CSI Solar(688472) 东吴证券·2024-11-01 21:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 34.18 billion yuan for the first three quarters of 2024, a decrease of 12.6% year-on-year, with a net profit attributable to shareholders of 1.95 billion yuan, down 31.2% year-on-year [2] - The company has seen a continuous increase in its North American market share, with module shipments reaching 22.9 GW in the first three quarters of 2024, a slight year-on-year increase [2] - Energy storage shipments reached 4.4 GWh in the first three quarters of 2024, with Q3 deliveries at approximately 1.8 GWh, marking a 20% quarter-on-quarter increase and over 300% year-on-year growth [3] - The company emphasizes cash flow management and has a strong focus on intellectual property, with a total of 4,761 patent applications filed as of Q3 2024 [3] - The profit forecast for 2024-2026 has been adjusted downwards, with expected profits of 2.9 billion, 4.7 billion, and 6.1 billion yuan respectively, reflecting a 1% year-on-year increase for 2024 [4] Financial Summary - Total revenue for 2023 is projected at 51.31 billion yuan, with a net profit of 2.9 billion yuan, resulting in an EPS of 0.79 yuan [10] - The company’s total assets are estimated to reach 66.18 billion yuan in 2024, with total liabilities of 35.14 billion yuan [10] - The company’s P/E ratio is projected to be 19.16 for 2024, decreasing to 9.17 by 2026 [11]