Canadian Solar Inc (CSIQ) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's third quarter 2024 earnings conference call. My name is Melissa and I will be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們先生們，謝謝你們的支持。歡迎參加阿特斯陽光電力 2024 年第三季財報電話會議。我叫梅麗莎，今天我將擔任您的接線生。（操作員說明）謹此提醒，本次會議正在錄製以供重播之用。

I would now like to turn the call over to Wina Huang, Head of Investor Relations at Canadian Solar. Please go ahead.

我現在想將電話轉給阿特斯陽光電力投資者關係主管 Wina Huang。請繼續。

Thank you operator and welcome everyone to Canadian Solar's third quarter 2024 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.

感謝營運商，並歡迎大家參加阿特斯陽光電力 2024 年第三季電話會議。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。

Joining us today are Dr. Shawn Qu, Chairman and CEO; Yan Zhuang, President of Canadian Solar Subsidiary CSI Solar; Ismael Guerrero, Corporate VP and President of Canadian Solar Subsidiary of Recurrent Energy; and Xinbo Zhu, Senior VP and CFO. All company executives will participate in the Q&A session after management's formal remarks.

今天加入我們的有董事長兼執行長瞿曉光博士；莊岩，阿特斯陽光電力子公司CSI Solar總裁； Ismael Guerrero，阿特斯陽光電力公司副總裁兼循環能源子公司總裁；朱新波，資深副總裁兼財務長。在管理階層正式發言後，所有公司主管將參加問答環節。

On this call, Shawn will go over some key messages for the quarter, Yan and Ismael will review business highlights for CSI Solar and Recurrent Energy respectively. And Xinbo will go through the financial results. Shawn will conclude the prepared remarks with the business outlook after which we will have time for questions.

在本次電話會議上，Shawn 將討論本季度的一些關鍵訊息，Yan 和 Ismael 將分別回顧 CSI Solar 和 Recurrent Energy 的業務亮點。鑫博將審閱財務績效。肖恩將以商業前景結束準備好的發言，之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.

在我們開始之前，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。該公司聲稱受到 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述安全港的保護。實際結果可能與管理層目前的預期有所不同。

Any 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. 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.

對公司未來業績的任何預測均代表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。有關風險和不確定性的更詳細討論可以在該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。

Management's preparable marks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles or GAAP. Some 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.

管理階層準備的分數將按照 SEC G 條例有關公認會計原則或 GAAP 的要求進行呈現。電話會議期間提供的一些財務資訊將根據公認會計原則和非公認會計原則提供。透過披露某些非公認會計原則信息，管理層打算向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。

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.

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 GAAP 資訊視為根據 GAAP 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. Shawn, please go ahead.

現在我想將電話轉給阿特斯陽光電力董事長兼執行長。屈肖恩博士。肖恩，請繼續。

Thank you and thank you to everyone for joining our third quarter earnings call today. Please turn to slide 3. In the third quarter, we shipped 8.4 gigawatts of solar modules and 1.8 gigawatt hours of battery energy storage solution. Revenue totaled $1.5 billion and gross margin surpassed the guidance at 16.4%.

謝謝大家今天參加我們的第三季財報電話會議。請翻到幻燈片 3。第三季度，我們出貨了8.4吉瓦的太陽能模組和1.8吉瓦時的電池儲能解決方案。收入總計 15 億美元，毛利率超過指導值 16.4%。

Last November, we began to experience the most intense evolution in the history of solar. By evolution, I mean the industry compete internally on cost with no significant outward market expansion. Nearly a year later, this intense competition remains, the solar market continues to face significant pressures, geopolitical challenges, trade barriers, fierce price competition, and ongoing patent dispute to name a few. These combined factors have kept the industry in a cyclical low.

去年十一月，我們開始經歷太陽能史上最激烈的演變。我所說的演變是指該產業在內部進行成本競爭，而沒有顯著的向外市場擴張。近一年後，這種激烈的競爭依然存在，太陽能市場持續面臨巨大的壓力、地緣政治挑戰、貿易壁壘、激烈的價格競爭以及持續的專利糾紛等。這些綜合因素使該行業處於週期性低位。

However, every downturn serves as a stress test, strengthening the company's resilience and competitiveness that in turn drives improvement in economics of solar and energy storage solutions further expanding their applications.

然而，每次經濟低迷都是壓力測試，增強了公司的彈性和競爭力，進而推動太陽能和儲能解決方案經濟性的提高，進一步擴大其應用。

Speaking of publication, let's discuss the growing role of solar and storage in broader energy applications on slide 4. Two years ago, OpenAI launched ChatGPT, marking the beginning of a global AI revolution. As A I models and their applications expand, they will present both exciting opportunities and new challenges, particularly regarding high energy consumption and associated carbon emissions.

說到出版物，讓我們在幻燈片 4 上討論太陽能和儲存在更廣泛的能源應用中日益增長的作用。兩年前，OpenAI推出ChatGPT，標誌著全球人工智慧革命的開始。隨著人工智慧模型及其應用的擴展，它們將帶來令人興奮的機會和新的挑戰，特別是在高能耗和相關碳排放方面。

According to McKinsey in the United States, the largest data center market, power demand from data center is projected to grow from 3% to 4% of total energy consumption to around 12% by 2030 and higher beyond that.

根據全球最大的資料中心市場美國麥肯錫預測，到2030年，資料中心的電力需求預計將從佔總能源消耗的3%至4%成長到12%左右，甚至更高。

Data centers are not only growing in number but also in size. Research from BCG shows that the average size of individual data centers is currently around 40 megawatts but there is a growing pipeline of data center campuses size at 250 megawatts or more. Solar and storage will be crucial in addressing the energy needs of AI infrastructure, providing reliable and sustainable power.

資料中心不僅在數量上不斷成長，而且規模也在不斷擴大。BCG 的研究表明，目前單一資料中心的平均規模約為 40 兆瓦，但資料中心園區規模不斷增長，達到 250 兆瓦或更大。太陽能和儲存對於滿足人工智慧基礎設施的能源需求、提供可靠和永續的電力至關重要。

A year ago, I also spoke about the potential of reaching the terawatt generation for both solar and energy storage. Today, global solar installation have cumulatively reached nearly 2 terawatts. But to achieve global carbon neutrality, [we would need] close to 20 terawatts of solar capacity.

一年前，我還談到了太陽能和儲能達到太瓦級發電的潛力。如今，全球太陽能裝機量已累計達近2太瓦。但為了實現全球碳中和，[我們需要]接近 20 太瓦的太陽能容量。

Similarly, storage capacity is projected to continue growing rapidly with annual installation exceeding 300 gigawatt hours by 2030. Solar and storage are still in their early stage and Canadian solar is well positioned for this long-term growth opportunities. As we move into the new era of growth, differentiation will be the key.

同樣，儲存容量預計將繼續快速成長，到 2030 年年安裝量將超過 300 吉瓦時。太陽能和儲存仍處於早期階段，阿特斯太陽能已為這一長期成長機會做好了準備。當我們進入新的成長時代時，差異化將是關鍵。

Please turn to slide 5. Being a market leader means more than just operational scale. It also requires innovation and leadership. Our recent partnership with SOLARCYCLE is a prime example of our leadership in and committed to advancing sustainability. Through this collaboration, Canadian Solar becomes one of the first crystalline silicon solar module manufacturers to offer comprehensive recycling services to US customers.

請翻到投影片 5。成為市場領導者不僅僅意味著營運規模。它還需要創新和領導力。我們最近與 SOLARCYCLE 的合作是我們在推動永續發展方面發揮領導作用並致力於推動永續發展的典型例子。透過此次合作，阿特斯陽光電力成為首批為美國客戶提供全面回收服務的晶體矽太陽能組件製造商之一。

In a time when trust is in short supply, we are proud to be named the world's most trustworthy company in the energy and utility sector on Newsweek's 2024, world's most trustworthy companies list. This recognition is a testament to our ongoing commitment to transparency, sustainability, and delivering high-quality service across our global operations.

在信任匱乏的時代，我們很自豪能夠在《新聞週刊》2024 年全球最值得信賴公司名單中被評為能源和公用事業領域全球最值得信賴的公司。這項認可證明了我們對透明度、永續性以及在全球營運中提供高品質服務的持續承諾。

At the core of our business is our commitment to delivering high quality, reliable products. Our continuous investment in research and development ensures that we remain at the forefront of technological innovation in both the solar and energy storage sector across our suite of products and solutions.

我們業務的核心是我們致力於提供高品質、可靠的產品。我們對研發的持續投資確保我們在太陽能和儲能領域的產品和解決方案中始終處於技術創新的前沿。

Finally, let me update you on our American manufacturing plan. Please turn to page 6. We are making long term investments in the US for both solar and energy storage. Our Texas solar module facility came online late last year. We have been adding more production lines and ramping up the volumes since then. We expect to reach full capacity by the middle of next year.

最後，讓我向您介紹我們美國製造計劃的最新情況。請翻到第6頁。我們正在美國對太陽能和儲能進行長期投資。我們德州的太陽能模組工廠在去年年底上線。從那時起，我們一直在增加更多的生產線並提高產量。我們預計到明年年中將達到滿載生產。

For our solar cell facility in Indiana, we expect to be operational by the end of 2025. We are also excited to announce that through our subsidiary e-STORAGE, we will build a state-of-art battery cell module and packaging manufacturing facility in Shelbyville, Kentucky. This project will be built in two phases. With phase one taking off this year. We will invest more than $300 million in the first phase to build a production capacity of 3 gigawatt hours annually.

我們位於印第安納州的太陽能電池工廠預計將於 2025 年底投入營運。我們也很高興地宣布，透過我們的子公司 e-STORAGE，我們將在肯塔基州謝爾比維爾建立最先進的電池模組和包裝製造工廠。該項目將分兩期建設。第一階段將於今年啟動。第一期投資3億多美元，興建年產3吉瓦時的產能。

Once the first phase is completed, we plan to invest in a second phase to double the capacity of our facility. With our inhouse factory management system and US sourced thermal management system, we will be able to meet domestic content requirements. The products built in a Shelbyville factory will be ready to be installed into energy storage projects nationwide by fall of 2025. Well, this is an ambitious timeline, we are confident in our ability to meet it. Thanks to the support of Shelbyville community, the governor's office, and our talented workforce.

第一階段完成後，我們計劃投資第二階段，使我們的設施容量增加一倍。憑藉我們的內部工廠管理系統和美國採購的熱管理系統，我們將能夠滿足國內含量要求。謝爾比維爾工廠生產的產品將於 2025 年秋季安裝到全國儲能項目。嗯，這是一個雄心勃勃的時間表，我們對我們有能力滿足它充滿信心。感謝謝爾比維爾社區、州長辦公室和我們才華橫溢的員工隊伍的支持。

Following our storage manufacturing decision, Canadian Solar will have committed nearly $2 billion to American manufacturing with plan to employ more than 4,000 people across Texas, Indiana, and Kentucky. These jobs will spend manufacturing, engineering, and R&D contributing to local economies and helping foster a strong manufacturing presence in the United States.

根據我們的儲能製造決策，阿特斯陽光電力將向美國製造業投入近 20 億美元，並計劃在德克薩斯州、印第安納州和肯塔基州僱用 4,000 多名員工。這些工作將用於製造、工程和研發，為當地經濟做出貢獻，並幫助培養美國製造業的強大影響力。

Last month, Canadian Solar celebrated its 23rd anniversary. With more than 20 years of global manufacturing experience, we are proud to play a role in revitalizing American manufacturing.

上個月，阿特斯陽光電力慶祝成立 23 週年。憑藉20多年的全球製造經驗，我們很自豪能夠為振興美國製造業發揮作用。

With that. I will now turn the call over to Yan, who will provide more details on our CSI solar business. Yen, please go ahead.

就這樣。我現在將把電話轉給 Yan，他將提供有關我們 CSI 太陽能業務的更多詳細資訊。日元，請繼續。

Thank you Shawn. Please turn to slide 7. In the third quarter of 2024, we shipped 8.4 gigawatts of modules. We generated revenue of $1.7 billion and achieved a gross margin of 18.6%. CSI solar delivered an operating income of $111 million. This quarter, we continued to execute our profit first strategy, prioritizing orders that meet our profitability criteria. Demand in the large China market softened in the second half of the year while Europe faced minor disruptions due to logistics, which resulted in lower shipment volumes than initially guided.

謝謝肖恩。請翻到幻燈片 7。2024年第三季度，我們的組件出貨量為8.4吉瓦。我們創造了 17 億美元的收入，毛利率為 18.6%。CSI Solar 實現營業收入 1.11 億美元。本季度，我們繼續執行利潤第一的策略，優先考慮符合我們獲利標準的訂單。下半年，中國這個龐大市場的需求疲軟，而歐洲則因物流而面臨輕微中斷，導致出貨量低於最初指引。

However, as evidenced by our strong performance in the generally lossmaking industry, we are focused on achieving sustainable growth and recognize the natural tradeoff between volume and profitability. Shipments to the North American market continue to increase accounting for over 30% of total shipments in the third quarter. While energy storage shipments reached 1.8 gigawatt hours marking new highs in both volume and profit contributions. These two drivers were key contributors to our third quarter performance.

然而，正如我們在普遍虧損的行業中的強勁表現所證明的那樣，我們專注於實現可持續增長，並認識到銷量和盈利能力之間的自然權衡。北美市場出貨量持續成長，佔第三季總出貨量的30%以上。儲能出貨量達到1.8吉瓦時，出貨量和利潤貢獻均創歷史新高。這兩個驅動因素是我們第三季業績的關鍵貢獻者。

Moving on to the market and Canadian Solar's solar supply chain. Please turn to slide 8. The solar market continues to face significant pressure. Upstream costs are stabilizing while module ASPs continue to decline albeit at a slower pace than seen in the first half of the year.

繼續討論市場和阿特斯陽光電力的太陽能供應鏈。請翻到幻燈片 8。太陽能市場持續面臨巨大壓力。上游成本正在穩定，而組件平均售價繼續下降，儘管降速比上半年慢。

With costs below those of perk and increasingly strong power outperformance, TOPCon technology has now become the industry standard. As Shawn mentioned earlier, we continue to actively invest in R&D optimizing TOPCon and other emerging technologies. Today, we're seeing TOPCon cell efficiencies at mass production levels reaching as high as 26.7%.

憑藉低於 perk 的成本和日益強勁的性能表現，TOPCon 技術現已成為業界標準。正如 Shawn 之前提到的，我們繼續積極投資優化 TOPCon 和其他新興技術的研發。如今，我們看到量產水準下的 TOPCon 電池效率高達 26.7%。

The current market environment demands a more surgical rather than a sledge hammer approach. We remain prudent not only in our go to market strategy but also in our manufacturing plants. In the near term, our capacity investments will focus on strategic areas namely those in the United States.

目前的市場環境需要一種更具手術性的方法，而不是大錘式的方法。我們不僅在進入市場策略方面保持謹慎，而且在製造工廠方面也保持謹慎。短期內，我們的產能投資將集中在戰略領域，即美國。

Now to our storage business, please turn to slide 9. In the third quarter, we achieved record shipments of 1.8 gigawatt hours globally. Despite the large quotas of shipments and revenue recognition, we have now grown our backlog to a record $3.2 billion as of November 30. We continue to solidify our presence in established regions while also expanding into emerging markets as demonstrated by our inaugural contract in Chile.

現在我們的儲存業務，請轉到幻燈片 9。第三季度，我們的全球出貨量達到創紀錄的1.8吉瓦。儘管出貨量和收入確認的配額很大，但截至 11 月 30 日，我們的積壓訂單已達到創紀錄的 32 億美元。我們繼續鞏固我們在成熟地區的業務，同時也擴展到新興市場，正如我們在智利的首份合約所證明的那樣。

For the Chile, Huatacondo and other global projects, we are delivering e-STORAGE, latest proprietary solutions, the SolBank 3.0. This system offers exceptional performance and safety featuring high density LFP battery cells and advanced battery management system and innovative liquid coding thermal management system. Its compact design with 5 megawatt hours of capacity per 20 foot container optimizes land use and reduces costs. The SolBank 3.0 also boosts an IP55 protection rating, making it an ideal solution for demanding environments.

對於智利、Huatacondo 和其他全球項目，我們正在提供 e-STORAGE、最新的專有解決方案 SolBank 3.0。該系統提供卓越的性能和安全性，具有高密度 LFP 電池、先進的電池管理系統和創新的液體編碼熱管理系統。其緊湊的設計每 20 英尺貨櫃容量為 5 兆瓦時，優化了土地利用並降低了成本。SolBank 3.0 還提高了 IP55 防護等級，使其成為苛刻環境的理想解決方案。

So what is our competitive advantage? Please turn to slide 10. Despite only a few years of commercialization, e-STORAGE is already a consistent Top 10 player in the global energy storage market. In key markets like the United States, the United Kingdom, and Canada, we hold very strong market shares. e-STORAGE is differentiated by our ability to deliver comprehensive integrated solutions and services.

那我們的競爭優勢是什麼？請翻到投影片 10。儘管商業化僅幾年，e-STORAGE已穩居全球儲能市場前十名。在美國、英國和加拿大等主要市場，我們擁有非常強大的市場份額。 e-STORAGE 的獨特之處在於我們能夠提供全面的整合解決方案和服務。

For DC systems safety, reliability, and cost are the primary factors with cost often being the most significant consideration. For AC solutions, success depends on a more balanced set of factors including system integration, local great knowledge, effective risk management, long term services, and more. In today's geopolitical environment, customers also need to be confident in the long term consistency and reliability of the services they receive.

對於直流系統，安全性、可靠性和成本是主要因素，而成本往往是最重要的考慮因素。對於空調解決方案來說，成功取決於一系列更平衡的因素，包括系統整合、本地知識、有效的風險管理、長期服務等等。在當今的地緣政治環境中，客戶也需要對他們所獲得的服務的長期一致性和可靠性充滿信心。

For one of the few players with expertise spanning both upstream and downstream. On the upstream side, we can leverage our experience across R&D supply side management and cost control. Downstream, we offer complete implementation, differentiated parent company guarantees and long term service capabilities. We remain firmly committed to driving technological and operational differentiation while further strengthening our leadership in global channels to build long term sustainable value.

對於少數擁有上游和下游專業知識的參與者之一。在上游，我們可以利用我們在研發供應側管理和成本控制方面的經驗。下游，我們提供完整的實施、差異化的母公司保證和長期服務能力。我們仍然堅定地致力於推動技術和營運差異化，同時進一步加強我們在全球通路的領導地位，以建立長期可持續的價值。

Finally, I would like to briefly address the ongoing anti-dumping and countervailing duty proceedings. With over a decade of experience in the US market, we are well versed in the legal process and continue to actively engage as both an importer and a domestic manufacturer. We remain committed to the US market and will play our part in pursuing a fair and equitable outcome as the final determination is made.

最後，我想簡單介紹一下正在進行的反傾銷和反補貼稅訴訟。憑藉在美國市場十多年的經驗，我們精通法律程序，並繼續作為進口商和國內製造商積極參與。我們仍然致力於美國市場，並將在最終決定做出時為追求公平公正的結果發揮我們的作用。

It is important to note that even once final, these rulings will serve as estimates of cash deposits. The definitive rates would still be determined on a company by company basis during the annual administrative review.

值得注意的是，即使最終確定，這些裁決也將作為現金存款的估計。最終費率仍將在年度行政審查期間根據公司情況確定。

Now let me turn the call over to Ismael who will provide an overview of Recurrent Energy, Canadian Solar's global project development business. Ismael, please go ahead.

現在讓我把電話轉給 Ismael，他將概述阿特斯陽光電力的全球專案開發業務 Recurrent Energy。伊斯梅爾，請繼續。

Thank you, Yan. Please turn to slide 11. Third quarter financials were modest. A certain project sales have been delayed into the next quarter and next year. We reported $45 million in revenue with a gross margin of 32% and an operating loss of $21 million. In the absence of significant project sales and with [being to hold] projects still under construction, P&L will experience near term pressure.

謝謝你，嚴。請翻到投影片 11。第三季財務狀況溫和。部分項目銷售已推遲至下季和明年。我們的營收為 4,500 萬美元，毛利率為 32%，營業虧損為 2,100 萬美元。在缺乏重大項目銷售且[持有]仍在建設中的項目的情況下，損益表將面臨近期壓力。

However, we remain disciplined in managing our operating stances to optimize our financial performance. This quarter, we successfully closed the previously announced $500 million investment from BlackRock. This marks an important milestone providing us with the capital needed to accelerate the transformation of our business to a partial [ITP] model.

然而，我們仍然嚴格管理我們的營運立場，以優化我們的財務表現。本季度，我們成功完成了先前宣布的貝萊德 5 億美元投資。這標誌著一個重要的里程碑，為我們提供了加速業務向部分 [ITP] 模式轉型所需的資金。

We are currently managing execution of the largest number of projects in the history of our development business. This includes approximately 1 gigawatt peak of solar capacity under construction in Spain and Italy and an additional 127 megawatts peak of solar capacity along with 1.4 gigawatt hours of [desk] capacity under construction in the US.

目前，我們正在管理開發業務歷史上數量最多的項目的執行。其中包括西班牙和義大利正在建造的約 1 吉瓦峰值太陽能發電容量，以及美國正在建造的 127 兆瓦峰值太陽能發電容量以及 1.4 吉瓦時的[桌面]發電容量。

This builds on the 300 megawatts of solar projects we successfully brought to commercial operation earlier this year. As part of our business model transformation, we are securing long term competitive offtake agreements to establish [retirement] predictable revenue streams.

這是建立在我們今年稍早成功投入商業營運的 300 兆瓦太陽能專案的基礎上的。作為我們業務模式轉型的一部分，我們正在確保長期有競爭力的承購協議，以建立[退休]可預測的收入流。

Please turn to slide 12 for one such example. We have significantly expanded our partnership with Arizona Public Service or APS. This includes three 20-year tolling agreements, collectively covering 1,800 megawatt hours of energy storage and 150 megawatts of solar capacity, enough to power approximately 72,000 homes for 4 hours with energy storage and 24,000 homes family with solar.

請參閱投影片 12 以了解此類範例。我們顯著擴大了與亞利桑那州公共服務部門 (APS) 的合作關係。其中包括三項為期20年的收費協議，總共涵蓋1,800兆瓦時的儲能和150兆瓦的太陽能容量，足以為約72,000個儲能家庭和24,000個太陽能家庭供電4小時。

These agreements cover the Desert Bloom Storage and Papago Solar and storage projects in Maricopa County, Arizona. Notably Papago Storage, a 200 megawatt hour standalone energy storage facility is currently under construction and is scheduled to come online in 2025. Once operational, Papago Storage will be the largest standalone energy storage project in the entire state.

這些協議涵蓋亞利桑那州馬里科帕縣的 Desert Bloom Storage 和 Papago Solar 及儲存項目。值得注意的是 Papago Storage，一座 200 兆瓦時的獨立能源儲存設施目前正在建設中，計劃於 2025 年上線。一旦投入運營，Papago Storage 將成為全州最大的獨立儲能項目。

Energy prices have been volatile across different markets. In Europe, we are observing a trend toward declining prices reflecting broader market dynamics. Conversely, in the US, particularly in regions experiencing high demand, projects with interconnections have more favorable pricing. Notably, as Shawn mentioned earlier, AI is driving a search in energy demand.

不同市場的能源價格一直波動較大。在歐洲，我們觀察到價格下降的趨勢，反映了更廣泛的市場動態。相反，在美國，特別是在需求高的地區，具有互連的項目具有更優惠的定價。值得注意的是，正如肖恩之前提到的，人工智慧正在推動能源需求的探索。

Our key differentiator in this space is our extensive global footprint which positions us to meet the growing demand for renewable energy solutions in any geography. To date, we have signed approximately 1.5 gigawatts with leading technology companies around the world. Many of which we have contracted across several regions including the US, Europe, Japan, and Australia. Our ability to sign long term contracts with strong counterparties is one of the factors that drives our long term growth.

我們在這一領域的主要優勢在於我們廣泛的全球足跡，這使我們能夠滿足任何地區對再生能源解決方案不斷增長的需求。迄今為止，我們已與全球領先的科技公司簽署了約 1.5 吉瓦的合約。其中許多是我們在美國、歐洲、日本和澳洲等多個地區簽訂的合約。我們與強大的交易對手簽訂長期合約的能力是推動我們長期成長的因素之一。

Please turn to slide 13. We continue to build and maintain one of the largest and most mature solar and storage project development pipelines in the industry, now standing at more than 26 gigawatts of solar and 66 gigawatt hours of battery energy storage capacity. The total cycle from early pipeline to in construction is taking longer and we are seeing significant delays due to bottlenecks during permitting and in the interconnection process which now take three to eight years depending on the country and the project.

請翻到投影片 13。我們繼續建造和維護業內最大、最成熟的太陽能和儲能項目開發管道之一，目前太陽能發電容量超過 26 吉瓦，電池儲能容量超過 66 吉瓦時。從早期管道到施工的總週期越來越長，而且由於許可和互連過程中的瓶頸，我們看到了嚴重的延誤，現在需要三到八年的時間，具體取決於國家和專案。

It is one of our challenges. As we are dependent on government agencies that are clearly overwhelm by the huge number of applications they receive. The same applies to the grid operators when it comes to connecting the power plants. As grid operators, we are not planning according to the massive volume that is now coming online.

這是我們的挑戰之一。由於我們依賴政府機構，而這些機構顯然因收到的大量申請而不知所措。在連接發電廠時，這也適用於電網營運商。作為電網營運商，我們並沒有根據現在併網的大量電量進行規劃。

Building a PV plant takes around a year. The permitting process takes two to five, depending on the country, mainly waiting on queues and the same applies to interconnections. Projects in backlog are expected to start construction within the next six quarters. While projects under construction usually take 6 to 18 months to be operational, depending on size and permitting. Overall, while project delays are coming in our business, we are confident about our future growth given the volume of interconnections we have secured, which includes approximately 10 gigawatts of solar projects and 16 gigawatt hours for storage projects.

建造一座光電站大約需要一年時間。許可過程需要兩到五個時間，具體取決於國家/地區，主要是等待隊列，這同樣適用於互連。積壓項目預計將在未來六個季度內開工。而在建工程通常需要 6 至 18 個月才能投入運營，具體取決於規模和許可情況。總體而言，雖然我們的業務專案出現延誤，但鑑於我們已確保的互連數量（其中包括約 10 吉瓦的太陽能專案和 16 吉瓦時的儲能專案），我們對未來的成長充滿信心。

For most products in the US and Europe, our strategy is to build own and operate while selling portions of the operational fleet at the right time. Operates in non-ITP regions, we can sell at any time once they enter our backlog. Our extensive pipeline not only showcases a robust funnel of projects through which we can realize long term value, but also highlights our ability to selectively monetize projects at the best time.

對於美國和歐洲的大多數產品，我們的策略是建立自己的產品並進行運營，同時在適當的時間出售部分營運車隊。在非ITP地區運營，一旦他們進入我們的積壓訂單，我們就可以隨時出售。我們廣泛的管道不僅展示了我們可以實現長期價值的強大項目漏斗，而且還凸顯了我們在最佳時間有選擇地使項目貨幣化的能力。

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

現在讓我把電話轉交給鑫博，他將更詳細地介紹我們的財務表現。鑫博，請繼續。

Thank you Ismael. Please turn to slide 14. For the third quarter, we reported revenue of $1.5 billion with a gross margin of 16.4%. Gross margin contracted by 80 basis points quarter over quarter, primarily reflecting lower third party battery energy storage volumes and reduced module margins. Operating expenses for the quarter totaled $247 million. The sequential increase was driven by modest rises in R&D expenses and shipping costs, which we expect to gradually decline in the coming quarters.

謝謝伊斯梅爾。請翻到投影片 14。第三季度，我們報告營收為 15 億美元，毛利率為 16.4%。毛利率季減 80 個基點，主要反映第三方電池儲能銷售下降和模組利潤率下降。該季度營運費用總計 2.47 億美元。環比成長是由研發費用和運輸成本小幅上升所推動的，我們預計未來幾季將逐漸下降。

Net interest expense remained stable, rising slightly to $20 million; meanwhile, the Federal Reserve’s rate cut in September coupled with the announced economic stimulus in China contributed to a weaker US dollar and stronger Chinese yuan, resulting in a net foreign exchange and derivative loss of $4 million.

淨利息支出維持穩定，小幅上升至2,000萬美元；同時，聯準會9月降息以及中國宣布的經濟刺激措施導緻美元走弱和人民幣走強，導致外匯和衍生性商品淨損失達400萬美元。

We reported a total net loss of $6 million, while the net loss attributable to Canadian Solar was $14 million or $0.31 per diluted share. This includes the impact of dividends payable in time on the Recurrent Energy redeemable preferred shares associated with BlackRock’s investment, which had a dilutive effect on earnings per share of $0.10.

我們報告的淨虧損總額為 600 萬美元，而阿特斯陽光電力的淨虧損為 1,400 萬美元，即稀釋後每股虧損 0.31 美元。這包括及時支付的股息對與貝萊德投資相關的 Recurrent Energy 可贖回優先股的影響，這對每股收益產生了 0.10 美元的攤薄影響。

This quarter’s financial results reflect the ongoing transformation of Recurrent Energy’s business model. Notably, the absence of project sales by Recurrent and the significant intra-group transaction eliminations recorded for energy storage cells to projects in the US and Asia contributed to the net loss at the Canadian Solar level.

本季的財務表現反映了 Recurrent Energy 業務模式的持續轉型。值得注意的是，Recurrent 項目銷售的缺乏以及美國和亞洲項目的儲能電池的重大集團內交易抵銷導致了阿特斯陽光電力的淨虧損。

In the near to midterm, Recurrent sells fewer projects but continues to build projects that have not yet reached commercial operation. This may result in pressure on Canadian Solar’s P&L in certain periods. However, it’s important to emphasize that this doesn’t imply a reduction in the value of the projects, rather the value will be realized in a more consistent and long term manner. For example, during this quarter, CSI Solar delivered substantial volumes to Recurrent’s Papago Storage projects. As Ismael discussed, this is a landmark project for which we have already secured a long term toll agreement with Arizona Public Service.

在近中期，Recurrent 出售的項目較少，但仍繼續建造尚未達到商業營運的項目。這可能會對阿特斯陽光電力在某些時期的損益造成壓力。然而，需要強調的是，這並不意味著專案價值的減少，而是價值將以更一致和長期的方式實現。例如，在本季度，CSI Solar 向 Recurrent 的 Papago Storage 專案交付了大量產品。正如伊斯梅爾所討論的，這是一個具有里程碑意義的項目，我們已經與亞利桑那州公共服務部門簽訂了長期收費協議。

Now let’s turn to our cash flow and balance sheet. Please turn to slide 15. Net cash used in operating activities for the third quarter was $231 million. This outflow was primarily driven by increased project assets and the lower short term notes payable. Our net debt position stands at $3.3 billion with gross debt total being $5.4 billion. This increase in financing was primarily driven by new borrowings to support capacity expansion, working capital requirements, and the development of both projects and operating assets.

現在讓我們來看看我們的現金流和資產負債表。請翻到投影片 15。第三季經營活動使用的現金淨額為2.31億美元。這種流出主要是由於專案資產增加和短期應付票據減少所致。我們的淨債務部位為 33 億美元，總債務總額為 54 億美元。融資的增加主要是由支持產能擴張、營運資金需求以及專案和營運資產開發的新借款所推動的。

In the third quarter, we invested approximately $237 million in manufacturing capital expenditures. Following the adjustments to our CapEx plan in the first half of the year, we remain on track to meet our lowered full-year target of $1.2 billion. Looking ahead, we expect next year’s CapEx to be around the same level as we prioritize strategic investment in the US.

第三季度，我們在製造資本支出上投資了約 2.37 億美元。繼上半年調整資本支出計畫後，我們仍有望實現下調後的 12 億美元全年目標。展望未來，我們預計明年的資本支出將與我們優先考慮在美國進行戰略投資的水平大致相同。

Now let me hand the call back over to Shawn, who will provide our guidance and the business outlook. Shawn, please go ahead.

現在讓我將電話轉回給肖恩，他將為我們提供指導和業務前景。肖恩，請繼續。

Thank you Xinbo. Please turn to slide 16. For the fourth quarter of 2024, we anticipate solar module shipments by CSI Solar to be in a range of 8 to 8.5 gigawatts, including approximately 500 megawatts for our own projects. In terms of battery energy storage, we expect total shipments to range between 2 to 2.4 gigawatt hours, with around 1.2 gigawatt hours allocated to our own projects.

謝謝辛博。請翻到投影片 16。2024年第四季度，我們預計CSI Solar的太陽能組件出貨量將在8至8.5吉瓦範圍內，其中包括我們自己專案的約500兆瓦。在電池儲能方面，我們預計總出貨量在2至2.4吉瓦時之間，其中約1.2吉瓦時分配給我們自己的專案。

Even accounting for intra-group eliminations, this will mark our largest storage quarter to date. We forecast total revenue for the fourth quarter to fall between $1.5 billion and $1.7 billion, with gross margin expected to be in a range of 16% to 18%.

即使考慮到集團內部的淘汰，這也將是我們迄今為止最大的儲存季度。我們預計第四季總營收將下降15億至17億美元，毛利率預計在16%至18%之間。

For the full year of 2025, we project total solar module shipments to be between 30 to 35 gigawatts. For battery energy storage, we expect shipments to be in a range of 11 to 13 gigawatt hours in 2025. These estimates include approximately 1 gigawatt of solar module and 1 gigawatt hour of storage allocated to our own projects.

2025 年全年，我們預計太陽能模組總出貨量將在 30 至 35 吉瓦之間。對於電池儲能，我們預計 2025 年出貨量將在 11 至 13 吉瓦時之間。這些估計包括分配給我們自己的專案的約 1 吉瓦太陽能組件和 1 吉瓦時存儲。

As we move into next year, we anticipate continuous challenges in the solar module market as supply and demand dynamics work towards rebalancing. On storage, demand remains strong, costs are stabilizing, and pricing is also adjusting. We will continue to manage through these market uncertainties with a focus on sustainable growth and rigorous risk management.

進入明年，我們預計隨著供需動態的重新平衡，太陽能模組市場將持續面臨挑戰。在儲存方面，需求依然強勁，成本穩定，定價也在調整。我們將繼續應對這些市場不確定性，並專注於永續成長和嚴格的風險管理。

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

現在我想請大家提問。操作員？

(Operator Instructions)

（操作員說明）

Colin Rusch, Oppenheimer & Company

魯施 (Colin Rusch)，奧本海默公司

Hi there, this is Andre Adams on for Colin. I was hoping you could speak to your plans for monetizing the project pipeline in light of the ongoing increases in wholesale electricity prices for data center supply.

大家好，我是科林的安德烈亞當斯。鑑於資料中心供應的批發電價持續上漲，我希望您能談談您的專案管道貨幣化計劃。

Hi. I would like Ismael to address this question. Ismael?

你好。我希望伊斯梅爾回答這個問題。伊斯梅爾？

Sure. Thank you Shawn. Look, I mean, basically we are seeing a significant amount of customers looking for PPAs. That’s how we see the high demand of data centers affecting us, and we are starting to explore how can we serve better our customers, in case we can do something else for them. But that’s what we see significantly.

當然。謝謝肖恩。我的意思是，基本上我們看到大量客戶在尋找購電協議。這就是我們如何看待資料中心的高需求對我們的影響，我們開始探索如何更好地服務客戶，以防我們能為他們做其他事情。但這正是我們所看到的重要現象。

The strategy to monetize the projects, we are always open to whatever we believe is the best way to add the most value to our shareholders, so we will remain open all the time to see when is the best time. But initially, what we are thinking on doing is start to operate, and once we have enough volume, around 2, 3 gigawatts in operation and start selling [chunk] of it and keeping the majority ownership, that’s the initial intention, but it’s open to whatever we believe is the best at the time.

對於專案貨幣化的策略，我們始終對任何我們認為為股東增加最大價值的最佳方式持開放態度，因此我們將始終保持開放態度，看看何時是最好的時機。但最初，我們想做的是開始運營，一旦我們有足夠的容量，大約 2、3 吉瓦投入運行，並開始出售[大塊]並保留多數所有權，這就是最初的意圖，但它對我們認為當時最好的任何東西都是開放的。

Thank you. Just on the battery supply side, how are you planning to navigate potential tariffs, and how much are your conversations with new non-Chinese suppliers?

謝謝。僅在電池供應方面，您打算如何應對潛在的關稅，以及您與新的非中國供應商的對話有多少？

Yan will address this question. Please, Yan?

顏老師就這個問題來解答一下。請問，嚴?

Thanks Shawn. Well, I think on contract, on sales side, we actually for the [volume] to be delivered after January 1, 2026, we -- the contract price already accounted for the 25% of the duty, and for earlier volume, we actually -- it’s accounting for the current duty rate, which is 7.5%. However, we always have [tender for law] protection. So for any possible change beyond the 301. And also we have announced the Kentucky storage project and we’re also actively evaluating and looking for different supply options. I hope this answers your question.

謝謝肖恩。嗯，我認為在合約上，在銷售方面，我們實際上對於2026年1月1日之後交付的[數量]，我們——合約價格已經佔了關稅的25%，對於更早的數量，我們實際上—目前稅率為 7.5%。然而，我們始終有[法律招標]的保護。因此對於 301 之外的任何可能的變更。我們還宣布了肯塔基州儲存項目，我們也在積極評估和尋找不同的供應選項。我希望這能回答你的問題。

Absolutely. Thank you so much.

絕對地。太感謝了。

Praneeth Satish, Wells Fargo

普拉尼思‧薩蒂什，富國銀行

Thanks, good morning. I guess first question, broadly you have a 30% market share in the US. How do you think about maintaining that market share, given the anti-dumping duties that were announced at 80%, recognizing that they’re not finalized? I guess just what’s the strategy in the US going forward? You said you’re committed to it.

謝謝，早安。我想第一個問題，大致上你們在美國擁有 30% 的市佔率。鑑於已宣布徵收 80% 的反傾銷稅，並且認識到這些關稅尚未最終確定，您如何看待維持這一市場份額？我想美國未來的戰略是什麼？你說過你會致力於此。

Is the strategy kind of building out the manufacturing presence or raising ASPs? And then I guess, how do you balance building out more manufacturing capacity with the potential for some of this foreign entity of concern language that’s out there?

該策略是擴大製造業務還是提高平均售價？然後我想，你如何平衡建立更多的製造能力與一些外國實體的潛在語言的潛力？

This is Shawn. I will address this question and then ask Yan and Thomas to provide further comment.

這是肖恩。我將回答這個問題，然後請嚴和托馬斯提供進一步的評論。

As you mentioned, Canadian Solar has advantage, so we have a suite of weapons or options and we are going to use a combined strategy. You mentioned the US factory, our US module factory is up and running. We can ship cells from Thailand to the US. Now the solar cells from Thailand also have tariffs, but solar cells have less value, so obviously less tariffs if we ship it to the US to make it into modules in our factory in Texas.

正如您所提到的，阿特斯陽光電力有優勢，所以我們有一套武器或選擇，我們將使用組合策略。你提到美國工廠，我們美國模組工廠已經建成並投入運作。我們可以將電池從泰國運送到美國。現在來自泰國的太陽能電池也有關稅，但太陽能電池的價值較低，所以如果我們把它運送到美國，在我們德克薩斯州的工廠製成組件，關稅顯然會減少。

And we are also building a solar cell factory in Indiana and we expect to see output from that factory in 2026. That’s another solution. And also, even for Thailand and for Southeast Asia, we always maintain a relationship with a few good third party suppliers, so this will be another option. So as I said, we have a suite of different options and weapons, all weapons we can use to make sure we continue to deliver to our customers in the US.

我們也在印第安納州建造一座太陽能電池工廠，預計該工廠將在 2026 年實現產出。這是另一種解決方案。而且，即使對於泰國和東南亞，我們也始終與一些好的第三方供應商保持關係，所以這將是另一個選擇。正如我所說，我們有一套不同的選擇和武器，我們可以使用所有武器來確保我們繼續向美國客戶交付產品。

Now, you mentioned 30%. I’m not sure if we had that much market share. We shipped around 8 or 9 -- we are going to ship around 8 to 9 gigawatts to the US this year, and I believe the US market should be like 40 to 50 gigawatt size. So no, we are not 30% but probably 20%-something. So I guess that’s my 30,000 foot overview.

現在，你提到了30%。我不確定我們是否擁有那麼多市場份額。我們發貨了大約 8 到 9 吉瓦——今年我們將向美國發貨大約 8 到 9 吉瓦，我相信美國市場的規模應該是 40 到 50 吉瓦。所以不，我們不是 30%，而是可能是 20%。所以我想這就是我 30,000 英尺的概覽。

Now I would like to introduce Thomas Koerner, our Senior VP for Sales and Marketing, and he may have more insight to share with you. Thomas?

現在我想介紹一下Thomas Koerner，我們的銷售和行銷高級副總裁，他可能有更多的見解可以與您分享。托馬斯？

Hi there, good morning. How are you? As Shawn outlined, first of all, we are using different channels and different strategies to continue serving the US market. The US factory and the US capacity is further increasing and coming along, but of course for the Southeast Asia manufacturing, we can use different locations, different bill of materials, and different combinations. And all of that will help us to at least continue on the same level, if not potentially growing the volume into the US market. And at the same time, we expect market prices starting to slightly increase, so we believe on the customer side, they are helping us and this will help us in addition to the overall circumstances.

你好，早安。你好嗎？正如肖恩所概述的，首先，我們正在使用不同的管道和不同的策略來繼續服務美國市場。美國工廠和美國產能正在進一步增加和增加，但當然對於東南亞製造，我們可以使用不同的地點、不同的物料清單和不同的組合。所有這些都將幫助我們至少繼續保持同一水平，即使不能增加美國市場的銷售量。同時，我們預計市場價格將開始小幅上漲，因此我們相信在客戶方面，他們正在幫助我們，這除了整體情況之外也將幫助我們。

Got it, that’s very helpful comments.

明白了，這是非常有幫助的評論。

Let me add one more. Regarding FUC, actually, as you know, there’s no FUC items in the current IRE law for solar and managed storage. So for that, for any revision of that requires a process, a legal process in Congress. So we feel--we don’t feel anything that risky for us, given we’re actually a Canadian-owned company, so we actually are highly confident about our robust presence in the US.

讓我再補充一點。關於 FUC，實際上，如您所知，現行 IRE 法律中沒有針對太陽能和託管儲存的 FUC 條款。因此，對此的任何修改都需要一個過程，一個國會的法律程序。因此，我們認為，考慮到我們實際上是一家加拿大公司，我們並不覺得有任何風險，因此我們實際上對我們在美國的強勁業務充滿信心。

Okay, makes sense. I wanted to ask on the 2025 module guidance of 30 to 35 gigawatts, maybe if you could provide any more details around how you came up with this forecast and the assumptions. It seems like it’s kind of assuming a flat outlook for demand into next year, but did you basically size this level of shipments as kind of the amount that the market can take without impacting your gross margins? Just trying to understand, high level, how you came up with it.

好吧，有道理。我想詢問 2025 年 30 至 35 吉瓦的組件指導，也許您可以提供有關如何得出此預測和假設的更多詳細資訊。似乎是假設明年的需求前景平淡，但您是否基本上將這一出貨量水準確定為市場在不影響毛利率的情況下可以承受的數量？只是想從高層次上理解你是如何想出它的。

Hi, this is Shawn again. You are correct -- we put out this number, 30 to 35 gigawatts, so that we maintain our market share while do not sacrifice gross margin too much. Even at this price, at this range maybe we will see less gross margin next year. As Thomas mentioned, there is additional duty for Southeast Asian product, and we believe our customers will have to handle--shoulder part of the cost increase, but still we are shouldering the cost increase together with our customer.

嗨，我又是肖恩。你是對的——我們給了這個數字，30 到 35 吉瓦，這樣我們就能保持我們的市場份額，同時又不會過度犧牲毛利率。即使以這個價格，在這個範圍內，明年我們可能會看到毛利率下降。正如托馬斯所提到的，東南亞產品有額外的關稅，我們相信我們的客戶將不得不承擔部分成本增加，但我們仍然與客戶一起承擔成本增加。

So this will probably hit our gross margin a little bit. But you will see only the announcement of the preliminary AD ruling three days ago, so we are still analyzing, and also we are still waiting for DOC to release more documents. So we understand exactly how they arrive at this number and what can we do to avoid such a high tariff in the final review, and also the administrative review process a few years from today. To answer your question, yes, 30 to 35 gigawatts should allow us to more or less protect the same market share, but also to protect our gross margin.

所以這可能會稍微影響我們的毛利率。但大家看到的只是三天前的反傾銷初裁公告，所以我們還在分析，也在等待商務部發布更多文件。因此，我們確切地了解他們是如何得出這個數字的，以及我們如何在最終審查中避免如此高的關稅，以及幾年後的行政審查過程。回答你的問題，是的，30到35吉瓦應該可以讓我們或多或少保護相同的市場份額，同時也保護我們的毛利率。

Thank you.

謝謝。

Philip Shen, Roth Capital Partners

沉飛 (Philip Shen)，羅斯資本合夥人

I think Thomas just talked about how pricing is already going higher following the antidumping preliminary determination. Our checks suggest pricing is already up at least $0.02 to $0.03. And then when we get the final determination, we could get another $0.03 to $0.04 of price going higher. Does that sound reasonable? What are your price expectations? So that's the first question.

我想湯瑪斯剛剛談到了反傾銷初步裁定後定價如何已經走高。我們的檢查顯示價格已經上漲了至少 0.02 至 0.03 美元。然後，當我們做出最終決定時，我們的價格可能會再上漲 0.03 至 0.04 美元。聽起來合理嗎？您的價格預期是多少？這是第一個問題。

Second question as it relates to anti-dumping and the Southeast Asia tariffs, have you guys had to cancel any of your contracts because of how high the Southeast Asia AD/CVD country rates have been? Are you exposed to any of the critical circumstances? Thanks.

第二個問題，涉及反傾銷和東南亞關稅，你們是否因為東南亞AD/CVD國家稅率過高而不得不取消任何合約？您是否遇到過任何危急情況？謝謝。

Hi. You mentioned Thomas, so I will ask Thomas to share his view with you. Thomas?

你好。你提到了托馬斯，所以我請托馬斯與你分享他的觀點。托馬斯？

Yeah. So at this point, as you mentioned, yes, prices have started to come up. I cannot talk about the specifics - that’s very individual customer by customer, but the demand and the customer feedback towards Canadian Solar product and our supply remains actually very strong. We did not have any cancelations or anybody too concerned, and as Shawn says, we currently are shouldering the need to adjust together with customers, and this can vary in different cases, in different strategies and channels. As you know, we have different cost-plus activities, we have other activities, and this is a pretty broad spread which helps us significantly, both sides, to move forward and actually have further demand for ’25.

是的。所以在這一點上，正如你所提到的，是的，價格已經開始上漲。我無法談論具體細節 - 每個客戶都是非常個體化的，但對阿特斯陽光電力產品和我們的供應的需求和客戶反饋實際上仍然非常強勁。我們沒有任何取消或任何人太擔心的情況，正如肖恩所說，我們目前正在承擔與客戶一起調整的需要，這可能會因不同情況、不同策略和管道而有所不同。如您所知，我們有不同的成本加成活動，我們還有其他活動，這是一個相當廣泛的價差，它極大地幫助我們雙方向前發展，並且實際上對 25 歐元有進一步的需求。

Okay. Thank you, Thomas And then are you guys (multiple speakers). Sorry Shawn. Go ahead.

好的。謝謝你，托馬斯 那你們呢（多個發言者）。對不起肖恩。前進。

Yeah, I just wanted to add my comment now on the second part of your question. As far as I know, we haven’t had to cancel any of the existing contracts. And also we have been shipping--producing and shipping to the US even throughout the year, so for us, we don’t have any critical circumstances. Our shipments shouldn’t show any critical circumstances. Now, whether critical circumstances apply to the total shipment, I think we’ll have to wait until the final ITC ruling.

是的，我現在只想對你問題的第二部分添加我的評論。據我所知，我們尚未取消任何現有合約。而且我們全年都在生產和運輸到美國，所以對我們來說，我們沒有任何危急情況。我們的貨物不應顯示任何危急情況。現在，關鍵情況是否適用於總出貨量，我認為我們必須等到 ITC 的最終裁決。

Got it, okay. Thank you. In terms of exposure to the cash deposits, is it fair to say that you don’t have any now? Or you have some but you want to wait for what the final determination looks like?

明白了，好吧。謝謝。就現金存款的曝險而言，可以公平地說您現在沒有現金存款嗎？或者您有一些但想等待最終決定？

That’s a good question. Well, we have been producing, and some of the product that we already produced maybe will -- I want to say we’re exposed to some of this AD/CVD preliminary ruling. But how much we still have to calculate? If the exposure is too high, we will divert the product to somewhere else.

這是個好問題。嗯，我們一直在生產，而且我們已經生產的一些產品可能會——我想說，我們會受到 AD/CVD 初步裁決的影響。但我們還需要計算多少？如果曝光度太高，我們會將產品轉移到其他地方。

Great, okay. Got it, thank you for the color.

太好了，好吧。明白了，謝謝你的顏色。

I mean, if the customer -- if the customer, some customers are willing to pay, we might just eat the [bullet and ship], import and -- or deliver, if we can breakeven, but if no customer wants to pay this kind of duty, then for some of the product we already produced or already on the water, we may have to divert every product. But it’s not a big amount compared with 8 to 9 gigawatts annual shipment from Canadian Solar -- annual sales from Canadian Solar in the US, whatever we have to divert at this moment is a small amount.

我的意思是，如果客戶——如果客戶，一些客戶願意付款，我們可能會吃掉[子彈和運輸]，進口和——或者交付，如果我們能夠收支平衡，但如果沒有客戶願意支付這個費用種責任，那麼對於我們已經生產或已經在水上的一些產品，我們可能必須轉移所有產品。但與阿特斯陽光電力每年8至9吉瓦的出貨量相比，這並不是一個大數目——阿特斯陽光電力在美國的年銷量，無論我們目前需要轉移什麼，都只是很小的一部分。

Okay, thank you. Shifting to the other topic on AI and data centers. These hyperscalers are very hungry for power. You guys have your Recurrent business. There’s a lot of uncertainty, as you highlighted in your release and remarks in the US market. And so power demand is going higher but it doesn’t seem like the hyperscalers are willing to pay a premium on power thus far.

好的，謝謝。轉向人工智慧和資料中心的另一個主題。這些超大規模企業非常渴望電力。你們有你們的經常性業務。正如您在美國市場的新聞稿和言論中所強調的那樣，存在著許多不確定性。因此，電力需求不斷增加，但到目前為止，超大規模企業似乎不願意為電力支付溢價。

When do you think they might be willing to pay higher prices that can support economics in the development of solar in the US? There’s so much uncertainty in the higher -- with the ITC risk, of that being compressed or going away. It won’t go away, but we think it might get compressed. What are your thoughts as to the timing as to when hyperscalers are willing to pay higher prices to offset some of this uncertainty and the potential weaker economics? Thanks.

您認為他們什麼時候願意支付更高的價格來支持美國太陽能發展的經濟？由於 ITC 風險，這種風險被壓縮或消失，因此存在很大的不確定性。它不會消失，但我們認為它可能會被壓縮。您對超大規模企業何時願意支付更高的價格來抵消部分不確定性和潛在的經濟疲軟有何看法？謝謝。

Philip, I would like to take this question because I just released two short videos of my public speech in a forum. I was talking about how the solar and energy storage can help the hyperscalers to be built. And our calculation -- actually, see, I would say my calculation, not just our calculation. I put on my PhD hat and did some of this modeling together with our team, right? And our modeling says even for California, where you can't install wind and also where the seasonal difference of solar from winter to summer is really big, in California, the winter output of a solar system is only 43% of the summer.

菲利普，我想回答這個問題，因為我剛剛在論壇上發布了兩個公開演講的短片。我正在談論太陽能和儲能如何幫助建​​造超大規模企業。我們的計算——實際上，看，我會說我的計算，而不僅僅是我們的計算。我戴上博士學位並與我們的團隊一起進行了一些建模，對嗎？我們的模型表明，即使對於無法安裝風能且太陽能冬季與夏季季節差異非常大的加州，太陽能係統的冬季輸出也僅為夏季的 43%。

And Philip, you see, I know this number by heart now. And so it's not a very convenient place to have solar provide like 12 months 24/7 continuous power. But even in that situation, our calculation shows that we will be able to provide 72% of the power from on-site solar plus energy storage to a California hyperscaler and at the same price, more or less the same price as the grid price. So, they don't have to pay a higher price. They just have to pay whatever they have to give to the grid.

菲利普，你看，我現在已經記住了這個數字。因此，太陽能提供 12 個月 24/7 連續供電並不是一個非常方便的地方。但即使在這種情況下，我們的計算表明，我們將能夠以與電網價格相同的價格，或多或少地向加州超大規模電力公司提供 72% 的電力，這些電力來自現場太陽能加儲能。因此，他們不必支付更高的價格。他們只需向電網支付所有費用。

And as you know, these days, it's not -- sometimes it's not a price, but whether you can get a permit and clearance to build a data center. So, I believe that people will see that, and we are going to build -- I mean, I would like to build a few demo cases in different parts of the world. Certainly, US is the biggest data center market. So, we would like to do that in US.

如您所知，現在，問題不是——有時不是價格，而是您是否可以獲得建造資料中心的許可和許可。所以，我相信人們會看到這一點，我們將建構——我的意思是，我想在世界不同地區建立一些演示案例。當然，美國是最大的資料中心市場。所以，我們想在美國這樣做。

And I think with one demo, people will see how wonderful the solar plus storage can provide on-site power to data centers. And of course, with some help from the grid, but grid will only have to supply 20% to 30% power and that's it. So, I would say build a demo. The first demo always takes some time. So, I would say maybe in two years, people will see how solar plus storage can handily provide on-site power to data centers.

我認為透過一個演示，人們將看到太陽能加儲存可以為資料中心提供現場電力有多美妙。當然，在電網的幫助下，但電網只需提供 20% 到 30% 的電力，僅此而已。所以，我想說建立一個演示。第一次演示總是需要一些時間。因此，我想說也許在兩年內，人們將看到太陽能加儲存如何輕鬆地為資料中心提供現場電力。

Great. Thank you, Shawn. I'll pass it on.

偉大的。謝謝你，肖恩。我會把它傳遞下去。

Vikram Bagri, Citi.

維克拉姆·巴格里，花旗銀行。

Hi, good morning everyone. I wanted to talk about CapEx and liquidity requirements. In the presentation, you’ve highlighted [$800 million] for PV cells, $700 million for battery cells, I would imagine some maintenance CapEx on legacy assets over the next 12 months also, and combine that with cash deposits at CBP and buybacks planned at CSI Solar and other uses. I was wondering how do you look to fund these, what would be the strategy? Could you transfer the CSI Solar cash, which is in China to the US to fund some of these expenses? How much is the minimum cash balance required on the balance sheet, and what leverage are you comfortable with? If you can just help us understand the sources and uses of cash over the next 12 to 18 months.

嗨，大家早安。我想談談資本支出和流動性要求。在演示中，您強調了光伏電池[8 億美元]，電池電池[7 億美元]，我想在未來12 個月內還會對遺留資產進行一些維護資本支出，並將其與CBP 的現金存款和計劃的回購相結合用於 CSI Solar 和其他用途。我想知道您如何為這些提供資金，策略是什麼？您能否將在中國的 CSI Solar 現金轉移到美國以支付其中一些費用？資產負債表上所需的最低現金餘額是多少？如果您能幫助我們了解未來 12 至 18 個月的現金來源和用途。

Yeah, that’s a good question. Canadian Solar, I always pay attention to the cash flow, always maintain a good cash level to be healthy, protect our balance sheet. Now, I have Xinbo, the CFO of CSIQ and also Stephen, the Chief Accounting Officer for CSI Solar, so I would like these two gentlemen to provide some additional color.

是的，這是個好問題。阿特斯陽光電力，我一直關注現金流，始終保持良好的現金水準才能健康，並保護我們的資產負債表。現在，我有CSIQ 的財務長Xinbo 和CSI Solar 的首席會計長Stephen，所以我希望兩位先生能提供一些額外的資訊。

Okay, this is Xinbo speaking. Sorry, your question is about how we are managing the cash at CSIQ and the CSI Solar site, right?

好的，我是辛博。抱歉，您的問題是關於我們如何管理 CSIQ 和 CSI Solar 站點的現金，對吧？

The investment --

投資額--

Yeah, just trying to understand, given the intensity, capital intensity at CSI Solar, where this--how do you fund that capital intensity, the PV cells, the battery cells, the upgrading and keeping the legacy assets up to date, the CVP deposits and the buyback at CSI Solar, how you fund that, and what’s the appropriate leverage level you’re comfortable with?

是的，只是想了解一下，考慮到 CSI Solar 的資本強度，您如何為資本強度、光伏電池、電池、升級和保持遺留資產更新提供資金，CVP CSI Solar 的存款和回購，您如何為其提供資金，以及您認為合適的槓桿水平是多少？

Yeah, it’s a big question. I will break it down into some smaller categories. For project development, the majority of the CapEx is financed with non-recourse debt. The project financing is -- normally, it covers 17% of the total CapEx of the project. And we financed the project equity (multiple speakers) --.

是的，這是一個大問題。我將把它分成一些更小的類別。對於專案開發，大部分的資本支出是透過無追索權債務融資。專案融資通常佔專案總資本支出的 17%。我們為專案股權融資（多位發言者）--.

Then about the manufacturing side, we financed the factory partially from the down payments from the supplier -- from our customers and also partially with the facility, we are raising in the US. We are closing $450 million debt in the US to support our manufacturing expansion in the US. Of course, we also invest some of our own equity into the factories.

然後在製造方面，我們為工廠提供的資金部分來自供應商的預付款——來自我們的客戶，還有一部分來自我們在美國籌集的設施。我們將在美國償還 4.5 億美元的債務，以支持我們在美國的製造業擴張。當然，我們也投資一些自己的股權到工廠裡。

Have I covered all your questions? Oh, about the working capital, right, about the deposits --

我已經回答你所有的問題了嗎？哦,關於營運資金,對,關於存款--

Yes, just the leverage question --

是的，只是槓桿問題--

Yeah, it's a part of the working capital. We have been closely monitoring our working capital, and we have more than $1.5 billion cash to support CSI Solar, the manufacturing and solutions business. Yes, we are confident that we have enough working capital to support our business volume.

是的，這是營運資金的一部分。我們一直在密切監控我們的營運資金，我們有超過 15 億美元的現金來支援 CSI Solar 的製造和解決方案業務。是的，我們有信心有足夠的營運資金來支持我們的業務量。

Thank you, and then (multiple speakers) --

謝謝你，然後（多位發言者）——

Vik, I also just want to remind you that [$2 billion], it's a total number. So it would be invested over the course of a few years.

Vik，我也想提醒您，[20 億美元]，這是一個總數。因此，它將在幾年內進行投資。

Got it. Thank you. And then quickly, I wanted to clarify the -- if you can provide some color on what the geographical mix of shipments, PV shipments will be next year. Should we expect US will still be around 8 gigawatts to 9 gigawatts, or that mix is going to change?

知道了。謝謝。然後很快，我想澄清一下——如果你能提供一些關於明年光伏發電出貨量地理組合的資訊。我們是否應該預期美國仍將在 8 吉瓦至 9 吉瓦左右，或者這種結構會改變？

And you mentioned CSI Solar will maintain the margins. You have -- you've seen like very, very strong increase in battery sales, which has higher margins. Are you expecting the geographical mix to shift and offset some of the margin accretion from battery sales next year? Just trying to understand like what are the puts and takes for margin next year?

您提到CSI Solar 將維持利潤率。你已經看到電池銷量的非常非常強勁的成長，其利潤率更高。您是否預計明年的地理結構會發生變化並抵消電池銷售帶來的部分利潤成長？只是想了解明年的保證金看跌期權和選擇權是多少？

Yeah, for the margin -- well first off for the geographic distribution of the solar module sales next year, I would like to ask Thomas to give you some color; but I want to clarify that. We are still early -- we are still in December, we’re not in 2025 yet, so whatever we say will be based on our current view. Thomas, do you want to share some -- share your view?

是的，對於利潤率——首先是明年太陽能組件銷售的地理分佈，我想請托馬斯給你一些解釋；但我想澄清這一點。我們還處於早期階段——我們還在 12 月，還沒有到 2025 年，所以無論我們說什麼都將基於我們當前的觀點。湯瑪斯，你想分享一些你的觀點嗎？

Yeah, for the US module shipments, as you mentioned, we should be able to at least have the same volume as this year, but we are also slightly positive to increase it slightly further into 2025. We’ll see how the year goes and how our diversified strategy ramping up US capacity, other manufacturing activities and other BOMs help us to potentially further grow. The demand is definitely there in the market and we are trying to capture that demand.

是的，對於美國組件出貨量，正如您所提到的，我們至少應該能夠擁有與今年相同的數量，但我們也對在 2025 年進一步略微增加出貨量持積極態度。我們將看看這一年的進展如何，以及我們提高美國產能、其他製造活動和其他 BOM 的多元化策略如何幫助我們進一步成長。市場上肯定存在需求，我們正在努力抓住這種需求。

All right, thank you.

好的，謝謝。

Thank you. Ladies and gentlemen, that concludes our question and answer session. I’ll turn the floor back to management for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給管理階層。

All right, thank you. Thanks everyone for joining us today and for your continued support. If you have any questions or would like to set up a call, please contact our Investor Relations team.

好的，謝謝。感謝大家今天加入我們並持續支持。如果您有任何疑問或想撥打電話，請聯絡我們的投資者關係團隊。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。