CSI Solar(688472)2024-10-29 10:04Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 34.18 billion, with a net profit attributable to shareholders of CNY 1.95 billion[2]. - In Q3 2024, the company reported a revenue of CNY 12.22 billion, representing a quarter-on-quarter growth of 8.3%, marking three consecutive quarters of growth[2]. - Total operating revenue for the first three quarters of 2024 was CNY 34.18 billion, a decrease of 12.5% compared to CNY 39.12 billion in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was CNY 1.93 billion, a decline of 32% from CNY 2.84 billion in the same period of 2023[18]. - The company reported a total comprehensive income of CNY 2.06 billion for the first three quarters of 2024, compared to CNY 2.76 billion in 2023, a decrease of 25.5%[20]. Operational Metrics - 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, up 2.4% quarter-on-quarter[2]. - The large-scale energy storage products shipped 4.4 GWh from January to September 2024, with Q3 shipments hitting a record high of 1.8 GWh, contributing significantly to the overall performance[3]. Cash Flow and Liquidity - The company's net cash flow from operating activities for the first three quarters was nearly CNY 2.5 billion[2]. - Cash flow from operating activities generated CNY 2.48 billion in the first three quarters of 2024, a decrease of 55.8% compared to CNY 5.60 billion in 2023[21]. - The cash and cash equivalents decreased to CNY 15.09 billion from CNY 18.95 billion, representing a decline of approximately 20.10%[14]. - The company reported a net decrease in cash and cash equivalents of approximately -¥1.18 billion, contrasting with an increase of ¥6.06 billion in the previous period[22]. Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 66.83 billion, a 1.60% increase from the end of the previous year[6]. - Total liabilities amounted to CNY 44.07 billion, slightly down from CNY 44.30 billion in the previous year[15]. - The company's total equity increased to CNY 22.76 billion, compared to CNY 21.48 billion in 2023, reflecting a growth of 6%[15]. - The ending balance of cash and cash equivalents was approximately ¥10.67 billion, down from ¥11.19 billion at the end of the previous period[22]. Shareholder Information - The company reported a total of 44,247 common shareholders at the end of the reporting period[10]. - Canadian Solar Inc. remains the largest shareholder, holding 2,295,485,721 shares, which is 62.24% of the total shares[10]. Research and Development - The company has applied for a total of 4,761 patents, with 2,242 currently valid, maintaining a leading position in the industry[5]. - R&D investment for the first three quarters was CNY 639 million, accounting for 1.87% of revenue, an increase of 0.63 percentage points year-on-year[6]. - Research and development expenses increased to CNY 639 million in 2024, up 31.6% from CNY 486 million in 2023[18]. Inventory and Receivables - Accounts receivable increased significantly to CNY 7.51 billion, up from CNY 5.58 billion, marking an increase of about 34.60%[14]. - Inventory rose to CNY 8.80 billion, compared to CNY 7.80 billion, indicating an increase of approximately 12.80%[14]. Borrowings and Financing - Short-term borrowings increased to CNY 8.31 billion from CNY 6.89 billion, an increase of approximately 19.50%[14]. - The company's long-term borrowings increased significantly to CNY 6.00 billion, up from CNY 3.42 billion in the previous year, indicating a rise of 75%[15]. - Total cash inflow from financing activities was approximately ¥15.43 billion, a decrease from ¥15.99 billion in the previous period, with a net cash flow from financing activities of ¥3.59 billion, down from ¥6.93 billion[22]. Market Conditions - The net profit attributable to shareholders decreased by 31.17% year-on-year, primarily due to a decline in average selling prices of solar modules and increased inventory impairment losses[8]. - The company continues to focus on high-margin large-scale energy storage products, which have seen rapid revenue growth, partially offsetting the decline in module business profits[8]. Accounting Changes - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[23].