CSI Solar(688472) Tai Ping Yang·2024-09-30 13:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company is positioned as a leader in the solar and energy storage sector, leveraging a global strategy to drive growth [1]. - The company has launched a restricted stock incentive plan, aiming to grant 69 million shares, which is approximately 1.88% of the total share capital, reflecting confidence in sustained growth [1]. - The company reported a significant increase in shipments and revenue in the first half of 2024, with a shipment volume of 14.5 GW and revenue of 15.5 billion yuan, achieving a gross margin of 16.5% [1]. - The energy storage business is entering a harvest phase, with a backlog of orders amounting to 2.6 GWh and revenue of 4.08 billion yuan, indicating strong future growth potential [1]. Financial Summary - The company’s projected revenue for 2024 is 65.54 billion yuan, with a growth rate of 27.73% compared to 2023 [4]. - The net profit attributable to shareholders is expected to reach 3.65 billion yuan in 2024, reflecting a growth rate of 25.82% [4]. - The diluted earnings per share (EPS) is projected to be 0.99 yuan for 2024, with a price-to-earnings (PE) ratio of 12.17 [4]. - The company’s total assets are expected to grow to 77.13 billion yuan by 2024, with total liabilities of 52.36 billion yuan [6].