Core Viewpoint - Canadian Solar's stock is experiencing a positive reaction following its earnings report, despite a challenging market environment [1] Financial Performance - The company reported a loss of $0.58 per share for Q3 on revenues of $1.5 billion, which was better than analysts' expectations of a $1 loss on $1.4 billion in revenue [2] - Solar module shipments declined by 39% year over year, but overall revenue only decreased by 1% due to growth in battery energy storage system sales [3] - The gross profit margin improved by 80 basis points to 17.2%, indicating better profitability from battery sales [3] - Operating costs decreased, resulting in a GAAP net income loss of $0.07, significantly better than the pro forma loss of $0.58 per share [4] Market Data - Current stock price is $33.81, with a market capitalization of $2 billion [5][6] - The stock has a 52-week range of $6.57 to $34.59 and a gross margin of 18.75% [6] Future Guidance - Management projects steady-state revenue between $1.3 billion and $1.5 billion for Q4, with expected sales of 4.6 to 4.8 gigawatts of solar modules and 2.1 to 2.3 gigawatt-hours of batteries [6] - Despite positive guidance, gross margins are anticipated to decline, and the company is expected to incur losses for the year [7] - With next year's earnings estimated at $1.11, the current share price of $34 may be considered too high for potential investors [7]

Canadian Solar 3Q25 Earnings Call November 13, 2025 Canadian Solar Inc. Safe Harbor Statement This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or t ...

Core Insights - Canadian Solar (CSIQ) is expected to report a quarterly loss of -$1.08 per share, a decline of 248.4% year-over-year, with revenues forecasted at $1.37 billion, down 9.1% from the previous year [1] Earnings Estimates - The consensus EPS estimate for the quarter has been revised downward by 16.1% over the past 30 days, indicating a reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Revenue Projections - Analysts predict revenues for CSI Solar's solar modules to reach $841.65 million, reflecting a year-over-year decrease of 30.9% [5] - Revenues from CSI Solar's solar system kits are expected to be $126.97 million, indicating a year-over-year increase of 19.3% [5] - Revenues from CSI Solar's battery energy storage solutions are projected at $333.66 million, showing a significant year-over-year increase of 249.8% [6] - Revenues from CSI Solar's EPC and other services are anticipated to be $50.84 million, reflecting a year-over-year increase of 16.6% [6] - Total revenues for CSI Solar are expected to be $1.41 billion, indicating a year-over-year decline of 3.3% [6] - Revenues for Recurrent Energy are projected to reach $77.57 million, representing a year-over-year increase of 72.2% [7] Stock Performance - Canadian Solar shares have increased by 128.3% over the past month, significantly outperforming the Zacks S&P 500 composite, which rose by 4.4% [7] - The company holds a Zacks Rank of 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [7]

Core Viewpoint - JinkoSolar's majority-owned subsidiary, Jiangxi Jinko, reported significant declines in financial performance for the third quarter of 2025, with total operating revenue dropping by 34.11% year-over-year and a substantial net loss attributable to owners of the parent company [1][2][3]. Financial Performance Summary - **Total Assets**: As of September 30, 2025, total assets were RMB 117.20 billion, down 3.23% from RMB 121.11 billion as of December 31, 2024 [3]. - **Total Equity**: Total equity attributable to the parent company decreased by 12.14% to RMB 28.39 billion from RMB 32.31 billion [3]. - **Operating Revenue**: Total operating revenue for the three months ended September 30, 2025, was RMB 16.15 billion, a decrease of 34.11% compared to RMB 24.48 billion for the same period in 2024 [3]. - **Net Profit/Loss**: The net loss attributable to owners of the parent company was RMB 1.01 billion, representing a 6,900.55% increase in loss compared to the previous year [3]. - **Cash Flow**: Net cash used in operating activities for the nine months ended September 30, 2025, was RMB 1.34 billion, an increase of 267.83% compared to the same period in 2024 [3]. - **Earnings Per Share**: Basic and diluted earnings per share were both RMB -0.10, reflecting a significant decline of 10,100% compared to RMB 0.00 in the previous year [3]. - **Return on Equity**: The weighted average return on equity was -3.50%, a decrease of 3.54 percentage points [3]. - **Research and Development Expenditure**: R&D expenditure as a percentage of total operating revenue increased to 4.17% for the three months ended September 30, 2025, compared to 3.85% for the nine months ended September 30, 2024 [3]. Company Overview - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, with a diverse international customer base across multiple regions [6][7]. - The company operates over 10 production facilities and has more than 20 overseas subsidiaries, enhancing its global sales network [7].

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

The US is investigating whether Waaree Energies Ltd., India’s largest solar panel maker, evaded anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations. Most Read from Bloomberg US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas Inc. and imposed interim measures because there is reasonable suspicion the company evaded duties when bringing merchandise into the US, according to a public notice by the agency o ...

Group 1 - First Solar, Inc. (NASDAQ:FSLR) is one of the best performing stocks in the S&P 500 over the last three months [1] - JPMorgan has reaffirmed First Solar as a "top pick" and set a price target of $241 for December 2025, recommending the purchase of September call spreads to capitalize on potential upside [1][2] - The company benefits from a strong backlog that supports medium-term growth and has a competitive edge due to its U.S. production, which results in more U.S. credits and lower tariff exposure [2] Group 2 - First Solar is recognized as a global supplier of sustainably produced eco-efficient solar modules, positioning itself well in the solar technology market [2] - While First Solar is seen as a viable investment, there are opinions that certain AI stocks may offer greater upside potential with less downside risk [3]

Core Viewpoint - First Solar Inc. (FSLR) has shown strong stock performance, with a 3.6% increase over the past month, outperforming the S&P 500 and the broader Oil-Energy sector, but lagging behind the solar industry [1][9]. Financial Performance - FSLR reported second-quarter earnings of $3.18 per share, exceeding the Zacks Consensus Estimate of $2.68 by 18.7% [4]. - The company's net sales reached $1.10 billion, surpassing the consensus estimate by 6.6% and reflecting an 8.6% year-over-year improvement [4]. - FSLR has raised its sales guidance for 2025 to a range of $4.90-$5.70 billion, up from the previous range of $4.50-$5.50 billion, indicating management's confidence in future performance [5]. Production and Capacity Expansion - In Q2 2025, FSLR produced 4.2 gigawatts (GW) of solar modules and aims to exceed 25 GW of annual manufacturing capacity by the end of 2026 [6]. - The company plans to invest $1.0-$1.5 billion in 2025 for new plants, site expansions, and equipment upgrades, supporting expected module shipments of 16.7-19.3 GW by the end of 2025 [7]. Long-term Growth Prospects - As of June 30, 2025, FSLR has signed contracts for 61.9 GW of future module sales, projected to generate revenues of $18.5 billion through 2030 [10]. - The Zacks Consensus Estimate for FSLR's long-term earnings growth rate is 33.4%, outperforming the industry average of 22.9% [11]. Near-term Earnings Estimates - The Zacks Consensus Estimate for Q3 2025 revenues and earnings indicates improvements of 74.2% and 47.4%, respectively, from the prior year [12]. - Current estimates for FSLR's sales and earnings show solid growth trends, with significant year-over-year growth expected [13][14]. Valuation Metrics - FSLR's forward 12-month price-to-sales (P/S) ratio is 3.54X, which is a premium compared to the industry average of 1.23X, indicating that investors may be paying a higher price relative to expected sales growth [15]. Market Context - Other solar stocks, such as SolarEdge Technologies (SEDG) and Array Technologies (ARRY), have also performed well, with one-month price gains of 32% and 50.1%, respectively [2].

Core Viewpoint - T1 Energy Inc. is experiencing significant growth in domestic solar interest, driven by increased commercial sales, demand from hyperscale AI projects, and advancements in their G2_Austin solar cell project, indicating a timely opportunity to build a domestic solar supply chain [3]. Q2 2025 Results Overview - T1 Energy reported a net loss attributable to common stockholders of $32.8 million, or $0.21 per diluted share, compared to a net loss of $27.0 million, or $0.19 per diluted share for Q2 2024 [9][24]. - The company achieved total net sales of $132.8 million for Q2 2025, with a gross profit of $32.8 million [24]. - Cumulative production at G1_Dallas surpassed 1 GW in Q2 2025, with over 1.2 GW produced during the year [9]. Business Developments - T1 signed a transformative agreement with Corning Incorporated to purchase solar wafers, enhancing its domestic solar supply chain and compliance efforts [9]. - A 437 MW sales agreement was signed with a major U.S. utility, leading to T1 being sold out for 2025 based on a production plan of 2.6 GW [9]. - The G2_Austin project, a $850 million investment for a 5 GW solar cell plant, is on track to start construction in Q3/Q4 2025, with production expected to begin in Q4 2026 [9]. Financial Guidance - T1 maintains its 2025 EBITDA guidance of $25 - $50 million, although risks are skewed to the downside due to uncertainties related to tariffs and supply chain impacts [9]. - The company reported cash, cash equivalents, and restricted cash of $46.7 million as of June 30, 2025 [9]. Strategic Focus - T1 is prioritizing compliance with FEOC regulations to maintain access to Section 45X Production Tax Credits following the passage of the One Big Beautiful Bill [9]. - The company is winding down its legacy European operations while exploring value optimization opportunities for its European portfolio [9].

Core Insights - Canadian Solar (CSIQ) is expected to report quarterly earnings of $0.76 per share, a significant increase of 3700% year-over-year, with revenues projected at $1.92 billion, reflecting a 17.3% increase compared to the same period last year [1] Earnings Estimates - Over the last 30 days, there have been no revisions in the consensus EPS estimate for the quarter, indicating that analysts have maintained their initial forecasts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Projections - Analysts estimate 'CSI Solar Revenues- Solar modules' to be $1.18 billion, a decrease of 2.5% from the prior-year quarter [5] - 'CSI Solar Revenues- Solar system kits' are forecasted to reach $236.75 million, an increase of 106.1% year-over-year [5] - 'CSI Solar Revenues- Battery storage solutions' are expected to be $354.88 million, reflecting a 57.2% increase from the previous year [5] - The consensus for 'CSI Solar Revenues- EPC and others' is $50.29 million, indicating a 38.1% increase from the year-ago quarter [6] - Total 'CSI Solar Revenues' is projected to reach $1.75 billion, representing a 10.3% year-over-year increase [6] - 'Recurrent Energy Revenues- Total' is expected to be $177.92 million, a substantial increase of 252.1% from the prior-year quarter [6] Stock Performance - Over the past month, shares of Canadian Solar have returned -1.6%, while the Zacks S&P 500 composite has increased by 2.5% [7] - Currently, CSIQ holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the overall market in the near future [7]