CSI Solar(SH:688472) Xin Lang Cai Jing·2025-12-03 00:29Core Viewpoint - The company announced a series of business adjustments with its controlling shareholder CSIQ, focusing on the U.S. market, including the establishment of joint ventures for solar and energy storage operations, and restructuring overseas factories supplying the U.S. market [1] Group 1: Business Adjustments - The company plans to establish joint ventures M and N with CSIQ, where the company will hold 24.9% and CSIQ will hold 75.1%. Joint venture M will focus on U.S. solar operations, while joint venture N will handle U.S. energy storage operations [1] - The company will receive a one-time equity transfer payment of 350 million yuan and will continue to enjoy 24.9% of the ongoing equity income from U.S. operations [1] - The restructuring will also involve overseas factories THX1, SSTH, and GNCM, which supply the U.S. market, with the same ownership structure [1] Group 2: Market Potential and Profitability - The U.S. solar and storage market is significant and profitable, bolstered by IRA-related subsidies, including investment and domestic manufacturing incentives [2] - The company’s adjustments are aimed at compliance with the OBBBA, ensuring U.S. production capacity and tax credits for downstream customers, positioning it as one of the few domestic companies meeting OBBBA requirements [2] - Current U.S. production capacity includes 5GW of solar cells, 5GW of modules, 3GWh of battery cells, and 6GWh of energy storage integration capacity, with potential for increased investment leading to higher profitability [2] Group 3: Financial Projections - The company adjusted its net profit forecasts for 2025-2026 to 1.874 billion and 2.925 billion yuan, corresponding to PE ratios of 32X and 20X, maintaining a "buy" rating [3]