CSI Solar(SH:688472) Great Wall Securities·2024-11-01 03:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company's energy storage business is experiencing rapid growth, with significant increases in both shipment volume and unit net profit, achieving historical highs in Q3 [2]. - The company is strategically focusing on high-profit markets in North America and is expected to see continued growth in its large-scale storage business in Q4 and beyond [2]. - The company emphasizes profitability in the photovoltaic market, with a focus on high-price markets, ensuring component profitability [2]. - A stock incentive plan was announced, reflecting confidence in future performance, with ambitious growth targets for net profit in the coming years [3]. - The company is projected to achieve revenues of 514 billion, 668.54 billion, and 815.93 billion yuan from 2024 to 2026, with net profits expected to grow significantly [3]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 34.178 billion yuan, a year-on-year decrease of 12.63%, and a net profit of 1.955 billion yuan, down 31.17% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 12.220 billion yuan, a year-on-year decrease of 6.10%, but a quarter-on-quarter increase of 8.34% in net profit [1]. - The company’s earnings per share (EPS) for 2024 is projected at 0.77 yuan, with a price-to-earnings (P/E) ratio of 19.5 [7].