CSI Solar(688472) 民生证券·2024-08-23 12:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 9.76 CNY [1] Core Insights - The company has a significant advantage in the U.S. market, with a rapid growth in its energy storage business. The sales volume of energy storage products is expected to increase by over 500% year-on-year in Q3 2024 [1][2] - The company is focusing on balancing the price and shipment volume of its photovoltaic modules, actively reducing shipment volume to prioritize profit [1] - The company has established a strong global channel advantage, particularly in the U.S. market, where sales volume has increased by 110% year-on-year and 69% quarter-on-quarter [1] - The company has a robust order reserve for energy storage systems, with a total order amount of 2.6 billion USD, and expects to deliver 6.5-7.0 GWh of large storage products in 2024 [1][2] Financial Summary - For 2024, the company is projected to achieve a revenue of 51.42 billion CNY, with a net profit attributable to shareholders of 3.02 billion CNY, reflecting a growth rate of 3.9% [2] - The company's EBITDA is expected to reach 6.92 billion CNY in 2024, with a net profit margin of 5.86% [2] - The company's total assets are projected to grow to 71.85 billion CNY by 2024, with a debt-to-asset ratio of approximately 67.24% [2]