CSI Solar(SH:688472) Changjiang Securities·2025-05-23 13:44Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 46.165 billion yuan for 2024, a decrease of 10% year-on-year, with a net profit attributable to shareholders of 2.247 billion yuan, down 23% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 11.987 billion yuan, a decline of 2% year-on-year and quarter-on-quarter, while net profit reached 292 million yuan, a significant increase of 363% year-on-year but a decrease of 59% quarter-on-quarter [2][4]. - For Q1 2025, the company reported a revenue of 8.586 billion yuan, down 11% year-on-year, and a net profit of 47 million yuan, down 92% year-on-year [2][4]. Financial Performance Summary - The company sold 31 GW of components in 2024, with North America accounting for approximately 28% of sales, and the gross margin for component products was 12.75%, a decrease of 2.95 percentage points year-on-year [9]. - The company sold approximately 6.5 GWh of energy storage in 2024, with a gross margin of 30.84%, an increase of 13.74 percentage points year-on-year, attributed to declining cell costs and scale effects [9]. - The company expects a net profit of 2 billion yuan for 2025, corresponding to a PE ratio of 18 times [6]. Strategic Outlook - The company is actively responding to U.S. tariff barriers by utilizing Southeast Asia and other supply chains during the tariff exemption period, shifting manufacturing and procurement to low-tariff regions, leveraging domestic production advantages, sharing tariff costs with customers and suppliers, and seeking tariff exemptions or reductions for specific products [9]. - The company is enhancing its technological innovation, with HJT battery pilot average efficiency at 27.1% and plans to launch HJT components for commercial use with an efficiency of 23.9% [9].