CSI Solar(SH:688472)2024-04-26 13:16Financial Performance - The company's operating revenue for Q1 2024 was ¥9,597,025,639.08, representing a decrease of 18.88% compared to the same period last year[5]. - The net profit attributable to shareholders decreased by 23.39% to ¥638,439,329.37, primarily due to a significant drop in average sales prices of components and inventory impairment[5][8]. - Basic and diluted earnings per share were both ¥0.16, reflecting a decline of 46.67% year-over-year[6][8]. - The company's revenue for Q1 2024 was approximately 959.70 million RMB, a decrease of 18.88% compared to the same period last year, primarily due to declining prices of photovoltaic products[18]. - Net profit attributable to shareholders for Q1 2024 was approximately 57.88 million RMB, with a provision for asset impairment of 24.50 million RMB[18]. - Total revenue for Q1 2024 was CNY 9,597,025,639.08, a decrease of 18.9% compared to CNY 11,830,697,757.23 in Q1 2023[21]. - Operating profit for Q1 2024 was CNY 540,755,620.40, down 51.2% from CNY 1,108,390,768.23 in Q1 2023[21]. - The company reported a total comprehensive income of CNY 314,693,921.63 for Q1 2024, significantly lower than CNY 914,092,685.94 in Q1 2023[22]. - Earnings per share for Q1 2024 were CNY 0.16, down from CNY 0.30 in Q1 2023[22]. Research and Development - Research and development expenses totaled ¥240,842,106.66, an increase of 104.87% year-over-year, representing 2.51% of operating revenue, up from 1.52%[6][8]. - Research and development expenses increased to CNY 240,842,106.66 in Q1 2024, up 104.9% from CNY 117,559,501.46 in Q1 2023[21]. - The company plans to focus on photovoltaic and energy storage sectors, enhancing R&D and technological innovation to strengthen its core competitiveness[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,575[9]. - Canadian Solar Inc. remains the largest shareholder, holding 62.24% of the shares[10]. - The company reported a total of 81,759,759 shares held by major shareholders, with a significant portion being unrestricted circulating shares[11]. - Major shareholders include China Merchants Bank and Industrial and Commercial Bank of China, holding 22,138,913 and 15,911,072 shares respectively, representing 0.60% and 0.43% of total shares[12][13]. - The total number of shares held by the top 10 unrestricted shareholders is 81,759,759, indicating a stable shareholder base[11]. - The company has not disclosed any related party transactions among the top 10 shareholders[12]. - The report indicates no significant changes in the overall shareholding structure compared to the previous period[14]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥841,668,983.03, primarily due to increased cash payments for raw material purchases[6][8]. - Cash flow from operating activities showed a net outflow of CNY -841,668,983.03 in Q1 2024, compared to CNY -931,210,157.98 in Q1 2023[24]. - Cash and cash equivalents decreased to approximately 18.71 billion RMB from 18.95 billion RMB at the end of 2023[19]. - Cash and cash equivalents at the end of Q1 2024 were CNY 12,923,117,296.76, an increase from CNY 4,159,893,601.56 at the end of Q1 2023[25]. - The company maintains a strong liquidity position with no significant debt reported in the current quarter[11]. Asset Management and Strategy - The company has established a special asset management plan for strategic allocation in the Sci-Tech Innovation Board, involving senior management and core employees[12]. - The asset management plan aims to leverage the growth potential of the Sci-Tech Innovation Board[12]. - The company continues to focus on expanding its market presence and enhancing shareholder value through strategic investments[12]. Market Performance - In Q1 2024, the company achieved a module shipment volume of 6.3 GW, a year-on-year increase of 3.28%, with over 20% of shipments in the North American market[17]. - The company reported a total of 2.6 billion USD in hand orders for its energy storage business as of December 31, 2023[17]. - The energy storage business generated revenue of 1 GWh in Q1 2024, achieving a quarterly revenue level comparable to the entire year of 2023[17]. Assets and Liabilities - The company's total assets increased by 2.75% to ¥67,583,799,643.66 compared to the end of the previous year[6]. - As of March 31, 2024, total assets amounted to approximately 67.58 billion RMB, an increase from 65.78 billion RMB at the end of 2023[20]. - The company's total liabilities as of March 31, 2024, were approximately 45.59 billion RMB, compared to 44.30 billion RMB at the end of 2023[20]. - The company reported a significant increase in long-term borrowings, rising to approximately 5.54 billion RMB from 3.42 billion RMB at the end of 2023[20]. - Total liabilities and shareholders' equity reached CNY 67,583,799,643.66 in Q1 2024, up from CNY 65,775,366,984.02 in Q1 2023[21].