the high-price North American market [3] Group 3: Energy Storage Business - In the first nine months of 2024, the company shipped 4.4 GWh of large-scale energy storage products, with Q3 shipments reaching 1.8 GWh, achieving record highs for both shipment volume and unit net profit [3][4] - The company expects total shipments for the year to be between 6.5 to 7.0 GWh, with further growth anticipated in Q4 [4] Group 4: Market Outlook and Orders - As of the end of Q2, the company had energy storage orders worth 2.6 billion USD and project reserves of 66 GWh [4] - The global energy storage market is projected to grow significantly, with an expected installation of 163 GWh in 2024, a 58% increase from 2023 [4] Group 5: Strategic Initiatives and Innovations - The company is focused on high-quality photovoltaic business and long-term strategic deployment in energy storage to achieve its profit targets for the upcoming year [5] - The U.S. component factory is progressing, with plans for a 5 GW battery production expected to commence in 2025 [5] - The company has filed a total of 4,761 patents, with 2,242 currently effective, showcasing its commitment to innovation and intellectual property protection [5]

Summary of the Conference Call Record for Canadian Solar Inc. (阿特斯阳光电力集团股份有限公司) Company Information - **Company Name**: Canadian Solar Inc. (阿特斯阳光电力集团股份有限公司) [1] - **Stock Code**: 688472 [1] - **Announcement Number**: 2024-063 [1] Key Points Industry Context - The conference call is part of the "Suzhou Listed Companies Investor Reception Day" event, aimed at enhancing investor understanding of the company's performance and financial status [2][3]. Conference Call Details - **Date and Time**: November 6, 2024, from 15:30 to 17:00 [2][3]. - **Format**: Online text interaction [3]. - **Platform**: "全景路演" (Panorama Roadshow) [2][3]. - **Pre-Submission of Questions**: Investors can submit questions by November 5, 2024, at 16:00 [2][3]. Participants - **Key Participants**: - General Manager: Mr. Zhuang Yan [4]. - Chief Financial Officer: Ms. Gao Lihong [4]. - Board Secretary: Mr. Xu Xiaoming [4]. - Independent Director: Mr. Du Yukou [4]. - Note: Participant list may change due to special circumstances [4]. Additional Information - After the conference call, investors can access the main content and details of the meeting through the "全景路演" platform [4]. Important but Overlooked Content - The announcement emphasizes the company's commitment to transparency and investor engagement, ensuring that all information shared is accurate and complete [1].

Group 1: Event Details - The online interactive session will take place on November 6, 2024, from 15:30 to 17:00 [2][3] - The meeting will be conducted via the "Panorama Roadshow" platform [2][3] - Investors can submit questions by November 5, 2024, at 16:00 [2][3] Group 2: Company Information - The company, Arctech Solar Group Co., Ltd., has released its Q3 2024 report on October 30, 2024 [2] - Key personnel attending the meeting include General Manager Mr. Zhuang Yan, CFO Ms. Gao Lihong, and Secretary of the Board Mr. Xu Xiaoming [4] Group 3: Communication and Follow-up - Investors can check the meeting's details and main content on the "Panorama Roadshow" platform after the event [4] - Contact information for inquiries includes the Securities Department, phone number 0512-68966968, and email investor@csisolar.com [4]

证券代码：688472 证券简称：阿特斯 公告编号：2024-064 二、 回购股份的进展情况 | 回购方案首次披露日（正式） | 2024/2/27 | | --- | --- | | 回购方案实施期限 | 2024/2/25 ~2025/2/24 | | 预计回购金额 | 5.00 亿元~10.00 亿元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 51,750,000 股 | | 累计已回购股数占总股本比例 | 1.40% | | 累计已回购金额 | 5.53 亿元 | | 实际回购价格区间 | 8.85 元/股~12.00 元/股 | 一、 回购股份的基本情况 2024 年 2 月 25 日，阿特斯阳光电力集团股份有限公司（以下简称"公司"） 召开第二届董事会第二次会议，审议通过《关于以集中竞价交易方式回购公司股 份的议案》，同意公司使用自有资金或首次公开发行人民币普通股取得的超募资金 以集中竞价交易方式回购公司发行的人民币普通股（A 股），回购资金总额不低于 人民币 5 亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company's energy storage business is experiencing rapid growth, with significant increases in both shipment volume and unit net profit, achieving historical highs in Q3 [2]. - The company is strategically focusing on high-profit markets in North America and is expected to see continued growth in its large-scale storage business in Q4 and beyond [2]. - The company emphasizes profitability in the photovoltaic market, with a focus on high-price markets, ensuring component profitability [2]. - A stock incentive plan was announced, reflecting confidence in future performance, with ambitious growth targets for net profit in the coming years [3]. - The company is projected to achieve revenues of 514 billion, 668.54 billion, and 815.93 billion yuan from 2024 to 2026, with net profits expected to grow significantly [3]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 34.178 billion yuan, a year-on-year decrease of 12.63%, and a net profit of 1.955 billion yuan, down 31.17% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 12.220 billion yuan, a year-on-year decrease of 6.10%, but a quarter-on-quarter increase of 8.34% in net profit [1]. - The company’s earnings per share (EPS) for 2024 is projected at 0.77 yuan, with a price-to-earnings (P/E) ratio of 19.5 [7].