CSI Solar(SH:688472) Changjiang Securities·2025-08-25 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 21.052 billion yuan, a year-on-year decrease of 4.13%, and a net profit attributable to shareholders of 731 million yuan, down 41.01%. In Q2 2025, revenue was 12.467 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 45.2%. The net profit for Q2 was 684 million yuan, up 3.51% year-on-year and up 1346.82% quarter-on-quarter [2][5]. Summary by Sections Business Performance - In H1 2025, the company shipped 14.8 GW of components, with North America shipments increasing by 15% year-on-year, and the market share in North America rising by 4% quarter-on-quarter. The gross margin was 8.4%, down 5.5 percentage points, primarily due to a decline in solar module prices and a significant increase in tariff costs. In Q2, component shipments were 7.9 GW, with North America accounting for 36% [10]. Energy Storage Business - The energy storage business saw shipments of 3.1 GWh in H1 2025, a year-on-year increase of 19.2%, with a gross margin of 31.4%, up 8.1 percentage points. In Q2, energy storage shipments reached 2.2 GWh, with a quarter-on-quarter growth of over 140% [10]. Financial Indicators - In H1 2025, the company reported asset impairment losses of 610 million yuan, including 330 million yuan for fixed assets and 280 million yuan for inventory. The operating net cash flow was 3.78 billion yuan, a year-on-year increase of over 150%, benefiting from strategic adjustments in the photovoltaic business and strong breakthroughs in the energy storage business [10]. Outlook - For the second half of 2025, the company plans to prioritize profit and optimize shipment schedules to cope with industry fluctuations, expecting Q3 component shipments of 5.0-5.3 GW and total shipments for the year of 25-27 GW. The energy storage business has signed contracts with a total order value of 3 billion USD, supporting future performance growth, with Q3 energy storage shipments expected to be 2.1-2.3 GWh and total shipments for the year of 7-9 GWh [10].