Canadian Solar released an investor relations activity record on December 2, stating that the company had received research visits from 53 institutions on November 29, 2024. These institutions included QFIIs, insurance companies, fund companies, overseas institutions, securities companies, and sunshine private equity firms.
During the visit, questions were raised regarding the company’s third-quarter performance in 2024, with the response highlighting revenues of RMB 34.18 billion and a net profit attributable to shareholders of listed companies of RMB 1.95 billion for the first three quarters. The company’s PV business saw 22.9GW of module shipments in the first nine months, with a slight increase compared to the same period last year. In terms of energy storage, the company shipped 4.4GWh of large-scale energy storage products from January to September, contributing significantly to the company’s overall third-quarter performance.
Looking ahead to the fourth quarter of 2024, the company plans to continue focusing on profitability in the module business and expects shipments of energy storage products to increase. Regarding the global energy storage market in 2025, the company expects continued high growth due to increasing penetration of renewable energy generation and declining costs of energy storage systems.
When asked about the impact of the potential increase in Section 301 tariffs on energy storage products in the US in 2026, the company noted that it would not undermine the cost advantage of domestic energy storage manufacturing but would consider strategic overseas capacity layout to mitigate potential geopolitical risks.
Regarding the progress of the company’s component and battery factories in the US after the election, the company stated that its US capacity expansion is progressing normally, with 5GW of components already in production and 5GW of batteries under construction, expected to commence production next year.
The company also shared its views on emerging battery technologies such as HJT and BC, emphasizing its continued research and development in various technologies. Additionally, the company noted that it had been maintaining a low inventory strategy and would ensure a balance between capacity utilization and order fulfillment.
In terms of large-scale energy storage systems, the company integrates externally sourced battery cells into its energy storage DC cabinets and procures equipment such as PCS for AC-side energy storage system integration. The company has also established research and development centers for energy storage system integration, EMS, and power trading, enhancing its differentiated advantages in application and service ends.
