光伏龙头阿特斯预告二季度毛利率翻倍，光伏行业拐点仍为时尚早

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].