CSIQ Latest Report

Performance Review

Atres Solar (CSIQ) recorded a total operating revenue of USD1.521bn as of December 31, 2024, a year-on-year decrease of approximately 10.67% from USD1.702bn as of December 31, 2023. This change reflects significant revenue pressure faced by the company in the face of intensified competition and rising costs, which may affect its profitability and market position.

Key Financial Data

1. Atres recorded an operating revenue of Rmb22bn in the first half of 2024, a year-on-year decrease of 15.88%; the net profit attributable to parent was Rmb1.24bn, a year-on-year decrease of 35.5%.

2. In the first three quarters of 2024, Atres achieved revenue of Rmb34.178bn, a year-on-year decrease of 12.63%; the net profit attributable to parent was Rmb1.955bn, a year-on-year decrease of 31.17%.

3. The sales price of photovoltaic components has dropped significantly in 2024, leading to a year-on-year decrease in revenue from photovoltaic components and system products.

4. Atres faced a highly challenging competition environment in 2024, with falling component prices and weak market demand exacerbating the downward trend in revenue.

5. Despite the challenges, Atres' energy storage business performed strongly in 2024, with an estimated shipment volume of 6.5GWh, a year-on-year increase of 505.28%.

Peer Comparison

1. Industry-wide analysis: The solar industry as a whole faces competition pressure brought about by technological advancements and fluctuations in policy support, affecting industry revenue. According to industry data, many companies also experienced similar revenue declines in 2024, indicating the industry's overall challenges.

2. Peer evaluation analysis: Compared with other companies in the industry, Atres Solar's total operating revenue has decreased significantly, possibly reflecting its lack of competitiveness in the market. Other companies in the industry maintained relatively stable revenue levels through more effective cost control and market strategies.

Conclusion

Atres Solar's operating revenue and net profit have decreased significantly, mainly due to intensified competition, falling photovoltaic component prices, and the impact of the macroeconomic environment. Although the company's energy storage business has grown, the decline in its traditional photovoltaic business still poses significant pressure on overall performance. Overall, Atres needs to strengthen its market competitiveness and cost control to cope with the ever-changing industry environment in the future.

Opportunities

1. The rapid growth of the energy storage business provides the company with a new source of revenue and can further expand its market share.

2. Policy-driven technological innovation and quality improvement may bring new growth points to the industry, and Atres can increase its investment in this area.

3. With the continuous growth of the global photovoltaic industry, the company can leverage the demand in overseas markets to enhance its market position.

Risks

1. The significant fluctuation in photovoltaic component sales prices may continue to have a negative impact on revenue.

2. Changes in government policies, such as a reduction in export tax rebates, will increase the company's cost pressure and affect its profitability.

3. Strong performances by competitors in the industry may lead to further decreases in Atres' market share.