CSI Solar(SH:688472) Chang Jiang Shang Bao·2025-11-05 08:45Core Viewpoint - The energy storage business has become the core driver of profit growth for the company, while the polysilicon segment faces oversupply and no plans for expansion are in place [1][2]. Group 1: Energy Storage Business Performance - The energy storage business has shown strong growth, with large-scale storage shipments reaching 5.8 GWh in the first three quarters of 2025, a year-on-year increase of 32% [1]. - In Q3 2025, shipments reached 2.7 GWh, marking a 50% year-on-year increase and a 27% quarter-on-quarter increase, setting a new quarterly shipment record [1]. - As of June 30, 2025, the company has a total order backlog of approximately $3 billion for energy storage systems, providing a solid foundation for future growth [1]. Group 2: Stock Performance - The energy storage concept has surged since the second half of 2025, leading to significant stock price increases; the company's stock price doubled in the last four months [1]. - The stock price rose from 9.07 CNY per share on July 4 to a peak of 18.4 CNY per share on November 4, representing a maximum increase of 102.87% over four months [1]. Group 3: Financial Performance and Challenges - Despite strong performance in the energy storage sector, the company's overall financial performance has been declining, with revenue from photovoltaic components still accounting for nearly 70% of total revenue [2]. - In 2024, the company reported revenue of 46.165 billion CNY, a year-on-year decline of 10.03%, and a net profit of 2.247 billion CNY, down 22.6% [3]. - For the first three quarters of 2025, revenue was 31.27 billion CNY, a year-on-year decline of 8.51%, with net profit dropping to 989 million CNY, a decrease of 49.41% [3]. - The company's gross margin reached a new low of 10.77% in the first three quarters of 2025, compared to 11.41%, 13.97%, and 15% in 2022, 2023, and 2024, respectively [3].