CSI Solar(SH:688472) Great Wall Securities·2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [9]. Core Views - The company has demonstrated strong profitability and shipment advantages in overseas markets, particularly in the North American market, which has led to a rebound in component profitability despite industry challenges [1][4]. - The energy storage business is entering a harvest phase, with significant order reserves and contracts signed, indicating robust growth potential [1][4]. Financial Summary - Revenue is projected to grow from 51.31 billion yuan in 2023 to 60.64 billion yuan in 2024, representing an 18.2% year-over-year increase [1]. - Net profit is expected to rise from 2.90 billion yuan in 2023 to 3.58 billion yuan in 2024, reflecting a 23.4% growth [1]. - The company's return on equity (ROE) is forecasted to improve from 13.4% in 2023 to 14.6% in 2024 [1]. - Earnings per share (EPS) is anticipated to increase from 0.79 yuan in 2023 to 0.97 yuan in 2024 [1]. Market Position - The company has successfully balanced pricing and shipment targets, achieving a shipment volume of 6.3 GW in the first quarter of 2024, a 3.28% increase year-over-year [1]. - The company’s North American component factory has commenced large-scale production, enhancing its competitive edge in high-margin markets [1][4]. Future Projections - For the years 2024 to 2026, the company is expected to achieve revenues of 60.64 billion yuan, 77.75 billion yuan, and 98.85 billion yuan respectively, with corresponding net profits of 3.58 billion yuan, 4.94 billion yuan, and 6.18 billion yuan [1][4].