拟对美国市场业务进行调整。公司拟与控股股东CSIQ 新设合资公司M、N，公司持股24.9%，CSIQ 持 股75.1%。公司M 将从事美国光伏业务，包括运营美国的光伏电池片及组件工厂；公司N 将从事美国储 能业务，包括运营美国储能电芯、电池包及储能系统制造工厂。M、N 将通过租赁方式展开运营。 事件：公司发布公告，拟与控股股东CSIQ 针对美国业务，进行一系列业务调整。与控股股东CSIQ 新 设合资公司M、N，分别负责美国光伏及储能业务与产能，公司持股24.9%，CSIQ 持股75.1%。同时， 针对美国之外，但供应美国的海外工厂THX1、SSTH 及GNCM 进行重组。公司持股24.9%，CSIQ 持股 75.1%。公司将获得一次性股权转让对价3.5 亿元。 业务调整后，公司美国产能具有稀缺性。公司此次针对美国市场的业务调整，主要是针对OBBBA 的合 规，保障在美产能以及下游客户的税收抵免。控股公司CSIQ 于2001 年在加拿大注册成立，在大比例持 有美国本土产能后，我们认为其将成为少数美国产能满足OBBBA 要求的国内企业，具有较强的稀缺 性。对于公司而言，一方面可以获得非美产能的一次性股权对价及美国 ...

Investment Rating - The report maintains a rating of "Add" for the company [3]. Core Views - The company plans to adjust its U.S. market operations by establishing joint ventures with its controlling shareholder CSIQ, focusing on solar and energy storage businesses in the U.S. [1][6][19]. - The U.S. solar and storage market presents significant growth potential and profitability, bolstered by IRA-related subsidies, despite high export barriers for domestic companies [11][19]. - The company's U.S. production capacity will be scarce post-adjustment, positioning it as one of the few domestic firms meeting OBBBA requirements [19]. Financial Data and Valuation - Total revenue projections for 2023 are 51.31 billion yuan, with a year-on-year growth of 8%. However, a decline is expected in 2024 and 2025, with revenues of 46.165 billion yuan and 37.901 billion yuan, respectively [2][24]. - Operating profit is forecasted to be 3.444 billion yuan in 2023, with a significant drop to 2.483 billion yuan in 2024, followed by a gradual recovery [2][24]. - Net profit attributable to the parent company is expected to be 2.903 billion yuan in 2023, decreasing to 2.247 billion yuan in 2024, before rebounding in subsequent years [2][24]. - The company’s PE ratio is projected to be 20.3 in 2023, increasing to 31.5 in 2025, and then decreasing to 12.1 by 2027 [2][24]. Business Adjustments - The company will establish joint ventures M and N, with respective stakes of 24.9% and 75.1% held by the company and CSIQ, focusing on U.S. solar and energy storage operations [1][6][19]. - The company will also restructure overseas factories supplying the U.S. market, with a one-time equity transfer payment of 350 million yuan expected [1][6][19]. - The expected completion date for these transactions is before December 31, 2025 [1][6][19]. Market Potential - The U.S. solar market is the second largest globally, with a mature electricity market mechanism, and the energy storage business is experiencing rapid growth due to its clear business model and high investment returns [11][19]. - The company currently has a production capacity of 5GW for solar cells, 5GW for solar modules, 3GWh for energy cells, and 6GWh for integrated energy storage in the U.S. [19].