Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥11.92, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 58x in the Semiconductor industry in China. Total returns to shareholders of 35% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥5.70 per share. Price Target Changed • May 16
Price target decreased by 7.4% to CN¥16.53 Down from CN¥17.86, the current price target is an average from 7 analysts. New target price is 13% above last closing price of CN¥14.58. Stock is up 54% over the past year. The company is forecast to post earnings per share of CN¥0.59 for next year compared to CN¥0.28 last year. Annuncio • May 08
CSI Solar Co., Ltd. (SHSE:688472) announces an Equity Buyback for CNY 600 million worth of its shares. CSI Solar Co., Ltd. (SHSE:688472) announces a share repurchase program. Under the program, the company will repurchase up to CNY 600 million worth of its shares. The repurchase price will not more than CNY 21.15 per Share. The repurchased shares will be used for equity incentives and/or ESOP. The repurchases will be funded using company's own funds or excess funds obtained from IPO. The repurchase period will be not more than 12 months. Major Estimate Revision • May 04
Consensus revenue estimates increase by 26% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥34.4b to CN¥43.2b. EPS estimate increased from CN¥0.566 to CN¥0.611 per share. Net income forecast to grow 117% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥17.68. Share price rose 10% to CN¥14.43 over the past week. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: CN¥0.14 (vs CN¥0.01 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.14 (up from CN¥0.01 in 1Q 2025). Revenue: CN¥7.13b (down 17% from 1Q 2025). Net income: CN¥519.4m (up CN¥472.2m from 1Q 2025). Profit margin: 7.3% (up from 0.6% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Semiconductor industry in China. Annuncio • Apr 28
CSI Solar Co., Ltd., Annual General Meeting, May 18, 2026 CSI Solar Co., Ltd., Annual General Meeting, May 18, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Suzhou, Jiangsu China Annuncio • Mar 30
CSI Solar Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 CSI Solar Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Major Estimate Revision • Mar 25
Consensus revenue estimates fall by 35% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥53.2b to CN¥34.4b. EPS estimate fell from CN¥0.943 to CN¥0.566 per share. Net income forecast to grow 194% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥19.07 to CN¥17.86. Share price fell 6.4% to CN¥14.40 over the past week. Price Target Changed • Mar 24
Price target decreased by 11% to CN¥17.86 Down from CN¥20.02, the current price target is an average from 7 analysts. New target price is 23% above last closing price of CN¥14.56. Stock is up 43% over the past year. The company is forecast to post earnings per share of CN¥0.57 for next year compared to CN¥0.28 last year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥15.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 55x in the Semiconductor industry in China. Total returns to shareholders of 47% over the past year. Reported Earnings • Feb 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥0.28 (down from CN¥0.61 in FY 2024). Revenue: CN¥40.3b (down 13% from FY 2024). Net income: CN¥1.02b (down 55% from FY 2024). Profit margin: 2.5% (down from 4.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥15.28, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 46x in the Semiconductor industry in China. Total returns to shareholders of 38% over the past year. Annuncio • Dec 26
CSI Solar Co., Ltd. to Report Fiscal Year 2025 Results on Apr 28, 2026 CSI Solar Co., Ltd. announced that they will report fiscal year 2025 results on Apr 28, 2026 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥16.40, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 40x in the Semiconductor industry in China. Total returns to shareholders of 33% over the past year. Price Target Changed • Nov 04
Price target increased by 12% to CN¥15.96 Up from CN¥14.24, the current price target is an average from 5 analysts. New target price is 10.0% below last closing price of CN¥17.73. Stock is up 16% over the past year. The company is forecast to post earnings per share of CN¥0.47 for next year compared to CN¥0.61 last year. New Risk • Oct 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 4.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Oct 31
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CN¥0.07 (down from CN¥0.19 in 3Q 2024). Revenue: CN¥10.2b (down 16% from 3Q 2024). Net income: CN¥257.9m (down 64% from 3Q 2024). Profit margin: 2.5% (down from 5.9% in 3Q 2024). Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥14.84, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 43x in the Semiconductor industry in China. Negligible returns to shareholders over past year. New Risk • Oct 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Annuncio • Sep 30
CSI Solar Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 CSI Solar Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥11.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 38x in the Semiconductor industry in China. Total returns to shareholders of 14% over the past year. Reported Earnings • Aug 22
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CN¥0.27 (up from CN¥0.18 in 2Q 2024). Revenue: CN¥12.5b (flat on 2Q 2024). Net income: CN¥683.7m (up 3.5% from 2Q 2024). Profit margin: 5.5% (up from 5.3% in 2Q 2024). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Annuncio • Jun 30
CSI Solar Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 CSI Solar Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Annuncio • Jun 03
e-STORAGE's SolBank 3.0 Successfully Passes Large-Scale Fire Testing (LSFT) Canadian Solar Inc. announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has successfully completed Large-Scale Fire Testing (LSFT) for its SolBank3.0 energy storage system. The successful test demonstrated that SolBank 3.0 meets key fire safety criteria by containing thermal events within a single enclosure, providing enhanced safety assurance for utility-scale deployments. The test was conducted under the CSA C-800:25 SS9.7 Large-Scale Fire Testing (MSFT) protocol--a rigorous, industry-recognized standard used to evaluate how a fully developed fire condition inside the enclosure of an initiating BESS unit affects propagation risk between adjacent enclosures. During the test, all doors, louvers, and structural elements on target units remained closed and intact throughout the event. The protocol is in compliance with key safety objectives outlined in NFPA 855, such as preventing cascading thermal events and containing fire within a single unit. During the test, e-STORAGE's SolBank 3.0 energy storage system showed no fire propagation to target units and successfully passed the LSFT, confirming the robustness of SolBank 3.0's passive fire containment design. The company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 157 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 11 GWh of battery energy storage solutions to global markets as of March 31, 2025, boasting a $3.2 billion contracted backlog as of March 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.6 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 76 GWh of battery energy storage capacity in various stages of development. Major Estimate Revision • May 05
Consensus EPS estimates fall by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥51.9b to CN¥50.3b. EPS estimate also fell from CN¥0.93 per share to CN¥0.489 per share. Net income forecast to grow 55% next year vs 63% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥18.28 to CN¥15.51. Share price fell 5.1% to CN¥8.78 over the past week. Reported Earnings • Apr 30
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: CN¥0.01 (down from CN¥0.16 in 1Q 2024). Revenue: CN¥8.59b (down 11% from 1Q 2024). Net income: CN¥47.3m (down 92% from 1Q 2024). Profit margin: 0.6% (down from 6.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 84%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Annuncio • Apr 29
CSI Solar Co., Ltd., Annual General Meeting, May 28, 2025 CSI Solar Co., Ltd., Annual General Meeting, May 28, 2025, at 14:00 China Standard Time. Annuncio • Mar 28
CSI Solar Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 CSI Solar Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: CN¥1.17 (vs CN¥0.85 in FY 2023) Full year 2024 results: EPS: CN¥1.17 (up from CN¥0.85 in FY 2023). Revenue: CN¥80.3b (up 57% from FY 2023). Net income: CN¥4.25b (up 46% from FY 2023). Profit margin: 5.3% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Annuncio • Jan 04
CSI Solar Co., Ltd. (SHSE:688472) announces an Equity Buyback for CNY 1,000 million worth of its shares. CSI Solar Co., Ltd. (SHSE:688472) announces a share repurchase program. Under the program, the company will repurchase up to CNY 1,000 million worth of its shares. The repurchase price will not more than CNY 21.42 per Share. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be funded using company's own funds or excess funds obtained from the initial public offering. The repurchase period will be not more than 12 months. Annuncio • Dec 27
CSI Solar Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 CSI Solar Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CN¥0.19 (down from CN¥0.25 in 3Q 2023). Revenue: CN¥12.2b (down 6.1% from 3Q 2023). Net income: CN¥715.6m (down 22% from 3Q 2023). Profit margin: 5.9% (down from 7.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Price Target Changed • Oct 24
Price target increased by 11% to CN¥15.81 Up from CN¥14.27, the current price target is an average from 4 analysts. New target price is 12% above last closing price of CN¥14.11. Stock is up 13% over the past year. The company is forecast to post earnings per share of CN¥0.75 for next year compared to CN¥0.85 last year. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Annuncio • Sep 30
CSI Solar Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 CSI Solar Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥13.97, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the Semiconductor industry in China. Negligible returns to shareholders over past year. Major Estimate Revision • Aug 23
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥56.5b to CN¥62.7b. EPS estimate unchanged from CN¥0.86 at last update. Semiconductor industry in China expected to see average net income growth of 53% next year. Consensus price target broadly unchanged at CN¥14.15. Share price fell 4.1% to CN¥9.76 over the past week. Annuncio • Jun 28
CSI Solar Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 CSI Solar Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Annuncio • Apr 29
CSI Solar Co., Ltd., Annual General Meeting, May 30, 2024 CSI Solar Co., Ltd., Annual General Meeting, May 30, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Suzhou, Jiangsu China Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.30 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.30 in 1Q 2023). Revenue: CN¥9.60b (down 19% from 1Q 2023). Net income: CN¥578.8m (down 37% from 1Q 2023). Profit margin: 6.0% (down from 7.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Annuncio • Mar 29
CSI Solar Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 CSI Solar Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Major Estimate Revision • Mar 20
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥62.4b to CN¥59.3b. EPS estimate rose from CN¥0.834 to CN¥0.921. Net income forecast to grow 6.0% next year vs 65% growth forecast for Semiconductor industry in China. Consensus price target of CN¥16.50 unchanged from last update. Share price was steady at CN¥14.02 over the past week. Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.86 (up from CN¥0.70 in FY 2022). Revenue: CN¥51.3b (up 7.9% from FY 2022). Net income: CN¥2.90b (up 35% from FY 2022). Profit margin: 5.7% (up from 4.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Annuncio • Feb 27
CSI Solar Co., Ltd. (SHSE:688472) announces an Equity Buyback for CNY 1,000 million worth of its shares. CSI Solar Co., Ltd. (SHSE:688472) announces a share repurchase program. Under the program, the company will repurchase up to CNY 1,000 million worth of its shares. The repurchase price will not more than CNY 20.12 per Share. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be funded using company's own funds or excess funds obtained from the initial public offering. The repurchase period will be not more than 12 months. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥15.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 35x in the Semiconductor industry in China. Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.25. Net income: CN¥916.2m (up CN¥916.2m from 3Q 2022). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 6.2%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: EPS: CN¥0.33. Net income: CN¥1.00b (up CN¥1.00b from 2Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. New Risk • Jul 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (45% accrual ratio). Annuncio • Jun 28
CSI Solar Co., Ltd. to Report Q2, 2023 Results on Aug 23, 2023 CSI Solar Co., Ltd. announced that they will report Q2, 2023 results on Aug 23, 2023 
