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Canadian Solar: Revenue in H1 was 26.1 Billion yuan, a Year-on-Year Increase of 32%, While the Net Profit is 1.9 Billion yuan, a Year-on-Year Increase of 322%

published: 2023-08-28 17:18

Recently, Canadian Solar unveiled its semi-annual report, spotlighting some remarkable figures. In the first half of the year, the company raked in a whopping 26.1 billion yuan in revenue—a solid 32% upswing. The net profit story was even more impressive, surging to 1.9 billion yuan, a staggering 322% leap. Zooming in on the second quarter, net profit hit the 1 billion yuan mark, showcasing a remarkable 161% year-on-year rise and a steady 9.4% quarter-on-quarter climb. The company’s module shipments for the first half of the year clocked in at an impressive 14.3GW, with the second quarter alone accounting for 8.2GW—a quarter-on-quarter leap of 34%, firmly outpacing the industry average.

Throughout this period, Canadian Solar dominated the market across the Americas, China, and Europe—securing its position within the top three shipment leaders. The company’s strategic focus lies in cultivating high-quality overseas markets, exemplified by its recent acquisition of long-term orders for 7GW worth of modules in North America. This achievement underscores Canadian Solar’s unique prowess in establishing strong channels and brand recognition within lucrative overseas markets, setting it apart from its competitors. Looking ahead, the company has ambitious plans on the horizon. By the close of 2024, it anticipates scaling up its capacities significantly—targeting 50GW, 60GW, 70GW, and 80GW capacities for rods, wafers, cells, and modules, respectively. In the realm of TOPCon capacity, the first phase of 8GW TOPCon was successfully launched in Suqian this April, followed by another impressive feat with the inauguration of 14GW on August 8th in Yangzhou. Further strides are anticipated, with 8GW TOPCon scheduled for phase two in Suqian and an additional 8GW in Thailand both poised for operational launch by year’s end.
The demand for large-scale storage systems is experiencing a rapid surge. The company’s focal point in this field rests on the expansive landscape of the U.S. market. As of the conclusion of June 2023, the company boasted an impressive 26GWh in reserved capacity for energy storage systems. Notably, the volume of confirmed orders has soared to a substantial US$2.1 billion, marking a remarkable 62% increase compared with the figures from the end of March. These burgeoning orders are poised to significantly amplify the company’s overall performance. In a momentous stride, the inaugural batch of products from the SolBank production line has been triumphantly introduced in Yancheng Dafeng. The projection is that its the mass production capacity beyond 10GWh by the close of June 2023. This strategic enhancement is expected to provide robust support for the rapid and robust growth of the energy storage arm of the business.

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