CSI Solar(SH:688472) Soochow Securities·2024-05-06 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 revenue reached 51.31 billion yuan, a year-on-year increase of 7.94%, while the net profit attributable to shareholders was 2.903 billion yuan, up 34.61% year-on-year. The Q4 2023 revenue was 12.19 billion yuan, down 13.6% year-on-year, and the net profit dropped significantly by 93.0% year-on-year [3][4] - The strategy to maintain profitability has led to a significant increase in profit per watt, with the proportion of shipments to the U.S. continuing to rise. The company shipped 30.7 GW of modules in 2023, a 62% increase year-on-year, and expects shipments of 42-47 GW in 2024, representing a year-on-year growth of 37-53% [3][4] - The company has a strong order backlog in energy storage, with over 2.6 billion USD in orders and a reserve of approximately 63 GWh, which is a 47% increase from the previous quarter. The expected shipment for 2024 is 6-6.5 GWh, more than doubling year-on-year [3][4] Financial Performance and Forecast - The total revenue forecast for 2024 is 57.367 billion yuan, with a projected net profit of 3.545 billion yuan, reflecting a year-on-year growth of 22.09%. The company anticipates a net profit of 6.366 billion yuan in 2026, with a growth rate of 25.95% [2][4] - The company’s P/E ratio is projected to decrease from 14.90 in 2023 to 6.80 in 2026, indicating an improving valuation as earnings grow [2][4] - The company has maintained a healthy financial structure, with a significant reduction in the debt-to-equity ratio to 67.5% in Q1 2024, down 8.2 percentage points year-on-year [4][10] Market Data - The closing price of the company's stock is 12.26 yuan, with a market capitalization of approximately 45.22 billion yuan [6][10] - The company has a price-to-book ratio of 2.06, indicating a premium valuation relative to its book value [6][10]