CSI Solar(SH:688472) Shanxi Securities·2025-05-21 04:25Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company has experienced a decline in revenue and net profit for 2024, with revenue at 46.17 billion yuan, down 10.0% year-on-year, and net profit at 2.25 billion yuan, down 22.6% year-on-year [3]. - The energy storage business shows strong growth, with revenue reaching 9.74 billion yuan in 2024, up 420.8% year-on-year, and a gross margin of 30.8% [5]. - The photovoltaic module business saw a revenue decline to 31.48 billion yuan in 2024, down 25.6% year-on-year, with a gross margin of 12.8% [6]. Financial Performance - In Q1 2025, the company reported revenue of 8.59 billion yuan, down 10.5% year-on-year and 28.4% quarter-on-quarter, with a net profit of 47 million yuan, down 91.8% year-on-year and 83.8% quarter-on-quarter [3]. - The company expects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.61, 0.82, and 1.15 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16.5, 12.1, and 8.7 [7]. Market Position - The company maintains a leading position in module delivery, with a total shipment of 31.1 GW in 2024, including a record 8.2 GW in Q4 [6]. - The company is expanding its overseas production capacity, with 5 GW of module capacity in the U.S. expected to ramp up in the second half of 2025 [6]. Future Outlook - The company anticipates a significant increase in energy storage shipments, projecting a total of 11-13 GWh for 2025, supported by a backlog of potential orders of approximately 79 GWh [5]. - The report highlights the competitive nature of the solar industry and the uncertainties in international trade and policies [7].