Canadian Solar (CSIQ.US): It is expected that the net income attributable to the company's shareholders in the first half of 2024 will be between 1.2 billion yuan and 1.4 billion yuan.

Gelonghui Finance · 20:46

格隆汇7月18日丨阿特斯太阳能(CSIQ.US)公布，2024年上半年，公司通过发挥自身优势，采取理性战略，调整战术，平衡发展第二主业——电池储能解决方案，保持了较好的盈利能力。公司预计2024年上半年归属于公司股东的净利润为12.0亿元至14.0亿元。同样，预计2024年上半年归属于公司股东的扣除非经常性损益的净利润在12.0亿元至14.0亿元之间。该公司还预计2024年第二季度的净利润将继续高于2024年第一季度，季度环比增幅为7%至42%。该公司现已连续两个季度实现季度净利润增长。详情如下:

1.光伏业务:

2024年第一季度的总模块出货量为6.3 GW，同比增长3.28%(yoy)，其中超过20%交付给了北美市场。该公司预计，2024年第二季度的总模块出货量约为8.0 GW，环比增长27%。在当前的市场条件下，公司将通过放弃某些亏损订单和主动减少光伏产品的出货量，在定价和出货量之间取得平衡。该公司将优先保持其盈利能力、运营稳定性和财务健康。此外，它将利用其行业领先的能力和全球品牌声誉，在全球范围内获得高利润订单，确保盈利能力。通过在R&D的持续投资、技术创新和系统的专利部署，CSI Solar努力保持其在行业中的技术领先地位。此外，公司通过技术创新和精益生产管理加强成本管理，从而实现长期可持续发展。

2.电池储能业务:

公司的公用事业规模电池储能业务取得重大进展，其第二大主营业务继续稳步增长。该公司今年开始在其庞大的电池储能管道和合同订单基础上进行大规模交付。今年第一季度，公司公用事业规模电池储能产品的交付量几乎是2023年全年的总和。第二季度公用事业级电池储能产品的交付量预计将环比增长50%以上。对于2024年全年，CSI Solar预计将发运6.0 GWh至6.5 GWh的公用事业规模的电池储能解决方案，比2023年的数量增加约500%。

公用事业规模电池储能业务的最新发展如下:

(1) 该公司的电池储能子公司e-STORAGE将向位于南澳大利亚曼纳姆的Epic Energy的独立储能项目提供220 MWh DC的储能解决方案。Epic Energy是澳大利亚领先的能源基础设施公司之一，拥有超过1200公里的天然气管道网络和不断扩大的可再生能源组合。 (2) 该公司协助建设了甘肃最大的独立共享储能电站项目(500 MW/1000 MWh)。这座采用该公司SolBank电池储能系统的500 MW/1000 MWh储能电站，是甘肃首座共享储能系统和首座液冷储能系统，也是世界最高电压(330 kV)储能电站。一期(150 MW/300 MWh)于2023年5月30日全面并网发电，二期工程目前正在稳步推进。

(3) e-STORAGE与新斯科舍电力公司签订了一份合同，在加拿大新斯科舍的三个地方开发旗舰储能项目:布里奇沃特、韦弗利和白石，总计150 MW/705 MWh DC。

(4) e-STORAGE与黑石集团成员Aypa Power("Aypa")签订合同，为Aypa的Bypass项目提供498 MWh DC独立电池储能系统。该旁路项目计划于2025年第三季度完成，是该公司与Aypa的第三个项目，使该公司对Aypa的总储能容量承诺达到1.3 GWh。

(5) 截至2024年3月31日，公司拥有约56 GWh的储能管道，包括长期服务协议，合同积压总额为25亿美元(根据近期美元汇率折算约为181亿元人民币)。

(6) 在彭博新能源财经(BNEF)发布的"2024年2Q BNEF储能一级名单"(2024年第二季度全球一级储能制造商名单)中，易存储凭借其高效可靠的产品、出色的全球项目和强大的银行可变现能力，被评为一级储能制造商。

该公司已成功向北美、欧洲和亚太地区的市场交付了超过5 GWh的电池储能解决方案。随着全球对先进能源解决方案的需求不断增长，该公司正在扩大其生产能力，以满足其客户和合作伙伴的需求。

3.新业务包括家用电池储能和电力电子产品:

CSI太阳能公司已经建立了遍布北美、欧洲和日本等主要家用电池储能市场的分销网络，同时扩展到电力电子等新的业务领域，以拓宽应用领域并使价值创造多样化。该公司还致力于建立第三个，可能更多的利润流。例如，2024年6月，该公司与美国最大的住宅建筑商D.R. Horton达成协议，在加利福尼亚州的各个社区提供其太阳能和储能产品，包括其高效太阳能电池板和完全集成的住宅储能系统EP Cube。

4.现金流和融资:

截至2024年3月31日，公司拥有货币资金187.14亿元。截至2024年6月30日，本公司各类银行授信总额约为人民币404亿元，其中已提取约人民币149亿元，授信使用率仅为37%。在当前的融资环境下，基于其运营和债务偿还的现金需求，公司不断优化其财务杠杆，降低财务成本，并在整个行业周期中保护流动性。

5.业绩展望:

基于公司2024年第一季度和第二季度的光伏业绩趋势和业绩，以及电池储能业务目前的订单和交付状况，公司预计下半年的业绩将好于上半年(该业绩展望并不保证下半年的业绩。

Canadian Solar (CSIQ.US) announced on July 18th that in the first half of 2024, the company maintained good profitability in balancing the development of its second main industry - battery energy storage solutions, through rational strategies and tactical adjustments to take advantage of its strengths. The Company expects net income attributable to shareholders of the Company in the first half of 2024 to be between 1.2 billion yuan and 1.4 billion yuan. Similarly, the net income attributable to shareholders of the Company after deducting non-recurring gains and losses is expected to be between 1.2 billion yuan and 1.4 billion yuan. The Company also expects its net income for the second quarter of 2024 to continue to be higher than that of the first quarter of 2024, with a quarter-on-quarter growth rate of 7% to 42%. The Company has achieved quarterly net income growth for two consecutive quarters. Details are as follows:

1. Photovoltaic Business:

In the first quarter of 2024, the total module shipments were 6.3GW, a YoY growth of 3.28%, with more than 20% delivered to the North American market. The Company expects the total module shipments in the second quarter of 2024 to be about 8.0GW, a QoQ growth of 27%. Under current market conditions, the Company will strike a balance between pricing and shipments by giving up certain loss-making orders and actively reducing the shipment volume of photovoltaic products. The Company will prioritize its profitability, operational stability, and financial health. In addition, it will use its leading industry ability and global brand reputation to secure high-profit orders worldwide to ensure profitability. By continuously investing in R&D, technological innovation, and patented deployment of systems, CSI Solar strives to maintain its technical leadership position in the industry. Further, the Company reinforces cost management through technological innovation and lean production management to achieve long-term sustainable development.

2. Battery Energy Storage Business:

The Company's utility-scale battery energy storage business has made significant progress and its second main business continues to grow steadily. The Company began to make large-scale deliveries this year based on its large pipeline and contract orders for utility-scale battery energy storage. The delivery volume of the company's utility-scale battery energy storage products in the first quarter of this year was almost equivalent to the total volume of 2023. The delivery volume of its utility-scale battery energy storage products in the second quarter of this year is expected to increase by more than 50% QoQ. For the full year 2024, CSI Solar expects to ship 6.0GWh to 6.5GWh of utility-scale battery energy storage solutions, an increase of about 500% from 2023.

The latest developments in the utility-scale battery energy storage business are as follows:

(1) The Company's battery energy storage subsidiary, e-STORAGE, will provide a 220 MWh DC energy storage solution to Epic Energy's independent storage project in Mannum, South Australia. Epic Energy is one of Australia's leading energy infrastructure companies, with over 1200 kilometers of natural gas pipeline network and a growing portfolio of renewable energy. (2) The Company assisted in the construction of Gansu's largest independent shared energy storage power station project (500MW/1000MWh). This 500MW/1000MWh energy storage power station, which uses the Company's SolBank battery energy storage system, is Gansu's first shared energy storage system, the first liquid-cooled energy storage system, and the world's highest voltage (330kV) energy storage power station. Phase I (150MW/300MWh) was fully connected to the grid on May 30, 2023, and Phase II is currently steadily progressing.

(3) E-STORAGE has signed a contract with Nova Scotia Power Corporation to develop flagship energy storage projects in three locations in Nova Scotia, Canada: Bridgewater, Waverley, and Beechville, totaling 150 MW/705 MWh DC.

(4) E-STORAGE has signed a contract with Aypa Power, a member of Blackstone Group, to provide an independent battery energy storage system of 498MWh DC for Aypa's Bypass project. The bypass project is scheduled to be completed in the third quarter of 2025 and is the Company's third project with Aypa, bringing the Company's total energy storage capacity commitment to Aypa to 1.3GWh.

(5) As of March 31, 2024, the Company has about 56GWh of energy storage pipeline, including long-term service agreements, with a total backlog of $2.5 billion (approximately RMB 18.1 billion based on recent USD exchange rates).

(6) In the "2Q 2024 BNEF Energy Storage Tier 1 List" (Global Tier 1 energy storage manufacturer list for 2Q 2024) published by Bloomberg New Energy Finance (BNEF), EasyStorage was rated as a tier 1 energy storage manufacturer because of its efficient and reliable products, outstanding global projects, and strong bankability.

The Company has successfully delivered over 5GWh of battery energy storage solutions to markets in North America, Europe, and Asia-Pacific. As demand for advanced energy solutions continues to grow globally, the Company is expanding its production capacity to meet the needs of its customers and partners.

3. New businesses include home battery energy storage and power electronics products:

CSI Solar has established a distribution network covering major residential battery energy storage markets in North America, Europe, Japan, etc., while expanding into new business areas such as power electronics to broaden its application field and diversify its value creation. The company is also committed to establishing a third, and possibly more, profit stream. For example, in June 2024, the company reached an agreement with D.R. Horton, the largest residential builder in the United States, to provide its solar and energy storage products, including its efficient solar panels and fully integrated residential energy storage system EP Cube, to various communities in California.

4. Cash Flow and Financing:

As of March 31, 2024, the company had currency funds of CNY 18.714 billion. As of June 30, 2024, the company's various bank credit lines totaled approximately CNY 40.4 billion, of which approximately CNY 14.9 billion has been drawn, and the credit utilization rate is only 37%. In the current financing environment, based on its operating and debt repayment cash demands, the company continuously optimizes its financial leverage, reduces financial costs, and protects liquidity throughout the industry cycle.

5. Performance Outlook:

Based on the company's PV performance trends and performance in the first and second quarters of 2024, as well as the current order and delivery status of its battery and energy storage business, the company expects the second half performance to be better than the first half (this performance outlook does not guarantee second half performance).

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

阿特斯太阳能(CSIQ.US)：预计2024年上半年归属于公司股东的净利润为12亿元至14亿元

Canadian Solar (CSIQ.US): It is expected that the net income attributable to the company's shareholders in the first half of 2024 will be between 1.2 billion yuan and 1.4 billion yuan.

Risk Disclaimer

Statement