押宝储能难挡颓势 阿特斯净利连降

Core Insights - The company, Canadian Solar (阿特斯), is betting on energy storage as a second growth curve amid significant losses in the photovoltaic (PV) module sector, maintaining a leading position in the industry despite a 41.01% year-on-year decline in net profit for the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company reported a revenue of approximately 210.52 billion yuan, a decrease of 4.13% year-on-year, with a net profit of about 7.31 billion yuan, down 41.01% [2]. - The first quarter of 2025 saw a revenue of approximately 85.86 billion yuan, a decline of 10.54% year-on-year, and a net profit of about 47.26 million yuan, down 91.83% [2]. - The company sold 14.8 GW of PV products and 3.1 GWh of energy storage products in the first half of 2025, maintaining a leading global scale [2]. Revenue Composition - The revenue from energy storage systems has been increasing, with contributions of approximately 18.7 billion yuan in 2023, 97.38 billion yuan in 2024, and about 44.3 billion yuan in the first half of 2025, representing 21.04% of total revenue, up from 18.59% year-on-year [3][4]. - The company's overseas revenue has also been rising, accounting for 82.28% of total revenue in the first half of 2025, up from 76.92% in the same period last year [4]. Research and Development - R&D expenses for the company decreased by 16.19% year-on-year to approximately 3.54 billion yuan, attributed to reduced investment in R&D [5][6]. - Management and sales expenses increased, with management expenses rising by 37.36% to about 9.79 billion yuan and sales expenses increasing by 8.8% to 5.48 billion yuan [6]. Market Position - Despite the overall pressure in the photovoltaic industry, the company remains among the leaders in profitability. However, its stock performance has been underwhelming, with a year-to-date decline ranking fourth among 70 A-share listed companies in the photovoltaic equipment sector [7].