CSI Solar(SH:688472) INDUSTRIAL SECURITIES·2024-05-13 06:32Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Insights - The company reported a total revenue of 51.31 billion yuan for 2023, representing a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 2.903 billion yuan, up 34.6% year-on-year [4]. - In Q1 2024, the company achieved a revenue of 9.6 billion yuan and a net profit of 579 million yuan, indicating strong performance in its component business [4]. - The company’s component shipments in Q1 2024 reached 6.3 GW, meeting expectations, with a significant portion of shipments (over 20%) directed to the U.S. market [4]. - The energy storage segment showed significant growth, with Q1 2024 revenue from energy storage products nearly matching the total for 2023, and expected shipments for 2024 projected at 6-6.5 GWh [4]. Financial Summary - For 2023, the company reported a gross margin of 14.0% and a return on equity (ROE) of 13.6% [5]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.36 billion yuan, 4.471 billion yuan, and 5.815 billion yuan respectively, with corresponding PE ratios of 13.5x, 10.2x, and 7.8x [4][5]. - The company’s total assets were reported at 67.5838 billion yuan, with net assets of 21.95467 billion yuan [3].