On April 26, 2024, Canadian Solar released its 2023 annual report and 2024 first quarter report. In 2023, the company has achieved revenue of 51.310 billion yuan (up 7.94% YoY), a net profit attributable to the parent company of 2.903 billion yuan (up 34.61% YoY), and a non-net profit of 2.900 billion yuan (up 40.66% YoY).

In Q1 2024, the company has achieved revenue of 9.597 billion yuan (down 18.88% YoY and down 21.28% MoM), net profit attributable to the parent company of 579 million yuan (down 36.98% YoY and up 815.43% MoM), and non-net profit of 638 million yuan (down 23.39% YoY and up 90.94% MoM).

The sales of photovoltaic modules have been increasing rapidly, and the N-type production capacity has come online.

Benefiting from the high prosperity of the photovoltaic industry, the company's photovoltaic module sales volume in 2023 will be 30.72GW (up 45.3% YoY), and module shipments will rank among the top five in the world for 13 consecutive years, with module product revenue of 42.325 billion yuan (up 8.72% YoY), and gross profit margin of 16.00% (up 4.35% YoY). In 2023, the company will successively put into operation 8GW of TOPCon cell production capacity in Suqian base, 8GW base in Thailand and 14GW in Yangzhou base phase, reaching 30GW by the end of 23, and the company plans to further increase N-type cell capacity through equipment upgrading, and it is expected that the TOPCon cell production capacity will reach 42.5GW by the end of 2024. The company continues to strengthen R&D and enhance product competitiveness, and the current mass production efficiency of TOPCon cells is about 26%, and the yield rate is more than 98%. Looking ahead to 2024, the company expects module shipments to reach 42-47GW.

Increase U.S. production capacity and vigorously develop the U.S. market.

According to the company's global strategic development plan and overseas capacity planning, the company put into production 5GW in Mesquite, Texas, USA in 23 years In October 23, the company further announced the launch of a 5GW annual high-efficiency N-type cell project in Jeffersonville, Indiana, which is expected to start production by the end of 2025, and the combination of 6.5GW of module capacity and 8GW of TOPCon cell capacity in Thailand will help strengthen the company's competitiveness in the highly profitable US market.

The energy storage business has sufficient orders and is expected to grow in 24 years.

In 2023, the company's energy storage system sales volume of 1.1GWh（down 43.5% YoY）, mainly due to the sharp decline in lithium carbonate prices led to owners of the wait-and-see mood; energy storage product revenue of 1.870 billion yuan (down 45.25% YoY); gross profit margin of 17.15% (up 5.13% YoY). The company continues to increase the layout of energy storage products, the end of 2023 SolBank energy storage system production capacity has been expanded to 10GWh, is expected to be further expanded to 20GWh by the end of 2024. the company's energy storage business has sufficient orders, at the end of 2023 the company's Atlas Energy Storage Technology (e-STORAGE) has about 63GWh of energy storage system order reserves, has signed a contract of order The amount of 2.6 billion U.S. dollars. 2024, the company expects large-scale energy storage system shipments will total 6-6.5GWh, energy storage business is expected to grow.

Source：minsheng securities