CSI Solar(SH:688472) Minsheng Securities·2025-11-04 08:06Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company focuses on profit-first strategies and has a strong growth in energy storage business [2][3]. - The company has achieved a global module shipment of 19.9GW in the first three quarters of 2025, with a third-quarter shipment of 5.1GW [2]. - The company has a robust order reserve in the energy storage segment, with a total order amount of approximately $3 billion as of June 30, 2025 [3]. - The company has demonstrated strong operating cash flow, with a net cash flow from operating activities of approximately 5.5 billion yuan, a year-on-year increase of 120.9% [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 31.27 billion yuan, a year-on-year decrease of 8.51%, and a net profit attributable to shareholders of 989 million yuan, down 49.41% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 10.22 billion yuan, a year-on-year decrease of 16.38%, and a net profit of 258 million yuan, down 63.96% year-on-year [1]. - The company expects revenues for 2025-2027 to be 39.169 billion, 45.891 billion, and 55.148 billion yuan, with corresponding growth rates of -15.2%, 17.2%, and 20.2% [4]. - The projected net profit for the same period is 1.372 billion, 2.910 billion, and 3.718 billion yuan, with growth rates of -38.9%, +112.0%, and +27.8% respectively [4].