CSI Solar(SH:688472) Minsheng Securities·2024-04-28 00:30Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company achieved a revenue of 51.31 billion yuan in 2023, a year-on-year increase of 7.94%, and a net profit attributable to shareholders of 2.903 billion yuan, up 34.61% year-on-year [1]. - The company is experiencing significant growth in solar module sales, with a total sales volume of 30.72 GW in 2023, representing a 45.3% increase year-on-year [1]. - The company is expanding its production capacity in the U.S. market, with a new 5 GW N-type module factory in Texas and plans for a 5 GW high-efficiency N-type cell project in Indiana [1]. - The energy storage business has a substantial order backlog, with an expected shipment volume of 6-6.5 GWh in 2024, indicating potential growth in this segment [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 51.31 billion yuan and a net profit of 2.903 billion yuan, with projections for 2024-2026 showing revenues of 57.804 billion, 71.417 billion, and 90.382 billion yuan respectively [2][6]. - The net profit is expected to grow to 3.713 billion yuan in 2024, with a projected growth rate of 27.9% [2][6]. Production and Sales - The company’s solar module sales reached 30.72 GW in 2023, with a revenue contribution of 42.325 billion yuan, and a gross margin of 16.00% [1]. - The company plans to increase its TOPCon cell production capacity to 42.5 GW by the end of 2024 [1]. Market Expansion - The company has established a 5 GW N-type module factory in Texas and is set to start production of a 5 GW N-type cell project in Indiana by the end of 2025 [1]. - The company is also expanding its energy storage capacity, with a target of 20 GWh by the end of 2024 [1]. Future Outlook - The company anticipates a shipment volume of 42-47 GW for solar modules in 2024, reflecting a strong growth trajectory [1]. - The energy storage segment is expected to see significant growth, with a backlog of approximately 63 GWh in orders and a contract value of 2.6 billion USD [1].