Summary by Moomoo AI
CSI Solar achieved operating revenue of 34.18 billion yuan and net profit of 1.95 billion yuan in the first three quarters of 2024. Q3 revenue reached 12.22 billion yuan with net profit of 0.72 billion yuan, marking three consecutive quarters of QoQ growth at 8.3%. The company generated 2.5 billion yuan operating cash flow during the period.Module shipments totaled 22.9 GW for January-September, with Q3 reaching 8.4 GW, up 2.4% QoQ. The North American market accounted for over 30% of Q3 module shipments. The energy storage segment achieved record quarterly shipments of 1.8 GWh in Q3, bringing year-to-date shipments to 4.4 GWh, contributing significantly to overall performance.The company maintains industry leadership in technology and innovation with 4,761 patent applications and 2,242 valid major patents as of September 2024. Despite module ASP declines and increased inventory write-downs affecting profitability, CSI Solar's first-mover advantage in utility-scale energy storage and advanced manufacturing capabilities helped sustain positive operating cash flow.
