Company Reports

CSI Solar's revenue fell 55% year on year in the second quarter, partly reflecting last year's restructuring, which resulted in the deconsolidation of its US operations. The company recorded its first quarterly loss of the current solar downcycle.

Data from China's National Energy Administration suggests that domestic solar installations fell 13% year on year in June and 66% in the first half of 2026.

CSI Solar was marginally profitable in the fourth quarter of 2025, but its profit surged in the first quarter of 2026, boosted by a refund from US reciprocal tariffs.

CSI Solar is a leading Chinese solar module producer. Known for its extensive overseas exposure, CSI generated 87% of its revenue from international markets in 2025, the highest among its Chinese peers.

China's solar photovoltaic sector rallied on Feb. 4 following media reports that delegations associated with Elon Musk recently visited several Chinese solar PV companies, spanning equipment, silicon wafers, cells, and modules.

CSI Solar is a leading Chinese solar module producer, ranking seventh by global module shipments in 2024. Known for its extensive overseas exposure, particularly to the profitable US market, CSI generated 78% of its revenue from international markets in 2024, the highest among its Chinese peers. The US is the largest overseas market for CSI, accounting for about 25% of its solar module shipments in 2024.

CSI Solar’s US-listed parent, Canadian Solar, projects solar module shipments of 24.5-24.7 GW in 2025 and 25-30 GW in 2026. For energy storage systems, shipments are expected to reach 7.8-8.0 GWh in 2025 and 14-17 GWh in 2026.

Chinese solar producers—Jinko Solar, JA Solar, Trina Solar, LONGi, and TCL Zhonghuan—all continued to report losses in the third quarter, except for CSI Solar, which remained profitable.

CSI Solar's second-quarter operating profit increased by 11% year on year to CNY 915 million, despite largely flat revenue. The company recorded a CNY 550 million asset impairment related to inventory write-downs and the phase-out of its p-type solar cell manufacturing capacity.

Chinese solar producers Jinko Solar, JA Solar, Trina Solar, LONGi, Tongwei, and TCL Zhonghuan all reported losses in the fourth quarter of 2024 and the first quarter of 2025. However, CSI Solar remained profitable in both quarters.

CSI Solar is a leading Chinese solar module producer, ranking seventh by global module shipments in 2024. Known for its extensive overseas exposure, particularly to the profitable US market, CSI generated 78% of its revenue from international markets in 2024, the highest among its Chinese peers. The US is the largest overseas market for CSI, accounting for about 25% of its solar module shipments in 2024.

The US Department of Commerce has issued final affirmative determinations in the anti-dumping and countervailing investigations concerning solar cells and modules from Cambodia, Malaysia, Thailand, and Vietnam, where Jinko, JA, Trina, LONGi, and CSI have large manufacturing capacities.

CSI Solar is a leading Chinese solar module producer, ranking seventh by global module shipments in 2024. Known for its extensive overseas exposure, particularly to the profitable US market, CSI generated 77% of its revenue from international markets in the first half of 2024, the highest among its Chinese peers. The US is the largest overseas market for CSI, accounting for about 25% of its solar module shipments in 2024.

On April 9, the US reduced the reciprocal tariffs to 10% for most trading partners. However, the tariff rate for China was set at 125%.

Based on their preliminary 2024 results, the four solar manufacturers—Jinko Solar, JA Solar, Trina Solar, and TCL Zhonghuan—experienced significant losses in the fourth quarter amid depressed product prices. We have revised our 2024 earnings estimates for these companies to reflect the preliminary numbers but kept our forecasts for 2025-28, awaiting the release of their full results at the end of April. Our fair value estimates remain at CNY 11.00 for Jinko Solar, CNY 22.00 for JA Solar, CNY 30.90 for Trina Solar, and CNY 10.50 for TCL Zhonghuan. Despite all four being undervalued, we prefer CSI Solar for its better earnings outlook.

We initiate coverage on four Chinese solar module producers: Jinko Solar, JA Solar, Trina Solar, and CSI Solar. Among these, Jinko, JA, and Trina rank among the top four global module suppliers alongside LONGi Green Energy, while CSI held the sixth position in module shipments in 2023. Due to intense competition and the cyclicality of the industry, we assign a no-moat rating to all four companies. Our fair value estimates are CNY 11 for Jinko, CNY 22 for JA, CNY 30.90 for Trina, and CNY 17.70 for CSI.

CSI Solar is a leading Chinese solar module producer, ranking sixth in global module shipments in 2023. Known for its extensive overseas exposure, particularly to the profitable US market, CSI generated 77% of its revenue from international markets in the first half of 2024, the highest among its Chinese peers. The US is the largest overseas market for CSI, accounting for 29% of its solar module shipments in the first nine months of 2024, with an estimated market share of over 20%.