TrendForce learnt that on the evening of August 22, Canadian Solar disclosed its half-yearly report.
According to the announcement, in the first half of this year, Canadian Solar realized net revenues of 3.07 billion dollars and gross profit of 537.158 million dollors.
Canadian Solar's net revenues in the second quarter of 2024 increased 23% qoq and decreased 31% yoy to $1.6 billion.
Despite the decline in performance compared to the same period last year, Canadian Solar still achieved an overall profit in the context of the overall downturn in the PV industry.
And in stark contrast to the downturn, Canadian Solar's energy storage business has seen explosive growth! In the first half of the year, Canadian Solar sold 2.6GWh of energy storage products globally, and expects to grow by more than 500% for the full year, or 3309% year-on-year.
Semi-annual report shows that, thanks to a large number of energy storage project reserves and signed energy storage contract orders, the company's delivery of energy storage products in the first quarter of 2024 has been basically the same as the whole year of 2023. The second quarter delivery compared to the growth of more than 50%, it is expected that the delivery of the third quarter will be in the 1.4-1.7GWh.
Against this backdrop, Canadian Solar has raised the company's shipments of large storage products this year, which are expected to reach 6.5-7 GWh, an increase of more than 500% compared to 2023.
As of the end of the reporting period, Canadian Solar's energy storage system order reserve reached 66 GWh, and the amount of orders on hand for signed contracts reached US$2.6 billion (approximately RMB 18.538 billion based on the exchange rate of 7.13 on June 30).
Energy storage business development
In the field of household energy storage, Canadian Solar has deployed distribution networks in major household energy storage active areas such as North America, Europe, and Japan, and simultaneously cooperated with new business areas such as power electronics to actively expand application boundaries, create value diversification, and start to build A third or even more source of profit.
In June 2024, the company entered into an agreement with D.R. Horton, the largest residential real estate developer in the United States, to provide solar and energy storage products to communities in California, United States, including Canadian Solar's high-efficiency solar PV modules and residential energy storage system, the EP Cube.
To date, Canadian Solar has successfully delivered more than 5 GWh of energy storage solutions to markets in North America, Europe and the Asia-Pacific region. As global demand for advanced energy solutions continues to grow, Canadian Solar is expanding production to meet the needs of its customers and partners.
At the same time, Canadian Solar has also shined in the domestic energy storage market. In the field of large storage, it assisted in the construction of the largest independent shared energy storage power station project (500MW/1000MWh) in Gansu; In the field of industrial and commercial energy storage, the fully liquid-cooled energy storage system provided for Epson Precision Optoelectronics (Wuxi) Co., Ltd. was officially connected to the grid during the reporting period.