CSI Solar(SH:688472)2024-12-02 07:35Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 34.18 billion and a net profit attributable to shareholders of CNY 1.95 billion [3] - In Q3 2024, the revenue was CNY 12.22 billion, with a net profit of CNY 720 million, marking a continuous quarter-on-quarter growth [3] - The company shipped 22.9 GW of solar modules from January to September 2024, showing a slight increase compared to the same period last year [3] Business Segments - In the storage business, the company shipped 4.4 GWh of large-scale storage products from January to September 2024, with Q3 shipments reaching 1.8 GWh [4] - The storage segment's net profit saw rapid growth in Q3, significantly contributing to the overall performance [4] - The company expects total storage shipments for 2024 to be between 6.5 GWh and 7.0 GWh, with a high proportion of profitable overseas shipments [4] Market Outlook - The global storage market is projected to grow rapidly, with an expected installed capacity of 163 GWh in 2024, a 58% increase from 2023 [4] - The U.S. is identified as the primary market for large-scale storage, with significant growth also noted in Australia, the UK, Canada, and other regions [4] Strategic Considerations - The increase of the 301 tariff on storage products to 25% is not expected to weaken the company's cost advantage in domestic manufacturing [4] - The company is considering strategic overseas capacity layout to mitigate potential geopolitical risks [4] - The company maintains a "profit-first" strategy in its sales approach to ensure profitability in its module business [4] Technology and Production - The company has a TOPCon battery capacity of approximately 30 GW, which is currently the most cost-effective technology with the largest application scale [5] - The company is continuously investing in R&D for HJT and BC technologies, with ongoing development in various battery technologies [5] - The company adheres to a low inventory strategy to ensure alignment between production capacity and orders [5]