Canadian Solar Inc (CSIQ) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Canadian Solar's fourth quarter 2023 earnings conference call. My name is Melissa, and I will be your operator for today. At this time, all participants are in a listen only mode. Later we will conduct a Q&A session. As reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Wina Huang, Head of Investor Relations of Canadian Solar. Please go ahead.

女士們、先生們，感謝大家的支持，並歡迎參加阿特斯陽光電力 2023 年第四季財報電話會議。我叫梅麗莎，今天我將擔任您的接線生。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節。謹此提醒，本次會議正在錄製以供重播之用。我現在想把電話轉給阿特斯陽光電力投資者關係主管黃慧娜。請繼續。

Thank you, operator, and welcome, everyone, to Canadian Solar's Fourth Quarter 2023 conference call. Please note that today's conference call is accompanied with slides which are available on Canadian Solar's Investor Relations website within the Events and Presentations section. Joining us today are Dr. Shawn Qu, Chairman and CEO; Yan Zhuang, President of Canadian Solar's subsidiary, CSI Solar; Dr. Huifeng Chang, Senior VP and CFO; and Ismael Guerrero, Corporate VP and President of Canadian Solar's subsidiary, Recurrent Energy. All company executives will participate in the Q&A session. After management's formal remarks on this call, Shawn will go over some key messages for the quarter.

謝謝業者，歡迎大家參加阿特斯陽光電力 2023 年第四季電話會議。請注意，今天的電話會議附有幻燈片，可在阿特斯陽光電力投資者關係網站的「活動和簡報」部分查看。今天加入我們的有董事長兼執行長瞿曉光博士；嚴莊，阿特斯陽光電力子公司CSI Solar總裁；常惠峰博士，資深副總裁兼財務長；以及阿特斯陽光電力子公司 Recurrent Energy 公司副總裁兼總裁 Ismael Guerrero。所有公司高層都將參加問答環節。在管理層就此電話會議發表正式講話後，肖恩將回顧本季的一些關鍵訊息。

Yes, and it now will review business highlights for CSI Solar and Recurrent Energy, respectively, and reform will go through the financial results. Donald and I'll conclude with prepared remarks with the business outlook, after which we will have time for questions.

是的，它現在將分別審查 CSI Solar 和 Recurrent Energy 的業務亮點，並將透過財務表現進行改革。唐納德和我將就業務前景發表準備好的評論，然後我們將有時間提問。

Before we begin, I would like to remind listeners that management's prepared remarks today as well as their answers to questions will contain forward-looking statements that are subject to risks and uncertainties. The Company claims protection under the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's current expectations and projections of the company's future performance represent management's estimates as of today. Canadian Solar assumes no obligation to update these projections in the future unless otherwise required by applicable law.

在開始之前，我想提醒聽眾，管理層今天準備的演講以及他們對問題的回答將包含前瞻性陳述，這些陳述存在風險和不確定性。該公司要求 1995 年《私人證券訴訟改革法案》中包含的前瞻性聲明受到安全港的保護。實際結果可能與管理層目前的預期有所不同，對公司未來業績的預測代表了管理層截至目前的估計。除非適用法律另有要求，阿特斯陽光電力不承擔未來更新這些預測的義務。

A more detailed discussion of risks and uncertainties can be found in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Management's prepared remarks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles or GAAP. The financial information presented during the call will be provided on both a GAAP and non-GAAP basis. By disclosing certain non-GAAP information. Management intends to provide investors with additional information to enable further analysis of the company's performance and underlying trends. Management uses non-GAAP measures to better assess operating performance and to establish operational goals. Non-gaap information should not be viewed by investors as a substitute for data prepared in accordance with GAAP.

有關風險和不確定性的更詳細討論可以在公司向美國證券交易委員會提交的 20-F 表格年度報告中找到。管理層準備好的評論將按照 SEC G 條例有關公認會計原則或 GAAP 的要求提出。電話會議期間提供的財務資訊將根據公認會計原則和非公認會計原則提供。透過揭露某些非公認會計準則資訊。管理層打算為投資者提供更多信息，以便進一步分析公司的業績和基本趨勢。管理層使用非公認會計準則衡量標準來更好地評估營運績效並制定營運目標。投資者不應將非公認會計原則資訊視為根據公認會計原則準備的數據的替代品。

And now I would like to turn the call over to Canadian Solar's Chairman and CEO, Dr. Shawn Qu please go ahead.

現在我想把電話轉給阿特斯陽光電力董事長兼執行長曲肖恩博士，請您繼續。

Thank you with the thank you to everyone for joining our fourth quarter call today.

感謝大家今天參加我們的第四季電話會議。

Please turn to slide 3. 2023 marked our record year for Canadian Solar, CSI Solar achieved the solar module shipments of 38.7 gigawatts year over year increase of 45%. This milestone drove our revenue to aim over time high of USD7.6 billion despite challenging conditions our full year net income attributable to Canadian Solar shareholders was USD274 million, our %3.87 per diluted share, our historic high. Before we delve deeper. Let's take a moment, so reflect our journey over the past two decades. Please turn to slide 4. Canadian Solar has evolved into a full stack solar and battery energy storage business and in both manufacturing and project development, how our strategic decision to carve out CSI Solar has established itself as a vertical integrated powerhouse with 118 gigawatts of cumulative shipments. Our focus here remains on leading edge technology and strategic sustainable expansion. Within CSI Solar, our utility-scale battery energy storage business is storage. It's post to deliver a massive USD2.6 billion backdrop, which will continue to grow. Meanwhile, Recurrent Energy has become one of the world largest and most geographically diverse project developer. With the recently announced USD500 million BlackRock Investment. It has equipped with the ammunition to execute our business transformation.

請參閱投影片3。2023年是阿特斯陽光電力創紀錄的一年，CSI Solar實現太陽能模組出貨量38.7吉瓦，年增45%。這一里程碑推動我們的收入目標在一段時間內達到76 億美元的高位，儘管面臨著嚴峻的挑戰，我們歸屬於阿特斯陽光電力股東的全年淨利潤為2.74 億美元，稀釋後每股收益為3.87%，創歷史新高。在我們深入研究之前。讓我們花點時間回顧一下我們過去二十年的歷程。請翻到幻燈片 4。阿特斯陽光電力已發展成為全端式太陽能和電池儲能業務，在製造和專案開發方面，我們推出CSI Solar的戰略決策如何將自己打造成累積出貨量118吉瓦的垂直綜合發電企業。我們的重點仍然是領先的技術和策略性的可持續擴張。在CSI Solar中，我們的公用事業規模電池儲能業務是儲存。它的目標是提供 26 億美元的巨額背景，並且該數字還將繼續增長。同時，Recurrent Energy 已成為世界上最大、地域最多元化的專案開發商之一。最近宣布獲得貝萊德 5 億美元投資。它已經具備了執行我們業務轉型的彈藥。

What does this all mean? We are prepared to navigate the next phase of the industry and our all the evolution, not only can we capitalize on the collaborative advantageous across our businesses, but we also possess different levers for growth. This diversified nature, coupled with our world-class team enables us. It enables our as a steadfast commitment to long-term value accretive growth.

這是什麼意思呢？我們已準備好引領產業的下一階段和我們的所有發展，我們不僅可以利用跨業務的協作優勢，而且還擁有不同的成長槓桿。這種多元化的性質，加上我們世界一流的團隊使我們能夠做到這一點。它使我們能夠堅定地致力於長期價值增值成長。

Turning to slide 5, we see the world is grappling with a surge in clean energy demand from data center to electric vehicles to cryptocurrency mining. These energy hungry sectors are stressing Agere power grids, in some cases, even property businesses to construct their own power plants. According to BCG, data center share of US electricity is set to triple from 2.5% in 2022 to 7.5% by 2030, reaching close to 400 terawatt hours.

轉向幻燈片 5，我們看到世界正在努力應對從資料中心到電動車再到加密貨幣挖礦的清潔能源需求激增的問題。這些能源需求旺盛的產業給傑爾電網帶來了壓力，在某些情況下，甚至房地產企業也需要建造自己的發電廠。據 BCG 稱，到 2030 年，資料中心在美國電力中的份額將從 2022 年的 2.5% 增加兩倍至 7.5%，達到接近 400 太瓦時。

Moreover the intensive requirements of these buildings that must operate day and night need a mix of power-generation sources, including solar and battery energy storage transportation is also fueling our significant increase in electricity needs. Light duty vehicles are expected to consume north of 30 times more electricity by 2030. According to Princeton University data. This surge is further intensified by the energy demands of computation, only heavy, what are normal driving technologies, Bloomberg reports that assuming energy efficiency continues to improve as it has in the past decade, power usage by vehicle computers could hit 26 terawatt hours by 2040 comparable to the usage of approximately 60 million desktops computers.

此外，這些必須晝夜運作的建築物的密集要求需要混合發電來源，包括太陽能和電池儲能運輸也推動了我們電力需求的大幅成長。預計到 2030 年，輕型車輛的用電量將增加 30 倍以上。根據普林斯頓大學的數據。計算的能源需求進一步加劇了這種激增，僅重，什麼是正常的駕駛技術，彭博社報道稱，假設能源效率像過去十年一樣繼續提高，到2040 年，車載計算機的用電量可能會達到26太瓦時相當於約 6000 萬台桌上型計算機的使用情況。

Moving now to the US a key strategic market.

現在轉向美國這個關鍵策略市場。

If I please turn to slide 6. On the left, you can see our Texas factory, which began production at the end of last year, has been ramping smoothly support supporting local job creation. We continue to see strong interest in and demand for our locally made products. Furthermore, to support our growing market share, we have also prepared our pipeline resources from wafer or cell module here, we note that over the past few months, if certain litigation has created confusion within the industry, we re a far back the preliminary and final determination of the Department of Commerce that may news for country of origin and Canadian Solar has responsibly adjusted its supply chain, so ensure compliance with the new rules specifically both the wafer and four out of six rooms.

請轉到投影片 6。在左邊，您可以看到我們的德州工廠於去年底開始生產，一直在順利加大支持力度，支持當地創造就業機會。我們繼續看到人們對我們本​​地製造的產品產生濃厚的興趣和需求。此外，為了支持我們不斷增長的市場份額，我們還在這裡準備了晶圓或電池組件的管道資源，我們注意到，在過去的幾個月中，如果某些訴訟在行業內造成了混亂，我們將遠遠落後於初步和電池組件。商務部的最終決定可能有消息稱，原產國和阿特斯陽光電力已負責任地調整了其供應鏈，因此確保遵守新規則，特別是矽片和六分之四。

Our strength in US is founded on strong customer relationships and our trusted brand. For example, just last month, our solar PV modules powered the first ever 100% renewable energy power, the Super Bowl. We also received the top brand PVUSA. training journey for award fund EUPD., a globally renowned authority in market research.

我們在美國的優勢建立在強大的客戶關係和值得信賴的品牌之上。例如，就在上個月，我們的太陽能光伏組件為有史以來第一個 100% 可再生能源電力——超級盃比賽提供了電力。我們也獲得了頂級品牌PVUSA。全球知名市場研究權威獎項基金EUPD.的培訓之旅。

With that, let me turn the call over to Yan, I will provide more details of our CSI Solar business. Yann, please go ahead.

接下來，讓我將電話轉給 Yan，我將提供有關我們 CSI Solar 業務的更多詳細資訊。揚，請繼續。

Thank you, Shant. Please turn to Slide 7. As noted 2023 was a landmark year for CSI Solar. We achieved a 45% year over year growth in solar module shipments reaching 30.7 gigawatts hour use storage segment pipeline to a record 63 gigawatt hours with $2.6 billion in contracted backlog as of January 31, 2024. We reached record full year revenue of USD7.2 billion. The module business tackled a challenging environment with steep declines in ASP, destocking of channel inventory in distributed generation markets and policy uncertainty, however, were able were able to mitigate impacts through structural manufacturing cost reductions. Moreover, our manufacturing and technology strategies have allowed us to differentiate ourselves in the industry.

謝謝你，尚特。請翻到幻燈片 7。如上所述，2023 年對 CSI Solar 來說是具有里程碑意義的一年。截至 2024 年 1 月 31 日，我們的太陽能組件出貨量年增 45%，達到 30.7 吉瓦時，使用儲存部分管道達到創紀錄的 63 吉瓦時，合約積壓金額為 26 億美元。我們的全年收入達到創紀錄的 72 億美元。組件業務應對了平均售價急劇下降、分散式發電市場通路庫存去庫存以及政策不確定性等充滿挑戰的環境，但能夠透過結構性製造成本降低來減輕影響。此外，我們的製造和技術策略使我們能夠在行業中脫穎而出。

Let us take a deeper look at our transition to Topcon on slide 8. We observed increasing technological barriers in N-type technologies such as Topcon, and we're proud of the swift progress we have made N-type Topcon cell capacity now accounts for more than half of our total cell capacity and is expected to reach near 80% by the end of this year alongside our expansion of top co-manufacturing, we also continued to make inroads in our made in the US margins, increased our vertical integration and strengthened our talent supply chain shifting focus to battery energy storage.

讓我們在幻燈片 8 上更深入地了解向拓普康的過渡。我們觀察到拓普康等N型技術的技術壁壘越來越大，我們為我們取得的快速進展感到自豪，N型拓普康電池產能目前占我們總電池產能的一半以上，預計將達到近80到今年年底，在我們擴大頂級聯合製造的同時，我們也繼續提高美國製造的利潤率，增加我們的垂直整​​合，並加強我們的人才供應鏈，將重點轉向電池儲能。

Let us turn to slide 9. Storage plays a critical role in ensuring solar Energy's dispatch ability, stability and security for storage market is projected to grow massively exceeding 1 terawatt hour in cumulative capacity by 2030. We are well positioned to capture growth, especially in strategic markets like the US, where we have a strong track record in both solar and battery energy storage. Our differentiation lies in both product and execution. He storage is trusted by customers for his outstanding track record in delivering turnkey solutions. This trust spans operational execution and most importantly, safety. Our strong local teams are ensuring best-in-class service, while our strong brand name and balance sheet from Canadian Solar makes our guarantees highly compelling customers feel at ease backed by a Canadian company with more than 20 years of history operating in global markets now with the latest iteration of our utility-scale energy storage system.

讓我們轉向投影片 9。儲能在確保太陽能的調度能力、穩定性和安全性方面發揮關鍵作用，預計到 2030 年，儲能市場的累積容量將大幅增長，超過 1 太瓦時。我們處於有利位置，可以抓住成長機會，特別是在美國等戰略市場，我們在太陽能和電池儲能方面都擁有良好的記錄。我們的差異化在於產品和執行。他的儲存因其在提供交鑰匙解決方案方面的出色記錄而受到客戶的信賴。這種信任涵蓋營運執行，最重要的是安全。我們強大的本地團隊確保提供一流的服務，而阿特斯陽光電力的強大品牌和資產負債表使我們的保證極具說服力，客戶在一家擁有20 多年在全球市場運營歷史的加拿大公司的支持下感到安心與我們最新版本的公用事業規模儲能係統一起。

So bank 3.0 offering, one of the market's highest density products at five megawatt hours with even more advanced safety features continue to make global breakthroughs. Q4 revenues from new storage were more than 10 times what we did in Q3, while realizing meaningful revenue and profit from our backlog were also continued to grow just in between last November and January. 2024, we find significant volume, including in Australia, which we entered for the first time and the UK, where we signed the largest national Pass project in the US. We're set to deliver our second massive Arizona project following the signing of our first 1.2 gigawatt hour Pogo project, which is developed by Recurrent Energy. We're proud to say that from the day he storage began operations. Every project has contributed meaningfully to profitability following a softer year in 2023.

因此，bank 3.0 產品是市場上密度最高的產品之一，容量為 5 兆瓦時，具有更先進的安全功能，並繼續在全球範圍內取得突破。第四季新儲存帶來的收入是第三季的 10 倍以上，同時從去年 11 月到 1 月期間，我們的積壓訂單實現的有意義的收入和利潤也持續增長。到 2024 年，我們會發現數量可觀，包括我們首次進入的澳洲和英國，我們在英國簽署了美國最大的國家通行證計畫。繼由 Recurrent Energy 開發的第一個 1.2 吉瓦時 Pogo 專案簽署後，我們將在亞利桑那州交付第二個大型專案。我們很自豪地說，從他存儲開始運營的那一天起。在 2023 年經濟疲軟之後，每個項目都對盈利能力做出了有意義的貢獻。

One, we transitioned to a fully self-manufactured product. We look forward to a block faster 2024 in the first quarter of 2024 storage will deliver nearly as much as I did the entirety of 2023 over the rest of 2024. We expect storage to gradually grow through the quarters with Q4 seeing nearly double Q1. Ultimately, we expect storage to contribute significantly to both Canadian Solar's revenue and profitability. In addition, we continue to invest R&D resources into our battery energy storage business, both upstream and downstream. Gaining a stronger control on technology is crucial for both commercial and strategic purposes.

第一，我們轉向完全自主製造的產品。我們期待 2024 年第一季的儲存速度將快一個區塊，其交付量將幾乎與我在 2023 年全年和 2024 年剩餘時間裡交付的量一樣多。我們預計儲存量將在整個季度逐漸成長，第四季將幾乎是第一季的兩倍。最終，我們預計儲能將為阿特斯陽光電力的收入和獲利能力做出重大貢獻。此外，我們持續將研發資源投入電池儲能業務的上下游。獲得對技術更強的控制對於商業和戰略目的都至關重要。

Now let me hand over to Ismael to provide an overview of Recurrent Energy, Canadian Solar's Global Product Development business. Ismael, please go ahead.

現在請 Ismael 概述阿特斯陽光電力的全球產品開發業務 Recurrent Energy。伊斯梅爾，請繼續。

Thank you, Yan. please turn to slide 10. In January 2024, we proudly announced a $500 million capital commitment from BlackRock, one of the world's largest and most sophisticated renewable energy investors. The $500 million investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy. On an as-converted basis, Canadian Solar will continue to run the remaining minority shares of Recurrent Energy after the closing of the investments. With this investment, our goal is to have 4 gigawatts of solar and 2 gigawatt hours of battery energy storage projects in operation by 2026, the $500 million in equity capital not only equips us with dry power to develop and own more projects, but also bolsters our balance sheet and our debt raising capacity. By owning this asset, we can retain more of the value we create during the development process and showing very stable cash flows since most of our revenues are contracted with top counterparties. In addition, we're continuing to recycle capital and drive growth organically. Hence, we have sufficient growth equity capital for the next two years. Beyond that, our capital needs will depend on how aggressively we want to expand, been able to do so.

謝謝你，嚴。請翻到投影片 10。2024 年 1 月，我們很榮幸地宣布全球最大、最成熟的再生能源投資者之一貝萊德 (BlackRock) 承諾提供 5 億美元的資本。這筆 5 億美元的投資將佔 Recurrent Energy 已發行完全稀釋股份的 20%。在轉換後的基礎上，阿特斯陽光電力將在投資結束後繼續經營Recurrent Energy的剩餘少數股權。透過這筆投資，我們的目標是到2026年讓4吉瓦太陽能專案和2吉瓦時電池儲能專案投入運營，5億美元的股權資本不僅為我們提供了開發和擁有更多專案的干動力，也為我們提供了更多的支持。我們的資產負債表和舉債能力。透過擁有這項資產，我們可以保留更多在開發過程中創造的價值，並顯示出非常穩定的現金流，因為我們的大部分收入都是與頂級交易對手簽訂的。此外，我們將繼續循環利用資本並推動有機成長。因此，我們未來兩年將擁有充足的成長股本。除此之外，我們的資本需求將取決於我們想要擴張的正面程度，以及我們所能做到的程度。

Our 25% compounded average growth rate without the need to raise more capital. This investment is instrumental to our transition from a pure development to a developer plus long-term owner and operator in select markets, enabling a more diversified portfolio and stable long-term earnings with the support of BlackRock recurrent. Will it concurrently push toward improving ESG standards, including across biodiversity, health and safety, community engagement and environmental justice recap and on 2023.

我們的複合平均成長率為 25%，無需籌集更多資金。這項投資有助於我們從純粹的開發轉型為特定市場的開發商加長期所有者和運營商，從而在貝萊德經常性的支持下實現更加多元化的投資組合和穩定的長期收益。是否會同時推動改善 ESG 標準，包括生物多樣性、健康與安全、社區參與和環境正義回顧以及 2023 年的標準。

Please turn to slide 11 for the full year 2023 governor and this operating contribution footprint was light. As previously guided, we achieved 280 megawatts in project sales, $498 million in revenue and $205 million gross profit. Our gross margin more than doubled year over year to 41.1% thanks to a significant sale in Japan to CSC. While certain projects meant to close in the fourth quarter have moved to the first half of this year, we have decided to hold other valuable assets over the long run.

請參閱投影片 11，了解 2023 年全年州長的情況，這項營運貢獻足跡很小。按照先前的指導，我們實現了 280 兆瓦的專案銷售、4.98 億美元的收入和 2.05 億美元的毛利。由於日本向 CSC 進行了大量銷售，我們的毛利率比去年同期增長了一倍多，達到 41.1%。雖然原定於第四季完成的某些項目已移至今年上半年，但我們決定長期持有其他有價值的資產。

Please turn to slide 12. During Q4 2023, we continue to focus on executing on one of the largest and most mature global solar and storage pipelines. As of January 31, our total pipeline stood at 27 gigawatts of solar and 55 terawatt hours for battery storage projects. Of this, we have 12 gigawatts of solar and 14 gigawatt hours of battery storage interconnections secured. I want to highlight to date, we have in construction close to two gigawatts of solar projects.

請翻到投影片 12。2023 年第四季度，我們繼續專注於執行全球最大、最成熟的太陽能和儲存管道之一。截至 1 月 31 日，我們的太陽能專案總量為 27 吉瓦，電池儲存專案總量為 55 太瓦時。其中，我們擁有 12 吉瓦太陽能和 14 吉瓦小時電池儲存互連。我想強調的是，迄今為止，我們正在建造接近兩吉瓦的太陽能計畫。

This is the largest undertaking of our history. However, because we will be selling fewer projects and are swiftly building projects that will not come online until next year, 2024 will serve as a key transition year. As Jim mentioned, data centers will be driving massive energy demand. According to the International Energy Agency. Data centers and transmission networks currently consume 1.5% of the world's energy combined, the amid rapidly the same amount of carbon dioxide as well as invest every year.

這是我們史上最大的事業。然而，由於我們銷售的項目將會減少，並且正在迅速建設的項目要到明年才會上線，因此 2024 年將成為關鍵的過渡年。正如吉姆所提到的，資料中心將推動巨大的能源需求。據國際能源總署稱。資料中心和傳輸網路目前消耗全球能源總量的 1.5%，同時每年也消耗同樣數量的二氧化碳和投資。

The chart in artificial intelligence technology is significantly challenging climate targets with the energy needed to train a single A. model exceeding that of 100 households annually. Electrification across industry is similarly driving massive energy consumption mix. Of course, electrification can only serve as an effective solution for decarbonization when it goes hand-in-hand with a significant expansion of renewable energy sources.

人工智慧技術的圖表極大地挑戰了氣候目標，每年訓練單一 A. 模型所需的能量超過了 100 個家庭的能量。整個產業的電氣化同樣推動著大規模的能源消耗組合。當然，電氣化只有與再生能源的大幅擴張並進，才能成為脫碳的有效解決方案。

In addition to demand catalysts, we also expect balanced macro drivers potentially decreasing interest rates over the course of this year will benefit financing for utility-scale projects, while equipment costs on overall EPC CapEx have come down, benefiting returns, PPAs on aggregate remained stable and has even gone up in certain geographies while suffering a correction in others. In addition, as more solar projects come online. So to races, the need for operations and maintenance or power services a key segment of the governor did that we have been strategically growing both organically and through acquisitions in key markets. We now have 8.2 gigawatts of solar and batteries energy storage under one and contracts across the world, and we expect to become a top five global player over the next year.

除了需求催化劑外，我們還預計，平衡的宏觀驅動因素可能會降低今年的利率，這將有利於公用事業規模項目的融資，而整體EPC資本支出的設備成本已經下降，有利於回報，購電協議整體保持穩定甚至在某些地區有所上升，而在其他地區則出現調整。此外，隨著越來越多的太陽能專案上線。因此，對於營運和維護或電力服務的需求是州長的關鍵部分，我們一直在策略性地有機成長和透過在關鍵市場的收購來成長。目前，我們在全球簽訂了 8.2 吉瓦的太陽能和電池儲能合同，預計明年將成為全球前五名。

Now let me hand over to Huifeng, who will go through our financial results in more detail. Huifeng, please go ahead.

現在讓我把時間交給慧峰，他將更詳細地介紹我們的財務表現。惠風，請繼續。

Thank you, Ismael. So now please turn to slide 13. In Q4, we exceeded guidance on shipments reaching 8.2 gigawatts, a 26% increase year over year.

謝謝你，伊斯梅爾。現在請翻到投影片 13。第四季度，我們的出貨量超出指引值，達到 8.2 吉瓦，年增 26%。

We were in line with revenue at $1.7 billion and gross margin was 12.5%. The decline was driven by lower module ASPs and inventory write-offs as the lion's share of put inventory has cleared and the Topcon ramp-up costs will it decrease over the course of 2024 we expect no further sizable impairments.

我們的營收為 17 億美元，毛利率為 12.5%。下降的原因是模組平均售價下降和庫存沖銷，因為大部分庫存已經清理完畢，並且拓普康的提升成本將在 2024 年期間下降，我們預計不會出現進一步大幅減值。

Selling and distribution expenses decline of 6% sequentially. Further, the reduction was driven by lower shipping costs due to the ongoing global freight oversupply with the rest ceased shipping disruption largely contain until the end of December. We foresee a slight but not meaningful increase over the course of 2024 due to the ongoing contracts general and administrative expenses declined 5% sequentially with internal cost controls. Research and development expenses increased 9% sequentially, driven by high investments in new technologies. Net interest expense in the fourth quarter was $18 million, up from $11 million in the prior quarter. This was mainly driven by increased financing and a comparatively low interest income. Net foreign exchange gain in the fourth quarter was less than $1 million. Total net income was negative $3 million with net income attributable to Canadian Solar shareholders at a negative $1 million for diluted EPS of negative $0.02.

銷售和分銷費用較上季下降 6%。此外，全球貨運持續供過於求導致運輸成本下降，而其餘運輸中斷的情況基本上會持續到 12 月底。我們預計 2024 年會出現小幅但沒有意義的成長，因為透過內部成本控制，正在進行的合約一般和管理費用環比下降了 5%。在新技術的高額投資推動下，研發費用較上季成長 9%。第四季淨利息支出為 1,800 萬美元，高於上一季的 1,100 萬美元。這主要是由於融資增加和利息收入相對較低所致。第四季外匯淨收益不足100萬美元。淨利潤總額為負 300 萬美元，其中阿特斯陽光電力股東淨利潤為負 100 萬美元，稀釋後每股收益為負 0.02 美元。

Now turning to cash flow and the balance sheet, please turn to Slide 14. For the full year of 2020 sorry, we generated approximately $685 million in operating cash. And I spent over $1.1 billion in CapEx below expectation as we slow down the payment of certain capacity expansion plans, hence, some CapEx for 2023 will be realized in 2024. We ended the period with a healthy cash balance of $3 billion and a total net debt of $1.7 billion. Leverage measured as net debt to EBITDA, excluding restricted cash, increased slightly quarter-over-quarter to two times due to the incremental borrowings for working capital, an additional vertical integration for CSI Solar and a new project development for Recurrent Energy. For 2024, we expect CapEx to be approximately $1.8 billion as with further vertical integration plans and invest in US manufacturing We note that this number is slightly higher also due to a timing effect, whereby certain remaining payments from the end of 2023 will be carried over to 2024. Recall, in 2023, we guided to $1.5 billion, but only spent $1.1 billion.

現在轉向現金流和資產負債表，請翻到投影片 14。抱歉，2020 年全年我們產生了約 6.85 億美元的營運現金。由於我們放慢了某些產能擴張計畫的支付速度，我在資本支出上花費了超過 11 億美元，低於預期，因此 2023 年的部分資本支出將在 2024 年實現。在此期間，我們擁有 30 億美元的健康現金餘額和 17 億美元的淨債務總額。由於營運資金借款增量、CSI Solar 的額外垂直整合以及 Recurrent Energy 的新項目開發，以 EBITDA 淨債務衡量的槓桿率（不包括限制性現金）環比小幅增長至兩倍。到2024 年，隨著進一步的垂直整合計畫和對美國製造業的投資，我們預計資本支出約為18 億美元。我們注意到，這個數字略高也是由於時間效應，即2023 年底的某些剩餘付款將結轉到 2024 年。回想一下，2023 年，我們指導目標 15 億美元，但只花了 11 億美元。

Now let me turn the call back to Shawn, who will conclude with our guidance and the business outlook. Shawn, please go ahead.

現在讓我把電話轉回給肖恩，他將總結我們的指導和業務前景。肖恩，請繼續。

Yes, thanks, Huifeng. Let's turn to slide 15. For the first quarter of 2024, we expect solar module shipments by CSI Solar to be in the range of 6.1 to 6.4 gigawatts, including approximately 235 megawatts of solar modules, shipment to our own project. Total revenue is expected to be in the range of USD1.2 billion to USD1.4 billion. As Yan mentioned in this business, we are constantly balancing future margin on volume. With our focus of profitable growth, our conscious decision to control volume will generate an improved gross margin expectation between 17% to 19%.

是的，謝謝惠風。讓我們翻到投影片 15。2024年第一季度，我們預計CSI Solar的太陽能模組出貨量將在6.1至6.4吉瓦範圍內，其中包括約235兆瓦的太陽能模組，運送到我們自己的專案。總收入預計在12億美元至14億美元之間。正如嚴在本次業務中提到的那樣，我們不斷在銷售上平衡未來的利潤率。憑藉我們對獲利成長的關注，我們有意識地決定控制銷量，從而將毛利率預期提高到 17% 至 19%。

This improvement is further bolstered by is tolerated just more medium for profit contribution for the full year 2024, were it salaried. We are CSI Solar total module shipments guidance to be in the range of 42 to 47 gigawatts. CSI Solar battery storage shipments are expected to be between 6 to 6.5 gigawatt hours, reflecting significant contribution on revenue and profitability. We also reiterate revenue guidance for the full year trend in China for which we expect to be in a range of USD8.5 billion to USD9.5 billion.

如果是有薪的話，2024 年全年利潤貢獻中等程度，進一步加強了這項改善。我們預計 CSI Solar 組件總出貨量將在 42 至 47 吉瓦之間。CSI Solar電池儲存出貨量預計在6至6.5吉瓦之間，反映出對收入和獲利能力的重大貢獻。我們也重申對中國全年趨勢的收入指引，預計在 85 億美元至 95 億美元之間。

Finally, let me speak to our view of the market growth trajectory coming out of a challenging 2023, we are optimistic about turning 2024, we expect to see a rebound in demand. US distributed generation market have cleared channel inventory and emerging markets Poste to unleash its potential as supply and demand rebalance toward the second half of the year, we expect potential improvement in pricing, especially of top call solar module products.

最後，讓我談談我們對充滿挑戰的2023年市場成長軌跡的看法，我們對2024年持樂觀態度，我們預期需求將會反彈。美國分散式發電市場已清理通路庫存，隨著下半年供需再平衡，新興市場郵政將釋放其潛力，我們預計定價可能會改善，尤其是頂級太陽能組件產品。

We have fresh franchise switching industry overcapacity versus oversupply. As not all capacity is purely effective processing, the attacker knowledge, bankability and reliability that our customers project it needs as the market undergoes further normalization and consolidation, we see vertical integration, our advanced technologies and our robust go to market strategy has key to competitive edge, which is with its strong global track record. Canadian Solar has built unparalleled trust over the past two decades. I'll ask that fast commitment to profitable growth combined with our long-term strategic investments, being able with us to deliver in doing value to our shareholders.

我們有新的特許經營權轉換產業產能過剩與供應過剩。由於並非所有容量都是純粹有效的處理，隨著市場進一步規範化和整合，我們的客戶預計所需的攻擊者知識、可融資性和可靠性，我們認為垂直整合、我們的先進技術和穩健的市場進入策略是競爭的關鍵其優勢在於其強大的全球業績記錄。阿特斯陽光電力在過去二十年建立了無與倫比的信任。我要求對獲利成長的快速承諾與我們的長期策略投資相結合，從而能夠與我們一起為股東創造價值。

With that I would now like to open the floor for questions. Operator?

現在我想開始提問。操作員？

Thank you. And at this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員說明）

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys. And I guess the first question is really around the pricing dynamics and strategy for the energy storage business. Obviously, there's a lot that's going on around the supply chain and there's an awful lot of demand. So just want to understand how you guys are thinking about passing on some of the cost reduction on the cells relative to your trying to take advantage of some of the kinetics intents demand that we're seeing out there?

非常感謝，夥計們。我想第一個問題實際上是圍繞儲能業務的定價動態和策略。顯然，供應鏈周圍發生了很多事情，而且需求也非常大。因此，只想了解你們如何考慮將一些成本降低傳遞給電池，而不是試圖利用我們所看到的一些動力學意圖需求？

Yes, I'll call it and I'll give a simple answer and then let's see if Yan have anything to add. Yes, the battery cell or have the material mainly lithium carbonate price go down. We always pass. We always pass the value to our customers all over the East storage product Chemical has a very long contracting period. So some of our actually most all of our contracts, which we will deliver this year were contracted at least 12 months ago. So we keep we talk risk, and our customer also takes risks and the pricing we give to our customer allow our customer to achieve their financial goals. They are for Bolsa in a happy, but moving forward, if we see long and let's say that a long-term trend of the easing of the leasing carbon price, we always pass the miss of annual pass these savings to our customers.

是的，我會打電話給它，我會給出一個簡單的答案，然後讓我們看看Yan是否有什麼要補充的。是的，電池芯或以碳酸鋰為主的材料價格下跌。我們總會過去。我們始終將價值傳遞給遍佈各地的客戶，東儲品化工擁有很長的合約期限。因此，我們今年將交付的大部分合約實際上是在至少 12 個月前簽訂的。因此，我們不斷談論風險，我們的客戶也承擔風險，我們為客戶提供的定價使我們的客戶能夠實現他們的財務目標。他們對博爾薩來說很高興，但展望未來，如果我們看得長遠，比如說碳租賃價格寬鬆的長期趨勢，我們總是將這些節省的年票傳遞給我們的客戶。

That's super helpful. And I guess the second part of your question and the second question is around interconnection queues and timeframes. You guys have the right technology portfolio. So as we've seen, interconnections use extend out a little bit here over the last few years. And as you diversify some end markets that you're doing some of these larger developments with? I mean, are you seeing opportunities for integration of incremental technology? Would you guys start to bring that in-house storage enough. Certainly over time, how do you see those interconnection queues evolving here over the next couple of years?

這非常有幫助。我想你的問題的第二部分和第二個問題是關於互連隊列和時間範圍的。你們擁有正確的技術組合。正如我們所看到的，在過去幾年中，互連的使用有所擴展。當你使一些終端市場多元化時，你正在做一些更大的開發？我的意思是，您是否看到了增量技術整合的機會？你們會開始帶足夠的內部儲存嗎？當然，隨著時間的推移，您如何看待未來幾年這些互連隊列的發展？

Ismael, this is a question about the interconnection to do you want to answer this question?

Ismael，這是一個關於互連的問題，您想回答這個問題嗎？

Sure. Happy to take it. Thank you, Shawn. Look, we keep on seeing delays coming a high by the way, and thanks. Thanks for the question. We keep on seeing delays that things are getting worse and worse in PJM, for instance, you probably saw that they stopped taking more applications recently, and that's why we believe that our 12 gigawatts of interconnection granted already has a very strong value on the 14-gigawatt hours. We have just started already granted of interconnections have a huge value to and we don't think that is going to change, I think, is going to be getting more and more difficult. And the main things that we are starting to think about is how can we as part of being less demanding on the network and start to use storage behind the meter mark. And even it has plants that are serving directly an application like for instance, that either centers or desalination platforms, some of this kind of stuff so that we can serve directly the load instead of how they're going to get it needed. Those are the things we are working on. I don't think it's going to get this year. I think it's going to get worse, but that's my two-cents.

當然。很高興接受它。謝謝你，肖恩。順便說一句，我們不斷看到延誤情況嚴重，謝謝。謝謝你的提問。我們不斷看到延誤，PJM 的情況變得越來越糟，例如，您可能會看到他們最近停止接受更多申請，這就是為什麼我們相信我們授予的12 吉瓦互連已經在14 日具有非常強大的價值-吉瓦時。我們剛開始就已經認識到互連具有巨大的價值，我們認為這種情況不會改變，我認為，這會變得越來越困難。我們開始考慮的主要問題是，我們如何才能降低對網路的要求並開始使用計量標記後面的儲存。即使它有直接為應用程式提供服務的工廠，例如中心或海水淡化平台，其中一些這樣的東西，這樣我們就可以直接為負載提供服務，而不是他們如何獲得所需的負載。這些就是我們正在努力的事情。我覺得今年不會了我認為情況會變得更糟，但這是我的兩分錢。

Okay. I'll take the rest of it offline. Thanks so much, guys.

好的。我會把剩下的部分離線。非常感謝，夥計們。

Thank you, Colin.

謝謝你，科林。

Vik Bagri, Citi.

維克·巴格里，花旗銀行。

Good morning, everyone, I'm just wondering like the implied valuation of CSI Solar or your investment from BlackRock is significantly higher than where the stock is trading. So wondering if any thoughts on how you can close this valuation gap to you? Is there a strategy to close that valuation gap?

大家早安，我只是想知道 CSI Solar 或您從 BlackRock 投資的隱含估值明顯高於股票交易價格。那麼想知道您是否有關於如何縮小這一估值差距的想法？是否有策略可以縮小估值差距？

That's a very good question. And actually, I don't know how to answer it. However, we will did well and have present this in all of our investor meetings and I lead the investment community to see this. I got to see that the mismatch of the value and I hope after a while. People understand that that's a big, indeed, a big gap between the not only the value of buying product for all of our recall business, but also the market cap of our DSS solar business. If you are back to par together, it's way higher than CSA accuse, Mark and it kind of yes, we all see it in the fleet. I mean, we have been constantly looking for ways to close this gap.

這是一個非常好的問題。事實上，我不知道該如何回答。然而，我們會做得很好，並在所有投資者會議上介紹這一點，我帶領投資界看到了這一點。我看到了價值的不匹配，我希望在一段時間後。人們明白，這不僅是我們所有召回業務的購買產品價值之間的巨大差距，而且也是我們 DSS 太陽能業務的市值之間的巨大差距。如果你們一起恢復到標準水平，這比 CSA 指責的要高得多，馬克，是的，我們都在機隊中看到了這一點。我的意思是，我們一直在尋找縮小這一差距的方法。

Thank you. And on the same topic, our storage business that you have is roughly now as large as one of the top publicly traded peers and will be relatively large within CSI segment as well.

謝謝。就同​​一主題而言，我們的儲存業務現在大致與頂級公開交易同業之一一樣大，並且在 CSI 細分市場中也將相對較大。

How would you look to break out this business separately this year, both on the revenues and margin for storage? And if you can share what your margin outlook is for sure, that would be helpful as well.

今年您打算如何在收入和儲存利潤方面單獨細分這項業務？如果您能明確分享您的利潤前景，那也會有幫助。

Well, I mean, again, I know the very good suggestion. As I said, we always look for ways to maximize to increase the shareholder value. However, our Colorado business is not a very easy task. So I don't think we can carve out the East or Asia this year. However, as I said, moving forward for always to look what's failed at mail, interested in every method to it and to maximize the shareholder value.

嗯，我的意思是，我知道這個建議非常好。正如我所說，我們總是尋找最大化增加股東價值的方法。然而，我們在科羅拉多州的業務並不是一件容易的事。所以我認為我們今年無法區分東亞或亞洲。然而，正如我所說，繼續前進，始終關注郵件中的失敗之處，對每種方法感興趣並最大化股東價值。

Great. And then one final question before I pass it on the impressive module shipments in Q4, I was wondering what surprised you on the upside leading to the above guidance volumes, especially in such a challenged market. And on the same topic, can you share how much of the guided volumes for 2024 on margin side are already contracted versus what you need to still contract? Thank you.

偉大的。在我提出第四季度令人印象深刻的組件出貨量之前，我想知道最後一個問題是什麼導致了上述指導量的上升，特別是在如此充滿挑戰的市場中。關於同一主題，您能否分享一下 2024 年保證金方面的指導量已經收縮了多少，以及仍需要收縮多少？謝謝。

Well, so on 2024 is actually pretty at a unique year because I will know that in Q1 we're actually in the industry is under pressure on margin. Price came down pretty fast since two, four last year. So but however, we're expecting the second half of bouncing back Q2 is likely to be a transition quarter. So if you ask me what kind of I tried to make the right balance between margin and volume. So we believe this year it's going to be uptrend year.

嗯，所以 2024 年實際上是非常獨特的一年，因為我知道在第一季度，我們行業實際上面臨利潤壓力。自去年二、四年以來，價格下降得很快。但是，我們預計第二季的下半年反彈可能會是一個過渡季度。因此，如果你問我，我試著在保證金和交易量之間取得適當的平衡。所以我們相信今年將是上升趨勢的一年。

So we believe that the distribution distributed generation, which is the distribution channel a price will bounce back. And that actually we're going to have a better margin moving forward about the contracts for that channel always signed like a few weeks before shipments and but we have a very loyal channel right in Indonesia worldwide in that channel so we have a very high confidence volume from the distributors and installers around the world.

所以我們相信分散式發電，也就是價格會反彈的通路。實際上，我們將在該管道的合約方面獲得更好的利潤，該合約總是在發貨前幾週簽署，但我們在印尼和全球範圍內擁有非常忠誠的管道，因此我們對此有很高的信心來自世界各地的經銷商和安裝商的數量。

So for us also for US market, which is a we have the right now, the highest priced and a market with the highest margin. We have a very high proportion of our capacity signed up already and especially for the more profitable, even more profitable U.S. factory volume. So for other markets really depends. So for example, in Japan, India and some higher price market, we have a higher proportion of signed order if it is low priced market we tried to manage the pace. However, we do see some market demand really coming off a very strong even now as early as the March, which is focused at.

對我們來說，美國市場也是如此，這是我們目前擁有的價格最高、利潤率最高的市場。我們已經簽約了很高比例的產能，尤其是利潤更高、利潤更高的美國工廠產能。所以對於其他市場來說確實取決於。例如，在日本、印度和一些價格較高的市場，如果是我們試圖控制節奏的低價市場，我們簽署的訂單比例較高。然而，我們確實看到，早在三月份，一些市場需求就確實非常強勁，這是人們關注的焦點。

So we're locking up volume at a at a pretty healthy price right now.

因此，我們現在以相當健康的價格鎖定交易量。

I will add a few comments on ARESI. comment you're asking us how much of our guided volume annual volume on a contract yet?

我將添加一些關於 ARESI 的評論。評論 您問我們合約上的年度指導量有多少？

As I mentioned in the guidance section, we for Q1, we strategically decided to control the volume in order to protect the margin. Therefore, with this strategy at this moment, and we strategically tried not to contract too much of the Chinese training for annual volume into long-term contracts because we believe as you as that the pricing will improve, we're seeing the module pricing in some of the market, very depressed chairs, which will improve has to improve. So yes, we rather want our sales team still controlled ammonia, so now we can pick up that or price that contract later in the year. But we do believe that to both the volume and the price?

正如我在指導部分提到的，我們在第一季策略性地決定控制數量以保護利潤。因此，透過目前的這項策略，我們在策略上嘗試不將太多的年度中國培訓合約簽訂為長期合同，因為我們相信定價將會提高，我們看到模組定價在市場上有些椅子很壓抑，這一點一定要改進，有待改進。所以，是的，我們寧願我們的銷售團隊仍然控制氨，所以現在我們可以在今年稍後拿起該合約或定價該合約。但我們確實相信數量和價格嗎？

Well, actually the volume is there, but we want a better price before we commit into volume.

嗯，實際上銷量是有的，但我們希望在投入銷售之前有更好的價格。

Thanks, everyone.

感謝大家。

Thank you. Our next question comes from the line of Philip Shen with ROTH MKM. Please proceed with your question.

謝謝。我們的下一個問題來自 Philip Shen 與 ROTH MKM 的對話。請繼續你的問題。

Everyone, thanks for taking my questions. As a follow-up on that last thread in terms of pricing and I think Sean and you and you guys have talked about you expect pricing to improve. It has to improve, Sean, you just said. And can you quantify this in any way specifically. So I think our rough estimate for your module ASP in Q4, it could be wrong, but it might have roughly $0.15 a watt. What do you think that module ASP on an actual basis could be for you in Q1 to end three?

大家，感謝您回答我的問題。作為定價方面最後一條線索的後續行動，我認為肖恩和你們已經討論過你們期望定價會有所改善。它必須改進，肖恩，你剛才說。你能以任何方式具體量化這一點嗎？因此，我認為我們對第四季度模組 ASP 的粗略估計可能是錯誤的，但可能約為每瓦 0.15 美元。您認為 ASP 模組在第一季到第三季的實際基礎上對您有什麼作用？

Well, we're not guiding the QYNASPO. I gave you the gross margin guidance for each of 17% to 19%. But in order to get this on a gross margin, we sacrificed our volume. So yes, that we controlled volume, we only plan to ship 6.1 to 6.4 gigawatt, as you noticed that we ship with over eight K block being Q4. So obviously, we have the capacity we ship at least a decade, if not more, but we decided to you can tell it a volume and now moving for the same, the module ASP in later quarters should be in par if not better than the Q4 ASP. Let's put it that way. Not enough yet. And I have this of this view. Let's see whether where we are right on after.

好吧，我們不是在引導 QYNASPO。我給了你們17%到19%的毛利率指引。但為了獲得毛利率，我們犧牲了銷量。所以，是的，我們控制了數量，我們只計劃運送 6.1 至 6.4 吉瓦，正如您注意到的那樣，我們運送了超過 8 K 的 Q4 塊。顯然，我們的產能至少可以滿足十年的需求，甚至更多，但我們決定可以告訴它一個數量，現在正在朝著同樣的方向發展，後續幾個季度的模組ASP 應該與之前的模組持平，甚至更好。第四季平均銷售價格。這麼說吧。還不夠。我有這個觀點。讓我們看看之後我們是否處於正確的位置。

Got it.

知道了。

Okay.

好的。

And what do you think are the dynamics that result in better pricing you said has to improve. So what are the assumptions in your conclusion that it has to improve we've heard that Dion channel inventory in Europe has cleared for DG. We've heard. And now if you if the customers in Europe want to order modules, they have to get a production slot. So can you talk about the utilization rates for the manufacturers in Asia in China and Southeast Asia has substantially lower now to control the supply. So can you elaborate, Sean, on why things have to improve?

您認為導致更好定價的動力是什麼，您說必須改進。那麼，您得出的必須改善的結論中的假設是什麼？我們聽說歐洲的 Dion 渠道庫存已為 DG 清理。我們聽說過。現在，如果歐洲的客戶想要訂購模組，他們必須獲得生產槽位。那麼您能否談談中國和東南亞的亞洲製造商的利用率現在已經大幅降低以控制供應。肖恩，你能詳細說明為什麼事情必須改進嗎？

No.

不。

Okay.

好的。

So a follow-up.

所以後續。

Well, I think first of all, if you look at China and overseas market, China market, actually, we believe this year's growth is going to be some moderate growth and because last year, it just grew too much. But this year, we still believe it's going to be growth, but it's going to be more moderate overseas. So we're going to see strong shipments into the channel in distribution channel because of that.

嗯，我認為首先，如果你看看中國和海外市場，實際上，中國市場，我們認為今年的成長將是適度的成長，因為去年成長太多了。但今年，我們仍然相信成長將會成長，但海外成長將會更加溫和。因此，我們將看到分銷管道的出貨量強勁。

Canada was blocked since Q3 last year and the destocking actually has completed mostly. So we are seeing the demand is bouncing back with the pricing improvement already in both the US and Europe and Australia. And we also see new markets like Pakistan is growing pretty rapidly as very strong demand in Q2 already starting. So your typical market to you now will have a growth may not be a revolution of growth but they will grow. So we expect this year this year. So total installation, that's going to be like a 20% growth comparing to last year. If that is the assumption then we see that in moving into second half of the year, we should see the ones the Topcon capacity will actually have a much better pricing. And we also see the capacity. As we mentioned already, the Charles mentioned that already capacity versus oversupply because our bankable capacity is actually comparing to the seasonal high demand in second half. Remember, the second half demand is going to be much higher than first half. So in few months' time, you're going to see a very high net worth investing capacity. Effective capacity means bankable, meaning these are the right cost and features and also some of the capacity that can over can maneuver around the trade barriers and traceability and DSD issues. So that's why we believe it will actually go up and in second half?

加拿大從去年第三季開始就被封鎖，去庫存實際上基本上已經完成。因此，我們看到隨著美國、歐洲和澳洲價格的改善，需求正在反彈。我們也看到巴基斯坦等新市場正在快速成長，因為第二季的強勁需求已經開始。因此，現在對您來說，典型的市場將會成長，這可能不是一場革命性的成長，但它們會成長。所以我們預計今年。與去年相比，總安裝量將成長 20%。如果這是這樣的假設，那麼我們會看到，進入今年下半年，我們應該會看到拓普康產能實際上會有更好的定價。我們還看到了容量。正如我們已經提到的，查爾斯已經提到了產能與供應過剩的關係，因為我們的可融資產能實際上是與下半年的季節性高需求進行比較。請記住，下半年的需求將比上半年高得多。因此，在幾個月的時間裡，您將看到非常高的淨資產投資能力。有效的產能意味著可融資，這意味著這些是正確的成本和功能，也是一些可以繞過貿易壁壘、可追溯性和 DSD 問題的產能。這就是為什麼我們相信下半年它實際上會上漲？

Yes, that's very helpful. Thank you for shifting over to the USLPA. situation in the US, can you talk through on your imports into the U.S. are still being detained. If so, what percentage is it like a very small percentage sub-10 percent or is it modest and it may be like closer to 10% to 30% of your imports into the U.S. might be detained and you have a sense for if you are detained in that at all what's the time line as to when those tensions might be for this?

是的，這非常有幫助。感謝您轉至 USLPA。美國的情況，你能談談你進口到美國的貨物仍然被扣押的情況嗎？如果是這樣，那麼比例是多少，例如低於 10% 的非常小的比例，或者是適度的，可能接近 10% 到 30% 的進口到美國的商品可能會被扣留，如果你是到底什麼時候會出現這些緊張局勢？

Thanks.

謝謝。

Payback. On a I'd say to you that we got most of our volume release and imported into U.S. Now I can't predict the can't Account Protector, however, Account Protector, how CPCBPI. respond our process every large in which they have questions. So this is notwithstanding I see can't predict, but you know, the and historical data from other suppliers. So I suggest you go. I mean maybe you can draw reference from what you'll see from other important hires Okay, thanks.

回報。我要對你說的是，我們大部分的銷量都已發布並進口到美國。現在我無法預測帳戶保護器，但是，帳戶保護器，CPCBPI 會如何。回應我們的每一個大流程，其中他們有疑問。因此，儘管我無法預測，但你知道，來自其他供應商的歷史數據。所以我建議你去。我的意思是，也許你可以從其他重要員工身上看到的情況作為參考，好的，謝謝。

And one last one in terms of storage, can you give a little more color on the our outlook for growth and margins? Some of our checks suggest you guys may have recently cut your storage pricing meaningfully maybe 10% to 20% cheaper versus peers. We're also hearing that you're telling customers that you may want to own all the data can you talk about the rationale for some of these actions?

最後一個關於儲存方面的問題，您能否對我們的成長和利潤前景進行更多的闡述？我們的一些檢查表明，你們最近可能大幅降低了儲存價格，可能比同行便宜 10% 到 20%。我們也聽說您告訴客戶您可能想擁有所有數據，您能談談其中一些行動的理由嗎？

Thanks.

謝謝。

I didn't quite get your question.

我不太明白你的問題。

Paul said we are cutting price and 15% and 20%, one of them wanted to you're Why can't share exactly who, but somebody in the storage ecosystem was highlighting that your pricing was reduced and storage meaningfully recently. And so you might be 10% to 20% cheaper versus peers. It's only from one source haven't fully verified everything, but just curious, have you guys recently well, rising?

Paul 說我們正在降價 15% 和 20%，其中一個想問你為什麼不能透露具體是誰，但儲存生態系統中的某人強調說你的價格最近降低了，儲存也有意義。因此，您的價格可能比同行便宜 10% 到 20%。這只是一個消息來源，還沒有完全驗證一切，但只是好奇，你們最近好嗎，上升了嗎？

Well, yes.

嗯，是。

Well, if we are 10, 15% below peers. I'm very happy because we are still getting very good margin on the USD. Each product now probably shows our very strong cost control and competitive manner. As I said to add to Colin's question, not when the battery cell price go down and the leasing carbon enterprise go down, we do pass out some of that savings to our customer so it's not surprising that you have some of the price we offer today.

好吧，如果我們比同行低 10%、15%。我很高興，因為我們在美元方面仍然獲得了很好的利潤。現在的每一個產品大概都反映了我們強大的成本控制和競爭態度。正如我所說，要補充科林的問題，當電池價格下降和碳租賃企業下降時，我們確實會將部分節省的費用轉嫁給我們的客戶，因此您獲得我們今天提供的一些價格也就不足為奇了。

Yes, batter is lower than the price we offered a year ago or two years ago.

是的，麵糊比我們一年前或兩年前提供的價格要低。

So that that won't surprise me and at a once again, we are not selling cheaper than our peers. If we're selling 10% lower, that's the market price.

因此，這不會讓我感到驚訝，而且我們的售價並不比同行便宜。如果我們的售價低 10%，那就是市價。

Great.

偉大的。

Really appreciate the color Thank you, guys.

真的很欣賞這個顏色，謝謝你們。

It.

它。

Thank you. Our next question comes from the line of Brian Lee with Goldman Sachs. Please proceed with your question.

謝謝。我們的下一個問題來自高盛的布萊恩李 (Brian Lee)。請繼續你的問題。

Hey, guys, thanks for taking the questions on I had a couple sort of modeling flash housekeeping ones. On your way from you mentioned a write-down in the quarter. How much did that impact gross margins for CSI Solar in 4Q? And it sounds like, I guess no residual impact is expected going forward?

嘿，夥計們，感謝您提出有關我有一些建模閃光管理問題的問題。在您離開的路上，您提到了本季的減記。這對CSI Solar第四季的毛利率影響有多大？聽起來，我想預計未來不會產生任何殘餘影響？

Yes, about a couple of points. It's a combination of subtle, one change case and some write-down and then when we ramp up the Topcon cell manufacturing in the past as they is, our expense in ramp-up is the efficiency of getting know-how. So that process is also completed.

是的，大約有幾點。這是微妙的、一次變更案例和一些減記的結合，然後當我們過去按原樣提高拓普康電池製造水平時，我們在提高速度方面的費用就是獲取專有技術的效率。那麼這個過程也完成了。

So going forward, we should be.

因此，展望未來，我們應該如此。

Okay.

好的。

Okay.

好的。

So a couple couple hundred bits.

所以有幾百位。

Understood. And then for a year you one margin guidance on a couple of questions on that. I guess first off, are you assuming either for Q1 guidance or maybe just give us your thought process around how you're guiding and embedding it in for the rest of the year? Any outcome impacts from IRA credits, I guess?

明白了。然後在一年的時間裡，你會就幾個問題提供保證金指導。我想首先，您是假設第一季的指導，還是只是向我們提供您在今年剩餘時間內如何指導和嵌入它的思考過程？我猜 IRA 積分對結果有什麼影響嗎？

Yes, in the U.S. module manufacturing started end of last year and now quickly ramping up. So we'll pick up some manufacturing credits, but more important is that our top com ramp up also completed in China.

是的，美國的模組製造從去年年底開始，現在正在迅速成長。因此，我們將獲得一些製造信貸，但更重要的是我們的頂級通訊也在中國完成。

So that's very helpful.

這非常有幫助。

And then also, battery storage will contribute a significant profit margin to CSI Solar. So everything working together, I think go we have seen the worst than past.

此外，電池儲存將為中證太陽能貢獻可觀的利潤率。因此，一切都在共同努力，我認為我們已經看到了比過去最糟糕的情況。

Okay. Is there I mean, I suppose we can kind of back into it, but can you give us a ballpark range of what IRAC. impact is for Q2 on guidance on gross margin and then what that could it become over the course of 24 as you ramp additional volume in the US?

好的。我的意思是，我想我們可以重新討論一下，但是您能給我們一個 IRAC 的大致範圍嗎？第二季對毛利率指引的影響，那麼在 24 年內，隨著美國銷售量的增加，它會變成什麼？

I can't we don't disclose all the details, but I can share with you the framework I laid out.

我不能不透露所有細節，但我可以與您分享我所製定的框架。

Okay, fair enough. We'll take that offline I guess on each storage, if you looked at the revenue breakout you guys provide on your obviously, it seems like battery storage revenue was pretty significant in Q4 and CSI Solar still when we managed to do a 12% gross margin, you're obviously saying you storage margins are contributing going forward. So first question would be what is some presumably storage gross margins are higher than solar module margins embedded in your Q1 guide. Is it fair to assume that for the balance of 24, the storage gross margins would remain above your gross margins for solar modules.

好吧，很公平。我想我們會在每個儲存上離線，如果你看一下你們提供的收入突破，顯然，電池儲存收入在第四季度相當可觀，而CSI Solar 的收入仍然相當可觀，而我們設法實現了12% 的毛利率利潤，你顯然是在說你的儲存利潤正在為未來做出貢獻。因此，第一個問題是，第一季指南中的儲存毛利率可能高於太陽能組件毛利率。假設在剩下的 24 年中，儲存毛利率將保持高於太陽能組件的毛利率，這是否公平？

Another confirmed quantitatively?

另一個定量證實？

Yes, I think you have seen it in the right direction.

是的，我認為你已經看到了正確的方向。

Well, it is. I can confirm.

嗯，確實如此。我可以確認。

Thank you, Jan.

謝謝你，簡。

Okay. That's that's helpful. On that is there. And the I mean, directionally, it seems like it's above, I mean, we're talking about a meaningful amount, a delta between what you're making on storage versus solar module-only.

好的。這就是有幫助的。就在那裡。我的意思是，從方向上看，它似乎在上面，我的意思是，我們正在談論一個有意義的數量，即您在存儲上獲得的收益與僅使用太陽能組件的收益之間的增量。

I can say that for 2024, the gross margin for each storage is around 20%.

我可以說，到2024年，每個儲存的毛利率在20%左右。

Great.

偉大的。

That's helpful. Last one for me, and I'll pass it on all this color.

這很有幫助。最後一個給我，我會把它傳給所有這種顏色。

Super helpful. From a modeling perspective on the if I look at your on the storage volume targets, and then I look at kind of where pricing is for solar panels versus where they started the year, it kind of you're basically at midpoint implying about 1 billion of incremental revenue growth, 24 versus 23. It seems like almost all of it is coming from storage and very little revenue growth in modules. I guess one, is that the right assumption? And then two, what should we be thinking about the on the energy business, you did about 500 million of revenue in 23. Presumably that would will it be flat or down given you're hanging on to some projects or what should the directionality of modeling for revenue across the three buckets look like module versus battery? Obviously, battery up a lot, maybe all of it, but module versus energy. And in terms of revenue growth year-on-year.

超有幫助。從建模的角度來看，如果我看看你的儲存量目標，然後我看看太陽能板的定價與今年年初的價格相比，你基本上處於中點，意味著大約 10 億增量收入成長，24 比23。看起來幾乎所有的收入都來自存儲，模組的收入成長很少。我猜想，這是正確的假設嗎？第二，我們應該考慮一下能源業務，你們在 23 年實現了約 5 億的收入。假設您正在堅持某些項目，那麼它會持平還是下降，或者跨三個桶的收入建模的方向性應該像模組與電池一樣？顯然，電池電量很多，也許全部，但模組與能量。就營收年增而言。

And yes, this is Charles speaking for seeing some revenue growth on the solar module side there, although the module grows there, if not to not to proportional to the volume growth because of the ASP. job from January 2013 to 22.4. And But meanwhile, yes, you're right, the install rate, your revenue grows will it be significant must tolerate your revenue for a first of all, volume wise, storage will grow from less than two gigawatt hour in China. China is three to 6 to 6.5 gigawatt hour in 2024. Now the IASP. four is storage also dropped out ahead of it comparing with Australia and has three but not to that significant. So yet the revenue growth of the storage will be very strong.

是的，這是查爾斯所說的，因為太陽能組件方面的收入有所增長，儘管組件在那裡增長，即使不是與由於平均售價而導致的銷量增長不成比例。工作時間為2013年1月至22.4。但同時，是的，你是對的，安裝率、你的收入成長是否顯著必須容忍你的收入，首先，在容量方面，中國的儲存將從不到兩吉瓦時成長。2024年中國為3至6至6.5吉瓦時。現在是IASP。第四，與澳大利亞相比，儲存也領先澳大利亞，有三個，但沒有那麼重要。因此，儲存的收入成長將非常強勁。

On the recurring side, you are also right that we will hold our plan to a whole down most of our project in U.S. and in Europe, we knew it was was it for probably sell some of our projects in Latin America and in Japan. But overall, we are holding for asset and allowable assets this year. So you're not going to see that much revenue contribution, Bob, a recurrent flyover well, building a stake in Africa. I would just that recurring revenue by holding the project. So in a year or so in Chinese generic filer agenda during that time zone, you will see strong start. We'll see strong revenue contribution primary colorant.

在經常性的方面，你也是對的，我們將把我們的計劃保留在美國和歐洲的大部分項目中，我們知道這可能是為了出售我們在拉丁美洲和日本的一些項目。但總體而言，我們今年持有資產和允許資產。所以你不會看到那麼多的收入貢獻，鮑勃，一個經常性的天橋井，在非洲建立股份。我只想透過持有該項目來獲得經常性收入。因此，在該時區的中國通用申報議程中，大約一年左右的時間裡，您將看到強勁的開局。我們將看到主要著色劑對收入的強勁貢獻。

Okay.

好的。

Thanks, everyone.

感謝大家。

Thank you, Sean. I appreciate I'll pass it up.

謝謝你，肖恩。我很感激，我會放棄它。

Thank you. Ladies and gentlemen, we've come to the end of our time allotted for questions. I'll turn the floor back to management for any final comments.

謝謝。女士們先生們，我們的提問時間已經結束了。我將把最後的意見轉回給管理階層。

Okay.

好的。

Thank you for joining us today and for your continued support. We will have any questions or like to set up a call, please contact our Investor Relations team. Take care, and have a nice day.

感謝您今天加入我們並感謝您的持續支持。我們有任何疑問或想撥打電話，請聯絡我們的投資者關係團隊。保重，祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。