On the evening of August 22, Canadian Solar disclosed its half-yearly report. In the first half of this year, the company realized revenue of 21.958 billion yuan, a year-on-year decrease of 15.88%; realized net profit of 1.239 billion yuan, a year-on-year decrease of 35.55%. Single-quarter view, Atlas second-quarter net attributable profit of 661 million yuan, a year-on-year decrease of 34.25%, up 14.12%.
In terms of shipments, in the first half of 2024, Canadian Solar sold a total of 14.5GW of PV products worldwide.
For the performance decline, Canadian Solar said that the global PV market competition intensified, PV module sales prices fell sharply, PV module, system products revenue fell year-on-year, while being energy storage revenue growth to offset some of the impact of the decline in revenue.
However, contrary to the downturn in the PV business, during the reporting period, Canadian Solar Chop won orders for several overseas energy storage projects, and realized sales of 2.6GWh in the energy storage business in the first half of the year, an increase of 3309% year-on-year. As of the end of the reporting period, the company has about 66GWh of energy storage system order reserves, and has signed a contract on hand orders amounting to 2.6 billion U.S. dollars.
In the face of the boom in the energy storage business, Canadian Solar also raised its full-year shipment target for large storage products to 6.5-7.0GWh, an increase of more than 500% year-on-year.
Lowers full-year PV module shipment forecast
For this year's PV module shipments, Canadian Solar announced that the annual shipments are expected to be lowered to 32-36GW, a downward adjustment of about 23.6% (previously expected to be 42-47GW), which is expected to be the third quarter of this year's module shipments of 9.0-9.5GW.
Lower PV module shipment expectations or out of the current TOPCon capacity competition in the vicious market. The company admitted that the current situation, the company's photovoltaic business is mainly in the price and shipments to do a comprehensive balance between, give up part of the loss-making orders, take the initiative to reduce some of the photovoltaic products shipments, to profit as a priority.
According to statistics, Canadian Solar currently has a total of nearly 30GW of TOPCon cell production capacity using the latest equipment in its Yangzhou, Suqian and Thailand factories, accounting for about 62% of the company's cell production capacity, and the average mass production efficiency of TOPCon cells has reached a maximum of 26.5%.
In addition, Canadian Solar has established a 5GW N-type new technology PV module factory and a 5GW high-efficiency N-type cell project in the U.S., of which the U.S. module factory has been formally put into operation in 2023 and started delivering 210-size products in the first quarter of 2024; the U.S. cell factory is now in the middle of the construction of the civil part of the construction and design of the electromechanical part of the factory, and it is expected to go into operation within 2025.
Although TOPCon is the main product of Canadian Solar, but in the face of this round of homogenization involution, Canadian Solar also in the next generation of HJT technology to increase R & D investment. The company invested 423 million yuan in R&D in the first half of this year, up 51.8% year-on-year.
HJT pilot line efficiency expected to improve to 26.8% in Q4
On the HJT technology research and development, the announcement pointed out that in the first half of the year, the company HJT pilot line has continued to output, pilot average efficiency reached 26.60%, R & D efficiency reached 26.7%. It is expected that by the fourth quarter of 2024, HJT pilot efficiency increased to 26.7-26.8%, with the corresponding 66 pieces of 210mm cell module power up to 730W.
In addition, the company's HJT 0BB technology with 210 large cells as a new product of the module has been a project, 2024 will have MW-level trial production, the end of the year target power than TOPCon the same version of the type of about 10W.
In the face of the current industry downturn, Canadian Solar has shown a favorable trend in the U.S. market. In the first half of this year, the company's U.S. shipments increased by 110% year-on-year and 69% sequentially, and the market share of industrial and commercial and large-scale power plants increased by 111% and 37% year-on-year. In addition, as of the end of the reporting period, Canadian Solar also has or plans to set up production bases in Thailand, the United States, Vietnam and other countries, and has more than 20 sales companies outside the country.
Source: https://mp.weixin.qq.com/s/UwFTf1wdJfAo6cVzEW7-oA
