CSI Solar(SH:688472) Zheng Quan Ri Bao Wang·2025-11-03 11:10Core Viewpoint - The report highlights the strong financial performance and growth potential of Canadian Solar Inc. (referred to as "the company") in the energy storage sector, driven by significant revenue growth and a robust order backlog. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 31.27 billion yuan, with a third-quarter revenue of 10.22 billion yuan [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 1.12 billion yuan for the first three quarters, with 284 million yuan in the third quarter [1] - The net cash flow from operating activities reached 5.469 billion yuan, reflecting a year-on-year increase of 120.93% [1] Growth Drivers - The energy storage business has become the "core engine of profit growth," with large-scale energy storage product shipments reaching 5.8 GWh in the first three quarters, a year-on-year increase of 32% [1] - In the third quarter alone, shipments were 2.7 GWh, marking a significant year-on-year growth of 50% [1] - The company has a solid order backlog of approximately 3 billion USD in energy storage systems as of June 30, 2025, providing a strong foundation for future growth [1] Strategic Developments - The company has secured significant contracts, including a partnership with Aypa Power to provide SolBank systems for energy storage projects in Ontario, Canada, with a scale of 420 MW/2.12 GWh expected to be operational by 2027 [2] - The successful operation of the 220 MWh battery storage project in Mannam, Australia, demonstrates the company's capability in integrated solar and storage projects [2] - In the photovoltaic module sector, the company has prioritized profitability over shipment volume, adjusting third-quarter shipments to 5.1 GW based on market demand [2] Innovation and Global Strategy - The company emphasizes technological innovation and global expansion as core strategies, with R&D investment of 354.487 million yuan in the first half of 2025 and a total of 5,077 patent applications [2] - The company maintains 2,248 active patents, showcasing its commitment to innovation [2] - The company aims to uphold a "steady operation, value first" philosophy while deepening its global business layout in "photovoltaics + energy storage" [3]