CSI Solar(SH:688472) Tai Ping Yang·2024-10-31 10:31Investment 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 [9]. Core Views - The company has demonstrated strategic consistency in its component business while achieving record profits in its energy storage segment. The company shipped 22.9 GW of components in the first three quarters of 2024, a slight increase from the previous year, with a third-quarter shipment of 8.4 GW, up 2.4% quarter-on-quarter [3][4]. - The energy storage business saw significant growth, with large-scale storage product shipments reaching 4.4 GWh in the first three quarters of 2024, and 1.8 GWh in the third quarter, both setting new quarterly records for shipment volume and unit net profit [3][4]. - The company maintains a stable gross margin of 14.96% for the first three quarters of 2024, with a third-quarter gross margin of 13.48%, reflecting a year-on-year increase of 1.80 percentage points [3][4]. - The company has set ambitious performance targets through its equity incentive plan, aiming for a net profit growth of 81% in 2024, 200% in 2025, and 239% in 2026, showcasing confidence in sustained growth [3][4]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 341.78 billion yuan and a net profit attributable to shareholders of 19.55 billion yuan, with a third-quarter revenue of 122.20 billion yuan, reflecting a quarter-on-quarter decrease of 1.14% [3][4]. - The company’s projected net profits for 2024, 2025, and 2026 are 36.53 billion yuan, 48.05 billion yuan, and 62.22 billion yuan, respectively, maintaining the profit forecast for these years [3][4]. - The company’s total assets are projected to grow from 65.775 billion yuan in 2023 to 108.126 billion yuan by 2026, indicating a robust growth trajectory [7].