CSI Solar(688472) Soochow Securities·2024-09-25 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has announced a restricted stock incentive plan for 2024, proposing to grant 69.45 million shares, accounting for approximately 1.88% of the total share capital, aimed at motivating directors, executives, and key technical personnel [2] - The performance targets for the incentive plan indicate a stable growth outlook, with net profit targets for 2024-2026 set at 2.75 billion, 4.55 billion, and 5.14 billion yuan, reflecting a year-on-year change of -5%, +65%, and +13% respectively [2] - The company prioritizes profitability in its component sales, with a forecast of 32-36 GW in total shipments for the year, supported by stable pricing in the U.S. market [2] - The energy storage segment is expected to see significant growth, with a projected shipment of 6.5-7 GWh in 2024, representing an increase of over 500% compared to 2023 [2] Financial Forecasts and Valuation - The company’s projected net profit for 2024-2026 is 3.1 billion, 4.7 billion, and 5.6 billion yuan, with corresponding P/E ratios of 13, 9, and 7 times [3] - The target price for the company is set at 16.6 yuan, based on a 2025 P/E of 13 times, reflecting its position as a leading player in both solar and energy storage markets [3] - The company’s revenue for 2024 is expected to be 50.03 billion yuan, with a year-on-year growth rate of -2.49% [8] Market Data - The closing price of the company’s stock is 11.34 yuan, with a market capitalization of approximately 41.82 billion yuan [5] - The company has a price-to-book ratio of 1.93 and a total circulating A-share market value of 15.67 billion yuan [5] Basic Data - The company has a total share capital of 3,688.22 million shares and a net asset value per share of 5.87 yuan [6] - The debt-to-asset ratio stands at 66.03%, indicating a relatively high level of leverage [6]