CSI Solar(688472) 兴业证券·2024-09-16 02:13Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a total revenue of 21.96 billion yuan and a net profit attributable to shareholders of 1.239 billion yuan for the first half of 2024, with Q2 alone contributing 12.36 billion yuan in revenue and 661 million yuan in net profit [2] - Despite significant inventory impairment affecting short-term performance, the photovoltaic business remains profitable, with Q2 profits from the components segment reaching 220 million yuan, driven by strong performance in the North American market, which accounted for over 25% of total sales in H1 2024 [2] - The energy storage business is on track, with H1 sales reaching 2.6 GWh, a year-on-year increase of 3309%, and the annual shipment forecast has been raised to 6.5-7.0 GWh, supported by a backlog of approximately 66 GWh in orders valued at 2.6 billion USD [2] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 21.96 billion yuan and a net profit of 1.239 billion yuan, with Q2 figures showing revenue of 12.36 billion yuan and net profit of 661 million yuan [2] - The company adjusted its net profit forecasts for 2024-2026 to 2.615 billion yuan, 3.620 billion yuan, and 4.730 billion yuan respectively, with corresponding PE ratios of 15.8x, 11.4x, and 8.8x for 2024 [2][4] Business Outlook - The company is focusing on balancing shipment volume and pricing under the principle of "profit first," with Q3 component shipment expectations set at 9-9.5 GW and an annual target of 32-36 GW [2] - The energy storage segment is expected to see significant growth, with a forecasted shipment of 1.4-1.7 GWh in Q3 and a total of 6.5-7.0 GWh for the year, indicating a strong second growth curve for the company [2] Market Data - As of September 12, 2024, the company's closing price was 11.23 yuan, with a total share capital of approximately 3.688 billion shares and a net asset value of 21.644 billion yuan [4]