CSI Solar(SH:688472)2024-09-04 07:41Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of CNY 21.96 billion, with Q1 revenue at CNY 9.60 billion and Q2 revenue at CNY 12.36 billion, reflecting a quarter-on-quarter growth of 28.8% [2] - The net profit attributable to shareholders for the first half was CNY 1.24 billion, with Q1 net profit at CNY 0.58 billion and Q2 at CNY 0.66 billion, showing a quarter-on-quarter increase of 14.1% [2] - The company recorded an inventory impairment of CNY 640 million in the first half, with CNY 230 million in Q1 and CNY 410 million in Q2 [2] - R&D investment amounted to CNY 420 million (CNY 1.05 billion on an expanded basis), representing a year-on-year growth of 51.8% [2] Group 2: Shipment and Sales - The company shipped 14.5 GW of modules in the first half of 2024, a slight increase compared to the same period last year [2] - Q1 module shipments were 6.3 GW, while Q2 shipments rose to 8.2 GW, marking a quarter-on-quarter increase of 30.2% [2] - In the North American market, module shipments accounted for over 25% of total shipments [3] Group 3: Energy Storage Business - The company achieved energy storage sales of 2.6 GWh in the first half, a year-on-year increase of 3309% [3] - The forecast for total energy storage shipments for 2024 has been raised to 6.5-7.0 GWh, with Q3 expected to deliver 1.4-1.7 GWh [3] - The gross margin for energy storage systems exceeded 20% in the first half, with a focus on developed markets like North America, Europe, and Australia [4] Group 4: Debt and Capital Expenditure - The company reduced interest-bearing debt in Q2 through proactive repayment and refinancing, with a credit balance of approximately CNY 40.4 billion and actual usage at CNY 14.9 billion, resulting in a utilization rate of only 37% [4] - Capital expenditure in the first half was primarily for previous capacity investments, with plans to control annual capital expenditure within reasonable limits [4] Group 5: Share Buyback - As of August 31, 2024, the company repurchased 51 million shares, accounting for 1.38% of the total share capital [4]