Canadian Solar Inc (CSIQ) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's fourth-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，感謝你們的支持。歡迎參加阿特斯陽光電力 2024 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。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

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

現在，我想將電話轉給阿特斯陽光電力公司投資者關係主管 Wina Huang。請繼續。

Thank you, operator; and, welcome, everyone to Canadian Solar's fourth-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 Presentation section.

謝謝，接線生；歡迎大家參加加拿大太陽能公司 2024 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公司投資者關係網站的「活動和簡報」部分找到。

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

今天與我們一起參加的是董事長兼執行長 Shawn 博士；阿特斯陽光電力子公司CSI Solar總裁嚴莊；加拿大陽光電力集團子公司 Recurrent Energy 公司副總裁兼總裁 Ismael Guerrero；以及資深副總裁兼財務長朱新波。管理階層正式發言後，所有公司主管都將參加問答環節。

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'll have time for questions.

在這次電話會議中，肖恩將回顧本季的一些關鍵訊息。Yan 和 Ismael 將分別回顧 CSI Solar 和 Recurrent Energy 的業務亮點；和新博將會審查財務表現。肖恩將以商業展望結束準備好的發言。之後，我們將有時間回答問題。

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.

在我們開始之前，我想提醒聽眾，管理層今天準備的發言以及他們對問題的回答將包含前瞻性陳述，這些陳述受風險和不確定性的影響。該公司聲稱受到《1995 年私人證券訴訟改革法案》中關於前瞻性陳述的安全港保護。

Actual results may differ from management's current expectations. Any projections of the company's future performance will present management estimates as of today. Canadian Solar assumes no obligation to update these projections in the future, unless otherwise required by applicable law.

實際結果可能與管理層目前的預期不同。對公司未來業績的任何預測都將顯示截至今天的管理層估計。除非適用法律另有要求，否則阿特斯陽光電力不承擔將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-20F 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.

有關風險和不確定性的更詳細討論，請參閱公司向美國證券交易委員會提交的 20F 表年度報告。管理層的準備好的評論將按照美國證券交易委員會 (SEC) 規則 G 有關公認會計原則 (GAAP) 的要求進行呈現。

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.

電話會議中提供的一些財務資訊將按照 GAAP 和非 GAAP 基礎提供。透過披露某些非 GAAP 信息，管理層旨在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.

管理階層使用非公認會計準則指標來更好地評估經營績效並設定營運目標。投資者不應將非 GAAP 資訊視為按照 GAAP 編制的數據的替代品。

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

現在，我想將電話轉給加拿大太陽能公司董事長兼執行長肖恩博士。肖恩，請繼續。

Thank you, Wina, and thank you all for joining our fourth-quarter earnings call. I am speaking to you today from Louisville, Kentucky, a city you will find me in often this year with construction progressing on our new energy storage facility nearby and also on our new solar cell facility in Jeffersonville, Indiana, just across the Ohio River. We welcome customers and partners to visit.

謝謝你，Wina，也謝謝大家參加我們的第四季財報電話會議。今天，我在肯塔基州的路易斯維爾向你們發表演說。今年，你們會經常看到我出現在這個城市，我們附近的新能源儲存設施以及俄亥俄河對岸印第安納州傑斐遜維爾的新太陽能電池設施正在建設中。歡迎廣大客戶、合作夥伴前來參觀指導。

Now, let's review the quarter and full year's performance. Please turn to slide 3. In the fourth quarter, we shipped 8.2 gigawatts of solar modules, bringing our total volume for the year to 31.1 gigawatts. With the rapid decline in global module pricing and lighter project sales from Recurrent Energy, our total revenue in 2024 was USD6 billion.

現在，讓我們回顧一下本季和全年的表現。請翻到幻燈片 3。第四季度，我們出貨了8.2吉瓦的太陽能電池組件，使全年總出貨量達到31.1吉瓦。隨著全球組件價格的快速下滑以及Recurrent Energy項目銷售額的減少，我們2024年的總收入為60億美元。

Inventory write downs, freight-related duties and tariffs, and project asset impairments weighed on gross margin, while elevated free cost and impairments to solar power and battery energy storage systems caused operating expenses to go up.

庫存減損、與運費相關的關稅和專案資產減損對毛利率造成壓力，而免費成本的增加以及太陽能和電池儲能係統的減值導致營運費用上升。

As a result of a difficult operating environment, we generated net income for Canadian Solar shareholders of $34 million or $0.48 per diluted share. These results included the positive impact of hypothetical liquidation at book value, or HLBV, accounting of tax equity treatment for US projects totaling $132 million and our $1.95 per diluted shares, respectively.

儘管經營環境艱難，我們仍為加拿大陽光電力股東創造了 3,400 萬美元的淨利潤，即每股 0.48 美元。這些結果包括以帳面價值（HLBV）假設清算的正面影響、美國專案的稅務權益處理會計總額分別為 1.32 億美元和每股 1.95 美元。

2024 was a challenging year for the solar industry. Competition intensified, with major manufacturers reporting significant losses. Structural overcapacity across the supply chain has led to a prolonged market downturn, and we expect an extended period of consolidation ahead.

2024 年對於太陽能產業來說是充滿挑戰的一年。競爭愈演愈烈，各大廠商均出現大幅虧損。整個供應鏈的結構性產能過剩導致市場長期低迷，我們預期未來將出現一段較長的整合期。

At the same time, key markets face uncertainty. While China is seeing a surge in installations in the first half of 2025 due to two policy changes, effective April 30 and May 31, respectively, the US continues to grapple with policy and trade-related challenges. Together, these factors are creating both operational and financial headwinds for the industry.

同時，主要市場面臨不確定性。由於分別於 4 月 30 日和 5 月 31 日生效的兩項政策變化，中國在 2025 年上半年的安裝量將激增，而美國仍在努力應對政策和貿易相關的挑戰。這些因素共同為該行業帶來了營運和財務方面的阻力。

Despite these challenges, Canadian Solar has demonstrated resilience. Demand for energy storage is growing and diversifying globally. Please turn to slide 4.

儘管面臨這些挑戰，阿特斯陽光電力仍展現了韌性。全球對能源儲存的需求正在成長且多樣化。請翻到幻燈片 4。

Now at grid parity, solar battery storage can provide reliable, around-the-clock clean energy to meet the growing need of data centers, electric vehicles, and other energy-intensive applications. As a tier one solar and energy storage provider, we are uniquely positioned to bundle our technology and services to address diverse use cases from collocated solar and storage to hybrid systems.

現在，在電網平價下，太陽能電池儲存可以提供可靠的全天候清潔能源，以滿足資料中心、電動車和其他能源密集型應用日益增長的需求。作為一級太陽能和能源儲存供應商，我們擁有獨特的優勢，可以捆綁我們的技術和服務，以滿足從共置太陽能和儲存到混合系統的各種用例。

Globally, we are seeing a shift toward longer-duration battery energy storage systems. Our advanced proprietary system solution, the SolBank 3.0, is designed to meet the customized and increasingly demanding needs of each market. SolBank 3.0 is already an industry-leading solution, offering superior performance and safety.

在全球範圍內，我們看到了向長壽命電池儲能係統的轉變。我們先進的專有系統解決方案 SolBank 3.0 旨在滿足每個市場客製化和日益苛刻的需求。SolBank 3.0 已經是業界領先的解決方案，提供卓越的效能和安全性。

We are also making rapid growth, rapid progress on our next-generation systems which will include extended battery cycle performance, low degradation, modular design for flexible installation configurations, and increased power density to 7 megawatt-hours per container unit.

我們也在下一代系統上取得快速發展和進步，該系統將包括延長電池循環性能、降低性能衰減、實現靈活安裝配置的模組化設計，以及將功率密度提高到每集裝箱單位 7 兆瓦時。

With the industry already -- with the industry also trending toward more distributed storage and smaller point-of-use systems, Canadian Solar is uniquely positioned to capitalize on this opportunity. As a technology leader, we not only drive continuous product innovation, but also offer a comprehensive portfolio of energy storage solutions.

隨著產業已經——隨著產業也趨向於更分散式的儲存和更小的使用點系統，阿特斯陽光電力集團具有獨特的優勢來利用這一機會。作為技術領導者，我們不僅推動持續的產品創新，還提供全面的儲能解決方案。

From our flagship SolBank to top-tier solutions for residential, commercial, and industry applications, we provide a complete product suite that addresses the full spectrum of energy storage needs. Finally, let me provide an update on our three US manufacturing facilities. Please turn to slide 5.

從我們的旗艦產品 SolBank 到住宅、商業和工業應用的頂級解決方案，我們提供完整的產品套件，滿足全方位的能源儲存需求。最後，讓我介紹一下我們在美國三家製造工廠的最新情況。請翻到投影片 5。

On the left, you will see our module factory, which is on track to fully ramp up in 2025 in Mesquite, Texas. It will contribute around 3 gigawatts of volume delivery this year, increasing the share of domestically made products in our total US shipments.

在左側，您將看到我們的模組工廠，該工廠位於德克薩斯州梅斯基特，預計將於 2025 年全面投產。今年它將貢獻約 3 千兆瓦的出貨量，從而增加國產產品在美國總出貨量中的份額。

Our solar cell facility in the middle is fully contracted to our module factory and progressing smoothly. Civil works are underway, as you can see, and when -- and we expect to install manufacturing equipment later this year, with production set to begin by year end.

我們中間的太陽能電池工廠已經完全承包給我們的模組工廠，進展順利。如您所見，土木工程正在進行中，我們預計將於今年稍後安裝製造設備，並於年底開始生產。

The energy storage facility will produce battery cells, molecules, and complete systems. It is expected to start delivering US-made SolBanks by the beginning of next year. These facilities highlight our differentiations. With over 20 years of global manufacturing experience across both solar and storage, we have the ability to manufacture in closed markets.

該儲能設施將生產電池單元、分子和完整的系統。預計明年年初開始交付美國製造的 SolBank。這些設施凸顯了我們的差異化。憑藉在太陽能和儲能領域超過 20 年的全球製造經驗，我們有能力在封閉市場進行生產。

For example, by leveraging our existing battery cell manufacturing expertise, we can quickly adapt to the US market, where local production is a game changer. In short, we can export expertise gained from all the markets we have operated in and execute with local familiarity, both advantages that our competitors simply do not have.

例如，透過利用我們現有的電池製造專業知識，我們可以快速適應美國市場，而本地生產可以改變市場格局。簡而言之，我們可以輸出我們在所有營運市場中獲得的專業知識，並根據當地情況開展業務，這是我們的競爭對手所不具備的優勢。

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

說完這些，我將把電話轉給 Yan，他將提供有關我們 CSI Solar 業務的更多詳細資訊。嚴先生，請說。

Thank you, Shawn. Please turn to slide 6. Despite a challenging solar market in 2024, we maintained relatively strong profitability by adhering to a disciplined order taking strategy and achieving record energy storage volume. These two drivers led to full-year revenue of $6.5 billion with a gross margin of 18.4%.

謝謝你，肖恩。請翻到幻燈片 6。儘管2024年太陽能市場充滿挑戰，但我們堅持嚴謹的訂單策略並實現創紀錄的儲能量，保持了相對強勁的獲利能力。這兩大驅動力推動全年營收達 65 億美元，毛利率達 18.4%。

Notably, our module and energy storage segments were both profitable on the standalone basis. Now, let's examine the drivers for solar and energy storage separately. Please turn to slide 7.

值得注意的是，我們的模組和儲能部門均實現了獨立盈利。現在，讓我們分別研究一下太陽能和能源儲存的驅動因素。請翻到幻燈片 7。

ASPs fell significantly throughout 2024. However, we maintained relatively higher blended prices by strategically controlling volumes to less profitable markets while increasing shipments to the US, which accounted for approximately 25% of our global shipments.

2024 年全年平均售價大幅下降。然而，我們透過策略性地控制利潤較低的市場的產量，同時增加對美國的出貨量，維持了相對較高的混合價格，美國的出貨量約占我們全球出貨量的 25%。

Polysilicon prices plunged over 40% during the year, triggering a cascade of price reductions along the supply chain. However, in most markets, module pricing declined at around the same rate or faster than upstream cost savings.

年內多晶矽價格暴跌逾40%，引發供應鏈上一連串降價。然而，在大多數市場中，模組價格的下降速度與上游成本節約的速度大致相同或更快。

In addition to supply chain-driven cost reductions, we continued to enhance efficiency across our vertically integrated capacities. For example, through innovations like half-moon savings and thinner wafers, we expect to increase capacity across our ingot and wafer manufacturing.

除了供應鏈驅動的成本削減之外，我們也持續提高垂直整合產能的效率。例如，透過半月形節省和更薄的晶圓等創新，我們期望提高整個錠和晶圓製造的產能。

In cell manufacturing, the industry's rapid transition to TOPCon technology resulted in impairments of PERC manufacturing assets during the fourth quarter. While some equipment will become obsolete, we have the flexibility to repurpose existing facilities for new initiatives such as new materials manufacturing which will further strengthen our integrated supply chain.

在電池製造領域，產業向 TOPCon 技術的快速轉型導致第四季度 PERC 製造資產出現減損。雖然一些設備將會過時，但我們可以靈活地將現有設施重新用於新材料製造等新舉措，這將進一步加強我們的綜合供應鏈。

Importantly, our exposure to legacy technology is significantly lower compared to our peers. Next, onto battery energy storage. Please turn to slide 8.

重要的是，與同行相比，我們對傳統技術的接觸要低得多。接下來討論電池儲能。請翻到第 8 張投影片。

The fourth quarter and full year 2024 were record-breaking for energy storage in terms of shipments, revenue, and profitability. We delivered 2.2 gigawatt hours in Q4, bringing our annual total to 6.6 gigawatt hours, a more than 500% year-over-year increase.

2024年第四季和全年，儲能的出貨量、收入和獲利能力均創下了歷史新高。我們在第四季度交付了 2.2 千兆瓦時的電力，使我們的年度總交付量達到 6.6 千兆瓦時，同比增長超過 500%。

We expect this growth to continue in 2025, while Q1 will be seasonally softer. Volumes will ramp up quarter over quarter, with each subsequent quarter exceeding the same period last year.

我們預計這種成長將在 2025 年持續，而第一季將受到季節性疲軟的影響。銷量將逐季增加，隨後每季的銷售量都將超過去年同期。

However, as upstream prices have stabilized, we anticipate margins will normalize. To address this, we will continue scaling our volumes, differentiating our manufacturing strategy, and navigating market uncertainties.

然而，隨著上游價格穩定，我們預計利潤率將恢復正常。為了解決這個問題，我們將繼續擴大產量，差異化製造策略，並應對市場不確定性。

In the US, recent trade policy changes have created turbulence in the market. However, we are effectively managing tariff exposure until our onshore capacity ramps up. Our $3.2 billion backlog provides strong visibility while our pipeline, now at a record 79 gigawatt hours, reflects increasingly diversified global demand.

在美國，近期貿易政策的變化導致市場動盪。然而，在我們的陸上產能提升之前，我們正在有效地管理關稅風險。我們價值 32 億美元的訂單積壓提供了強大的可視性，而我們目前已達到創紀錄的 79 千兆瓦時的產能，反映了日益多樣化的全球需求。

E-storage is expanding coverage into new markets such as mainland Europe and Japan, where we are well positioned to capture growth. Additionally, we are exploring new opportunities in markets like Latin America and Australia, where we have already established a presence.

E-storage 正在將覆蓋範圍擴大到歐洲大陸和日本等新市場，我們在這些市場處於有利地位，可以抓住成長機會。此外，我們正在拉丁美洲和澳洲等已建立業務的市場探索新的機會。

We continue to grow our energy storage manufacturing capabilities with strategically located geographic expansions in the US and Asia. These facilities will produce battery cells, modules, and complete modular battery systems. In the US, we are also on track with our supply chain strategy to take advantage of domestic content requirements.

我們繼續透過在美國和亞洲的戰略性地理擴張來提高我們的儲能製造能力。這些設施將生產電池單元、模組和完整的模組化電池系統。在美國，我們也正在按計畫實施供應鏈策略，以充分利用國內內容要求。

Overall, we are winning on value. While new entrants may offer cost-effective products, we deliver system integration, the difference between simply supplying a DC block and ensuring its safety. Installed and tested, operated and supported with long-term service is massive.

整體而言，我們在價值上取勝。雖然新進入者可能會提供具有成本效益的產品，但我們提供的是系統集成，即簡單地提供直流阻斷器和確保其安全之間的區別。安裝和測試、操作和支援以及長期服務是巨大的。

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

現在，讓我將電話交給伊斯梅爾，他將概述加拿大太陽能公司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 9. 2024 marked the largest execution year in the history of Recurrent Energy. We successfully brought 1.3 gigawatts of solar projects to commercial operation across the US, Italy, Brazil, Japan, and Taiwan.

謝謝你，Yan。請翻到第 9 頁。 2024 年是 Recurrent Energy 史上執行金額最大的一年。我們成功地在美國、義大利、巴西、日本和台灣將 1.3 千兆瓦的太陽能專案投入商業營運。

We also started construction on 1.4 gigawatts of solar and 1.8 gigawatt hours of BESS projects. Specifically in the US and Europe, our IPP markets, our operating portfolio reached 490 megawatts peak of PV and 310 megawatt hours of energy storage as of December 2024.

我們也開始建造1.4千兆瓦太陽能專案和1.8千兆瓦時的電池儲能專案。具體來說，在美國和歐洲，我們的 IPP 市場，截至 2024 年 12 月，我們的營運組合已達到 490 兆瓦的光伏峰值和 310 兆瓦時的儲能。

Last week, I attended the ribbon-cutting event for our 1.2 gigawatt-hour Papago storage project in Arizona, a full-scale storage project that will officially reach commercial operation in a few days. Overall, we have fully funded a total of 20 projects equivalent to 1.8 gigawatts peak of solar PV and 1.7 gigawatt hours of BESS projects.

上週，我參加了我們位於亞利桑那州的1.2千兆瓦時Papago儲能項目的剪綵活動，這是一個全面的儲能項目，幾天後將正式投入商業運營。總體而言，我們已全額資助了總共 20 個項目，相當於 1.8 千兆瓦峰值太陽能光伏項目和 1.7 千兆瓦時的 BESS 項目。

All these projects have either reached commercial operation or are in construction. In addition, we have partially funded 15 projects that are set to start construction this year, equivalent to 1.1 gigawatts peak of solar and 840 megawatt hours of BESS.

這些項目均已投入商業運營或正在建設中。此外，我們也為今年將開工的 15 個項目提供了部分資助，相當於 1.1 千兆瓦峰值太陽能和 840 兆瓦時的 BESS。

We are making significant progress in our transformation as an independent power producer. As discussed in the past, we expected our financials to take a short-term hit when we execute projects all the way to commercial operation instead of monetizing them upfront, which is what we saw in 2024.

我們在向獨立電力生產商轉型的過程中取得了重大進展。正如過去所討論的那樣，我們預計，當我們將項目一直執行到商業運營而不是預先將其貨幣化時，我們的財務狀況會在短期內受到打擊，而這正是我們在 2024 年看到的情況。

But as we scale our operating portfolio, the share of stable recurring income will grow. Thus, 2024 was not a strong financial year, also impacted by certain project delays that were pushed into Q4 and 2025. Please turn to slide 10.

但隨著我們擴大營運組合，穩定經常性收入的份額將會增加。因此，2024 年不是一個強勁的財政年度，也受到某些項目延期的影響，這些項目被推遲到第四季度和 2025 年。請翻到第 10 張投影片。

In the fourth quarter, we sold 540 megawatts of PV projects in UK, Italy, Japan, and Taiwan, making total full-year 2024 sales 1.2 gigawatts. 480 megawatts peak of solar and 480 megawatt hours of storage sales in the APAC region were delayed to 2025.

第四季度，我們在英國、義大利、日本和台灣銷售了 540 兆瓦的光伏項目，使 2024 年全年總銷售量達到 1.2 吉瓦。亞太地區 480 兆瓦太陽能高峰和 480 兆瓦時的儲能銷售量被推遲至 2025 年。

Combined with our recurring revenues generated from operating projects, electricity sales, and our owned business, we reported $188 million in revenue, a gross margin of 7.5 %, and an operating loss of $40 million. We also advanced our growth by signing PPAs, both bilateral and auction-based, covering 1.5 gigawatts of solar and 1.3 gigawatt hours of BESS.

加上我們從營運項目、電力銷售和自有業務中獲得的經常性收入，我們的收入為 1.88 億美元，毛利率為 7.5%，營運虧損為 4,000 萬美元。我們也透過簽署雙邊和拍賣形式的電力購買協議（PPA）來促進成長，涵蓋 1.5 千兆瓦的太陽能和 1.3 千兆瓦時的 BESS。

Our global operations and maintenance, or O&M business, expanded significantly. We are now the seventh largest O&M provider globally, up from 15th in 2021. We currently manage 4.2 gigawatts of solar, 5.7 gigawatts of collocated solar plus storage, and 3.2 gigawatt hours of standalone storage worldwide.

我們的全球營運和維護（或稱 O&M 業務）大幅擴展。我們從 2021 年的第 15 位上升至全球第七大 O&M 供應商。我們目前在全球範圍內管理 4.2 千兆瓦的太陽能、5.7 千兆瓦的並置太陽能加儲能以及 3.2 千兆瓦時的獨立儲能。

While the financial contribution from O&M may be modest today, its strategic value is significant. The operational insights we gain from this business enable us to enhance every stage of project development and operations, driving greater efficiency and ultimately improving project economics and returns. Please turn to slide 11 for an update on our pipeline.

儘管目前 O&M 的財務貢獻可能不大，但其策略價值卻十分重大。我們從這項業務中獲得的營運洞察力使我們能夠增強專案開發和營運的每個階段，提高效率並最終提高專案經濟效益和回報。請翻到第 11 張投影片來了解我們管道的最新進展。

As of December 2024, we have secured interconnections for 9 gigawatts of solar and 17 gigawatt hours of storage globally, excluding projects already in operation. Our total project pipeline now stands at 25 gigawatts of solar and 75 gigawatt hours of energy storage.

截至 2024 年 12 月，我們已在全球實現 9 千兆瓦太陽能和 17 千兆瓦時儲能的互聯（不包括已投入營運的項目）。我們目前的專案總量為 25 千兆瓦太陽能和 75 千兆瓦時的能源儲存。

Echoing Shawn's comments on energy storage growth, we see this momentum reflected in our BESS pipeline. With energy storage poised to expand in Europe, we can leverage our experience from US storage projects. The more than 35 gigawatt hours of pipeline in EMEA underscores our strong market position.

與肖恩關於能源儲存成長的評論相呼應，我們看到這一勢頭反映在我們的 BESS 管道中。隨著能源儲存在歐洲的擴張，我們可以利用美國儲存計畫的經驗。歐洲、中東和非洲地區超過 35 千兆瓦時的儲備能源凸顯了我們強大的市場地位。

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，我將電話交給辛波，他將更詳細地介紹我們的財務表現。新博，請說。

Thank you, Ismael. Please turn to slide 12. In the fourth quarter, we shipped 8.2 gigawatts, within our guidance. Revenue was $1.5 billion, sitting at the lower end of our range, as some project sales were delayed into 2025.

謝謝你，伊斯梅爾。請翻到第 12 張投影片。第四季度，我們的出貨量為 8.2 吉瓦，符合我們的預期。收入為 15 億美元，處於我們預期範圍的低端，因為一些項目銷售被推遲到 2025 年。

Growth margin was impacted by several factors, including duty and tariff effects, an inventory write-down due to declining market prices, and project asset impairments. Together, these factors reduced growth margin by more than 950 basis points and were slightly offset by advanced manufacturing credits.

成長利潤率受到多種因素的影響，包括關稅效應、因市場價格下跌而導致的庫存減記以及專案資產減值。這些因素加在一起，導致成長幅度降低了 950 多個基點，但被先進製造業信貸稍微抵銷了。

Selling and distribution expenses decreased by 3% sequentially, primarily due to lower shipping costs. General and administrative expenses increased 120% sequentially, driven by $65 million impairments to certain manufacturing assets and $21 million of impairments to solar power systems.

銷售和分銷費用較上月下降 3%，主要由於運輸成本下降。一般及行政開支較上月成長 120%，主要由於某些製造資產減損 6,500 萬美元以及太陽能發電系統減損 2,100 萬美元。

Following ongoing curtailments in the Latin American region and reassessments of project fair values, we incurred $54 million of impairments on project assets and solar power systems. Collectively, these impairments impacted Q4 operating margin by approximately 350 basis points.

由於拉丁美洲地區持續的限電和專案公允價值的重新評估，我們的專案資產和太陽能發電系統遭受了 5,400 萬美元的減損。總的來說，這些損害對第四季的營業利潤率產生了約 350 個基點的影響。

Research and development expenses remained stable quarter over quarter. Net interest expense in the fourth quarter was $9 million, down from $20 million in the prior quarter. This was mainly driven by higher interest income.

研發費用較上季維持穩定。第四季淨利息支出為 900 萬美元，低於上一季的 2,000 萬美元。這主要是由於利息收入增加所致。

Net foreign exchange loss in the fourth quarter was $10 million, driven by a strong dollar following the US presidential election. Total net loss before non-controlling interest was $135 million, while net income attributable to Canadian Solar shareholders was $34 million, or diluted earnings per share of $0.48.

受美國總統大選後美元走強的影響，第四季淨外匯損失為 1,000 萬美元。非控制權益前淨虧損總額為 1.35 億美元，而歸屬於阿特斯陽光電力股東的淨收入為 3,400 萬美元，即每股攤薄收益為 0.48 美元。

This result included a significant $132 million positive impact from HLBV accounting related to tax equity arrangements of certain US operating projects. Now let's turn to cash flow and the balance sheet. Please turn to slide 13.

這一結果包括HLBV會計與某些美國營運項目的稅收公平安排相關的1.32億美元的顯著正面影響。現在讓我們來看看現金流和資產負債表。請翻到第 13 張投影片。

For the full year of 2024, net increase in cash was $682 million. Outflows in operating and investing cash were driven by funding of $698 million and $758 million deployed to project assets and operating projects, respectively.

2024年全年現金淨增加額6.82億美元。營運和投資現金的流出分別由部署到專案資產和營運項目的 6.98 億美元和 7.58 億美元的資金所驅動。

Capital expenditures for the year totaled $1.1 billion, slightly below forecast. For 2025, we expect CapEx to be approximately $1.2 billion as we focus on our strategic manufacturing investments in the US.

全年資本支出總計 11 億美元，略低於預期。由於我們專注於在美國進行戰略製造業投資，因此我們預計 2025 年的資本支出將達到約 12 億美元。

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

現在，讓我將電話轉回給肖恩，他將總結我們的指導和業務展望。肖恩，請繼續。

Thank you, Xinbo. Please turn to slide 14. For the first quarter of 2025, we expect CSI Solar's module shipment to be in the range of 6.4 to 6.7 gigawatts, including approximately 400 megawatts to our owned project. We also anticipate delivering around 800 megawatt hours of energy storage, with 150 megawatt hours allocated to our owned project.

謝謝你，新博。請翻到第 14 張投影片。2025 年第一季度，我們預計 CSI Solar 的組件出貨量將在 6.4 至 6.7 吉瓦之間，其中包括我們自有專案的約 400 兆瓦。我們也預計提供約 800 兆瓦時的能源存儲，其中 150 兆瓦時分配給我們自己的專案。

We forecast total revenue for Q1 to be between $1 billion and $1.2 billion, with gross margin expected to range from 9% to 11%. First-quarter margin reflects lower-than-usual performance across both CSI Solar and Recurrent Energy.

我們預測第一季的總營收將在 10 億美元至 12 億美元之間，毛利率預計在 9% 至 11% 之間。第一季的利潤率反映出CSI Solar和Recurrent Energy的業績都低於正常水準。

For CSI Solar, the primary drag on margins will be seasonally lower energy storage shipments, resulting in reduced margin contribution from that segment. While slightly higher ASP in the US and manufacturing credits will partially offset total duties, tariffs, and accelerated depreciation of manufacturing assets, these factors will still weigh on gross margins.

對於CSI Solar而言，利潤率的主要拖累因素是季節性能源儲存出貨量下降，進而導致該部門的利潤貢獻減少。雖然美國略高的平均售價和製造業信貸將部分抵銷總關稅、關稅和製造資產加速折舊，但這些因素仍將對毛利率造成壓力。

For Recurrent, margins will be impacted by project sales with minimal margin contribution. However, we expect margins to improve in subsequent quarters as storage shipments increase significantly starting in Q2, and tariff and duty impacts on a per-watt basis decline over the year.

對於經常性收入，利潤率將受到專案銷售的影響，利潤貢獻很小。然而，我們預計利潤率在接下來的幾個季度將會提高，因為從第二季開始儲存出貨量將大幅增加，而且每瓦關稅和關稅的影響將在一年內下降。

For the full year of 2025, we reiterate our volume guidance of 30 to 35 gigawatts of module shipments, including approximately 1 gigawatt to our owned project. We also reiterate our guidance for energy storage shipments to be between 11 to 13 gigawatt hours, including approximately 1 gigawatt hour allocated to our owned project.

對於 2025 年全年，我們重申 30 至 35 吉瓦的組件出貨量預期，其中包括約 1 吉瓦用於我們自有項目。我們也重申了對能源儲存出貨量在 11 至 13 千兆瓦時的指導目標，其中包括分配給我們自有專案的約 1 千兆瓦時。

We expect full-year revenue to range between $7.3 billion and $8.3 billion. Throughout the year, we anticipate continued consolidation in the solar market. Geopolitical uncertainties will impact all of our business lines, but we remain confident in our ability to navigate these challenges.

我們預計全年營收將在 73 億至 83 億美元之間。我們預計全年太陽能市場將持續整合。地緣政治的不確定性將影響我們所有的業務線，但我們對應對這些挑戰的能力仍然充滿信心。

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

現在，我想開始回答大家的提問。操作員？

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什（Colin Rusch），奧本海默。

Thanks so much, guys. Given the changes that we're seeing in terms of chemistry on the battery side as well as price dynamics, can you talk a little bit about how you see margins trending for your energy storage systems and how you're passing on some of the benefits of improving chemistry and cycle life?

非常感謝大家。鑑於我們在電池化學和價格動態方面看到的變化，您能否談談您如何看待儲能係統的利潤趨勢，以及如何傳遞改善化學和循環壽命的一些好處？

Colin, this is Shawn. I will answer this question. Although there are some chemical change, but the main chemical structure for the battery is still the same, still the LPF -- LFP type of solar cell chemical structure. But we are working to implement some new technology.

科林，這是肖恩。我來回答這個問題。雖然有一些化學變化，但電池的主要化學結構還是一樣的，仍然是LPF——LFP類型的太陽能電池化學結構。但我們正在努力實施一些新技術。

For example, the prelithiation technologies will result in -- which will result in more cycle times and also less degradation, especially less degradation in the first five years. Now we think most of those savings, the benefit, we will pass to our customers for Canadian Solar. However, with those new technologies, I think we'll be able to maintain a reasonable margin for ourselves, Colin.

例如，預鋰化技術將帶來更長的循環時間，減少電池效能下降，尤其是前五年的電池效能下降。現在我們認為，大部分節省下來的資金和利益都將轉嫁給阿特斯陽光的客戶。然而，有了這些新技術，我認為我們能夠為自己保持合理的利潤，科林。

All right. Thanks so much, guys. And then I guess the second one is for Ismael. Given some of the geopolitical shifts that we're seeing here and potential for increased activity in Europe, can you talk a little bit about early indications around where some of the infrastructure support might end up filtering out, whether it's Germany or other countries, or what you're seeing in terms of the value of the pipeline of products that you have on the continent?

好的。非常感謝大家。我想第二個是獻給伊斯梅爾的。鑑於我們在這裡看到的一些地緣政治變化以及歐洲活動增加的可能性，您能否談談一些早期跡象，即一些基礎設施支持最終可能會被過濾掉，無論是德國還是其他國家，或者您在歐洲大陸的產品渠道價值方面看到了什麼？

Thanks for the question, Colin. Yeah. Thanks for the question, Colin. Look, despite all the noise that is happening, we have not been suffering anything in particular in any of our US projects yet. And small permit that we were missing from the federal government was granted very quickly, actually.

謝謝你的提問，科林。是的。謝謝你的提問，科林。你看，儘管發生了所有這些噪音，但我們在美國的任何計畫都沒有受到任何特別的影響。事實上，我們缺少的聯邦政府頒發的小許可證很快就被批准了。

And in Europe, what we are seeing is very strong movement into installing storage. Remain with installations of PV, but PV penetration is starting to be very high. So there is a lot of storage to be employed. There is almost nothing in Europe. So that's what we are seeing, but we have not seen, at least so far, any slowdown in the US market.

在歐洲，我們看到安裝儲存設備的趨勢非常強勁。繼續安裝光電發電設施，但光電發電的普及率開始變得非常高。因此有大量的儲存空間可供使用。歐洲幾乎沒有什麼。這就是我們所看到的，但至少到目前為止，我們還沒有看到美國市場有任何放緩。

Excellent. Thanks, guys.

出色的。謝謝大家。

Thank you. Praneeth Satish, Wells Fargo.

謝謝。富國銀行的 Praneeth Satish。

Thanks. Maybe turning to the guidance, so Q1 guidance for module shipments of 6.4 to 6.7 gigawatts versus the full year of 30 to 35 gigawatts. So it basically implies meaningful acceleration in the back half of the year. Maybe if you could provide any more clarity on the ramp over the course of the year and the main factors that's driving it, given the continued pricing pressure and geopolitical tensions that we're seeing.

謝謝。也許轉向指導，因此第一季的模組出貨量指引為 6.4 至 6.7 千兆瓦，而全年為 30 至 35 千兆瓦。因此，這基本上意味著今年下半年將出現有意義的加速。考慮到我們所看到的持續的價格壓力和地緣政治緊張局勢，也許您能更清楚地說明今年的成長情況以及推動成長的主要因素。

Yan, do you want to answer this question?

嚴，你想回答這個問題嗎？

Yeah. So actually, you asked a pretty big question because of the price trend. It's complicated across different markets. And also, first half and second half might be different.

是的。所以實際上，由於價格趨勢，你提出了一個相當大的問題。不同市場的情況很複雜。而且，上半場和下半場可能會有所不同。

So overall, we're seeing price being stabilized in most of the world, except in China, we see price going up because of this surge of demand triggered by the policy shift, as Shawn mentioned. And now for US, we're observing price starts to go down a little bit.

因此，總體而言，我們看到全球大部分地區的價格都在趨於穩定，但中國除外，正如肖恩所提到的，由於政策轉變引發的需求激增，價格正在上漲。現在就美國而言，我們觀察到價格開始略有下降。

And moving into the second half, we anticipate -- we see some uncertainties for China market given the policy shift. It could be a period of slowing down, that's possible. However, on the other hand, we are actually ramping up our own US manufacturing model. So that is going to help our margin.

進入下半年，我們預計—鑑於政策轉變，中國市場將面臨一些不確定性。這可能是一個放緩的時期，這是有可能的。然而，另一方面，我們實際上正在加強我們自己的美國製造模式。這將有助於提高我們的利潤。

And we also have a growing storage shipment, or [Q2Q]. That also helps on the margin. On the channel and sales side, in different markets, we have a strategy of focusing on high-priced channels and also high-priced businesses, such as bundled sales.

我們的儲存出貨量也在成長，或者[問與答]。這也有一定的幫助。在通路和銷售方面，在不同的市場，我們的策略是專注於高價位的管道，同時也專注於高價位的業務，例如捆綁銷售。

So we're focusing more and more on solutions and services that can give us a higher margin. So overall, our margin situation, I think Q2Q, over the year, it's going to improve on the uptrend mode. So we're going to improve Q2Q.

因此，我們越來越關注能夠為我們帶來更高利潤的解決方案和服務。因此，總體而言，我認為我們的利潤率狀況在第二季和全年都將呈上升趨勢。所以我們要改進 Q2Q。

Got it. That's helpful. And just quickly, just two questions here on the slide showing the manufacturing capacity looking out to 2025. So just on the outlook for cell capacity, does that 36 gigawatts -- does that include the 5 gigawatts from the Indiana facility that you're constructing? And then at this point, what percentage of that 36 gigawatts of cell capacity is TOPCon versus PERC?

知道了。這很有幫助。簡單來說，幻燈片上只提出了兩個問題，展示了到 2025 年的製造能力。那麼，僅就電池容量的前景而言，36 千兆瓦是否包括您正在建造的印第安納州工廠的 5 千兆瓦？那麼目前，36 千兆瓦的電池容量中，TOPCon 和 PERC 分別佔多少百分比？

Let me answer this question. You probably noticed that the cell capacity declined from the end of 2024 to the end of 2025. So we are taking the PERC capacities, electric PERC capacities, offline throughout 2025. So that's why the number changed.

讓我來回答這個問題。您可能已經注意到，電池容量從 2024 年底到 2025 年底有所下降。因此，我們將在 2025 年期間停止 PERC 容量（電力 PERC 容量）的下線。這就是數字改變的原因。

So the 36 gigawatts, well, it's mainly the remaining TOPCon capacities. There's not much PERC assumed in these numbers. And the Indiana facility will start to move in equipment this year, but the facilities will only start to contribute in 2026. And at this moment, we expect to start commercial shipment from Indiana in Q2 2026.

因此，36 千兆瓦主要是剩餘的 TOPCon 容量。這些數字中並沒有假設太多的 PERC。印第安納州的工廠今年將開始遷入設備，但設施要到 2026 年才會開始貢獻力量。目前，我們預計將於 2026 年第二季從印第安納州開始商業出貨。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you.

謝謝。

Thank you. Maheep Mandloi, Mizuho Securities.

謝謝。Maheep Mandloi，瑞穗證券。

Hey. Thanks for taking the question. Maybe on the previous question on the gross margin improvement, you talked about quarter-over-quarter margin improvement. Is that just for Q2 or is it like for the full year? First question on that.

嘿。感謝您回答這個問題。也許在之前關於毛利率提高的問題上，您談到了季度環比利潤率的提高。這僅僅是針對第二季還是針對全年？關於這個的第一個問題。

And second, on the slide you mentioned a few reasons which impacted the gross margins over here in Q1. If you could like give us some insights into the gross margin reduction due to low resource shipments or trade duties or tariffs, that would be really helpful. Thanks.

其次，您在幻燈片中提到了影響第一季毛利率的幾個原因。如果您能向我們提供一些由於資源出貨量低或貿易稅或關稅導致的毛利率下降的見解，那將會非常有幫助。謝謝。

Yan, can you answer this question?

嚴先生，您能回答這個問題嗎？

Yeah. So I'm talking about throughout the year, we're on the upper trend in terms of margin. It doesn't mean every quarter, we're going to have a significant jump. But throughout the year, the overall trend is a margin improvement.

是的。所以我說的是全年來看，我們的利潤率處於上升趨勢。這並不意味著每個季度我們都會有顯著的成長。但從全年來看，整體趨勢是利潤率上升。

So that comes from, as I said, the increase of storage shipment and also our improved channel structure. And solution of service offering volume is also on the upscale trend.

正如我所說，這是由於倉儲出貨量的增加以及我們通路結構的改善。而服務提供量的解決方案也呈現高端化趨勢。

So the second question is about the Q1 margin disruption. is that -- what's your question, the factors in Q1?

第二個問題是關於第一季利潤率的波動。這是──你的問題是什麼，Q1 的因素是什麼？

Yeah, just the factors. I think you highlighted e-storage, trade duties, and tariffs. Just curious how to think about the impact of those three things in Q1.

是的，只是因素。我認為您強調了電子儲存、貿易稅和關稅。只是好奇如何看待這三件事對第一季的影響。

Awesome. So in Q1, I think Shawn has mentioned that we had a different factors, such as the impairment in Brazil, in South America, on the return side. And also, we have impairment on the PERC facility and of course, some impact on the duty side. So that was the factors that are negatively affected our Q1 margins.

驚人的。因此，我認為肖恩在第一季提到過，我們有不同的因素，例如巴西、南美洲在回報上的損失。此外，我們的 PERC 設施也受到了損害，當然，對職責方面也產生了一些影響。這些因素對我們的第一季利潤率產生了負面影響。

This is Xinbo speaking. In Q1, the lower margin is, -- I think it's more about mix. The solar products will continue to maintain a stable margin, similar to the last quarters. And the lower margin is mainly because of lower shipment volume from e-storage, who has been contributing decent margin to the (multiple speakers)

我是 Xinbo。在第一季度，利潤率較低——我認為這更多是與混合有關。太陽能產品將繼續保持穩定的利潤率，與上幾個季度相似。利潤率較低主要是因為電子儲存的出貨量較低，而電子儲存一直為公司貢獻可觀的利潤。（多位發言者）

I though you mentioned Q4. Yeah, Q1 is -- it's a lower season for not just for e-storage, but also for solar as well.

我以為你提到 Q4了。是的，第一季不僅是電子儲存的淡季，也是太陽能的淡季。

Yeah. If you calculate our guidance, the battery system shipment volume in Q1 only accounts for about 7% of our annual volume. Yeah, it's much lower than average. It's the main reason.

是的。如果按照我們的預期來計算，第一季的電池系統出貨量僅占我們全年出貨量的7%左右。是的，比平均值低得多。這是主要原因。

Yeah, I appreciate that. And just one last one quickly just on the steel and aluminum tariffs on US imports. I presume that's already baked into your Q1 guide. But for the rest of the year, how should we think about that? Is that passed through to your customers or is that something you'll be negotiating with the customers?

是的，我很感激。最後再簡單談談對美國進口鋼鐵和鋁所徵收的關稅。我認為這已經融入您的 Q1 指南中了。但對於今年剩餘的時間，我們該如何看待這個問題？這會傳遞給您的客戶嗎？還是您會與客戶協商？

Sorry? Sorry.

對不起？對不起。

Were you asking about steel tariffs?

您問的是鋼鐵關稅嗎？

Yeah, steel and aluminum tariffs like for -- which goes into your module frames and potentially into the battery containers also, right? So just curious if any of those are impacting your --

是的，鋼鐵和鋁的關稅——用於製造模組框架，也可能用於製造電池容器，對嗎？我只是好奇這些是否會影響你的--

So those tariffs are already taken into account in on our cost structure. So, I don't -- sorry. Go ahead.

因此，這些關稅已經在我們的成本結構中考慮進去了。所以，我不知道——抱歉。前進。

No. Sorry, go ahead.

不。抱歉，請說。

We don't observe a significant impact, likely if there's certain tariff is absorbed by our suppliers.

我們沒有觀察到重大影響，可能是因為我們的供應商吸收了某些關稅。

Got it. I'll take it. Okay. Thank you.

知道了。我要買它。好的。謝謝。

Thank you. Alan Law, Jefferies.

謝謝。艾倫‧勞 (Alan Law)，傑富瑞 (Jefferies)。

Thanks for taking my question. This is Alan Law from Jefferies, and my first question is about -- on ESF. Because the first quarter, I've noticed that the guidance is 800 megawatts, so it's 7% of annual volume. I would like to know how much of the remaining volume are contracted, as in the price -- are the price fixed and the management is confident to deliver 11 to 30 gigawatt hour of ESF volume in 2025?

感謝您回答我的問題。我是 Jefferies 的 Alan Law，我的第一個問題是關於 ESF 的。因為第一季度，我注意到指導量是 800 兆瓦，所以佔年產量的 7%。我想知道剩餘的發電量中有多少是簽訂了合約的，價格是固定的嗎？管理階層有信心在 2025 年交付 11 至 30 千兆瓦時的 ESF 發電量嗎？

The contract -- go ahead.

合約——繼續吧。

Yan, do you want to answer this question?

嚴，你想回答這個問題嗎？

So you're talking about the e-storage or module? E-storage, okay. So for the whole year, we have -- we guided the 11 to 13 gigawatt hour. Actually, most of the contract has been signed already.

所以您說的是電子儲存或模組？電子存儲，好的。因此，對於全年而言，我們預計產量為 11 至 13 千兆瓦時。事實上，合約的大部分已經簽署了。

So has the price been fixed already or like --

那麼價格已經確定了嗎？或者--

The price is actually decided, so it's preset price. Of course, we have some -- like a change of law protection as well. And so pretty -- our margin level is pretty high confidence.

價格其實已經決定了，所以是預設價格。當然，我們也有一些──例如法律保護的改變。而且相當漂亮——我們的利潤水平相當高，很有信心。

Understood. So for change of laws protection, I assume that includes protection of tariffs as well, right?

明白了。所以對於法律變更保護，我認為這也包括關稅保護，對嗎？

Yes.

是的。

Majority of the volume are protected.

大部分體積都受到保護。

Okay. Thank you. And then, my next question is about the max on US module shipment. I think last year, it's around 35% of the modules shipped to US market. We'd like to know, is there any idea on the amount of module shipment to the US in first quarter and throughout the whole year in 2025?

好的。謝謝。然後，我的下一個問題是關於美國模組出貨量的最大值。我認為去年約有 35% 的模組運往了美國市場。我們想了解一下，2025年第一季以及全年對美國的組件出貨量大概是多少？

That's a similar --

這很類似--

Yeah. Now, this year, the US percentage for the total -- in the total global module shipment is also around 25%. So it's maintained roughly at the same level. You may notice that our volume guidance for 2025 is 30 to 35 gigawatts, which is more or less in line with 2024 and also in line with 2023, almost at the same level.

是的。今年，美國在全球模組總出貨量中所佔的比例也在 25% 左右。所以它大致維持在同一水平。您可能會注意到，我們對 2025 年的產量指引是 30 至 35 吉瓦，這與 2024 年大致一致，也與 2023 年一致，幾乎處於同一水平。

So in the current situation of the global oversupply of solar module, as I said in my comment, we expect the situation to continue this year. Therefore, under these circumstances, we are not forecasting volume increase. We rather want to focus on protecting the margins and profitability.

因此，在當前全球太陽能電池組件供應過剩的情況下，正如我在評論中所說，我們預計這種情況今年將持續下去。因此，在這種情況下，我們預測銷量不會增加。我們更希望專注於保護利潤和獲利能力。

And then, the percentage of US shipment is around the same number -- no, around the same percentage, which also means more or less around the same number as 2024. Now for Q1, I think the overall percentage is almost -- also almost around the same level, like 20% to 30% of global shipment.

然後，美國出貨量的百分比大約是相同的數字 - 不，大約是相同的百分比，這也意味著與 2024 年的數字大致相同。現在就第一季而言，我認為總體百分比幾乎 - 也幾乎在同一水平，例如全球出貨量的 20％ 到 30％。

Thanks a lot. That's very clear. I have a last final question on the G&A expenses because it appears that the general and admin expenses in 4Q seems to be higher than the previous quarter. We'd like to know, is it one-off? Or why is that and is there any room for improvement in the next quarter?

多謝。這非常清楚。我對一般及行政開支還有最後一個問題，因為第四季的一般及行政開支似乎比上一季高。我們想知道，這是一次性的嗎？或者為什麼會這樣，下個季度還有進步的空間嗎？

Yes, one-off impairments. It's one-off.

是的，一次性損害。這是一次性的。

So it's included in G&A.

因此它包含在 G&A 中。

On some of the impairments for operating assets.

關於部分經營資產的減損。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Vikram Bagri, Citi.

謝謝。花旗的維克拉姆‧巴格里 (Vikram Bagri)

Good morning, everyone. A few quick questions. Apologize for asking one more question on first-quarter margins.

大家早安。幾個簡單的問題。抱歉，我又問了一個關於第一季利潤率的問題。

The gross margin in first quarter appears slightly lower than what we'd been expecting, even accounting for lower storage shipments. Can you confirm if storage margins are intact in the 17% to 20% range that you've historically talked about? And if so, perhaps module margins have dropped into low single digits or even lower. And then I have a follow-up.

即使考慮到儲存出貨量下降，第一季的毛利率似乎也略低於我們的預期。您能否確認儲存利潤率是否保持在您之前談到的 17% 到 20% 的範圍內？如果是這樣，模組利潤率可能已經下降到個位數甚至更低。然後我有一個後續問題。

Module margin will maintain a similar level. We are going to sell some of the solar projects also in Q1. Some of the projects might be sold at lower margins, so it also contributes to the mix and overall lower average gross margin in Q1.

模組利潤率將維持相似的水準。我們還將在第一季出售一些太陽能項目。一些項目可能會以較低的利潤率出售，因此這也導致了第一季的組合和整體平均毛利率較低。

Got it. But the storage margins are still intact in the 17% range, right?

知道了。但儲存利潤率仍維持在 17% 左右，對嗎？

Not impacted. Battery storage systems are still sold at decent margin.

未受影響。電池儲存系統的銷售利潤仍然可觀。

Got it. And then second, looking at the full-year guidance, it appears there is some price rebound expected in back half of this year. Am I right in assuming so? And if so, can you talk about the drivers that would help pricing in back half of the year based on the revenue outlook you have?

知道了。其次，從全年預期來看，預計今年下半年價格會反彈。我這樣假設對嗎？如果是的話，您能否根據您的收入前景談談有助於下半年定價的驅動因素？

Can you repeat your question?

你能重複一下你的問題嗎？

I'm just wondering. The second half of the guidance appears to price in some improvement in module pricing. Is that correct? Are you expecting a rebound in module pricing in back half of this year? And if so, what would be the drivers that you see on the horizon that will help pricing?

我只是好奇。該指引的後半部分似乎將模組定價的一些改善考慮在內。那正確嗎？您預計今年下半年模組價格會反彈嗎？如果是的話，您認為未來有哪些因素有助於定價？

Yeah. As a matter of fact, the solar module pricing out of United States is rebounding right now. This rebound is helped by the installation increase in the first half of this year in China.

是的。事實上，美國太陽能電池組件的價格目前正在反彈。此次反彈得益於今年上半年中國安裝量的增加。

As I mentioned in my prepared speech, there were two policy changes effective on April 30 and May 31, effectively. So basically, after these two dates, the solar installation in China will not be subject to fixed price. Rather, pretty much all the solar projects will have to participate in the electricity market.

正如我在準備好的演講中所提到的，有兩個政策變更分別在 4 月 30 日和 5 月 31 日生效。所以基本上，在這兩個日期之後，中國的太陽能安裝將不再受固定價格的限制。相反，幾乎所有太陽能專案都必須參與電力市場。

So because of that, there has been an installation surge right now. We expect this installation surge will go on until May 31, which is the effective date of the new policy for the solar installation. Therefore, the solar module price has rebounded already and will keep on a relatively high level for the first half of this year.

因此，現在出現了安裝激增。我們預計，這項安裝熱潮將持續到5月31日，也就是太陽能安裝新政策的生效日期。因此，太陽能電池組件價格已經反彈，並將在今年上半年保持在相對較高的水平。

Now the second half of this year, as a matter of fact, we think this surge in China will stop and then the market will go back to the normal situation. Actually, we expect this deconsolidation, which means the module price pressure will continue in the second half of this year.

事實上，我們認為今年下半年中國的這種激增將會停止，然後市場將恢復正常狀態。實際上，我們預計會出現這種拆分，這意味著模組價格壓力將在今年下半年持續存在。

So we're not forecasting any solar module price increase for the second half of this year. Instead, we are experiencing a solar module price increase as we speak right now.

因此，我們預測今年下半年太陽能電池組件價格不會上漲。相反，正如我們現在所說，我們正在經歷太陽能電池組件價格的上漲。

Thank you very much.

非常感謝。

Thank you. Philip Shen, Roth Capital Partners.

謝謝。菲利普‧沈 (Philip Shen)，羅斯資本合夥公司。

Hi, everyone. Thanks for taking my questions. Back to the margins, I think you guys talked about margin improvement through the year, every quarter. I was wondering if you could share how much higher margins can be.

大家好。感謝您回答我的問題。回到利潤率問題，我想你們談論的是全年、每季的利潤率提高。我想知道您是否可以分享利潤率可以達到多少。

And do you expect the margins to peak in Q3 or do you think we rise through the year and Q4 is the highest margin level by quarter? So I'm just wondering how high we can get back to and which quarter is the highest. Thanks.

您是否預計利潤率將在第三季達到峰值，或者您認為利潤率全年都會上升，而第四季的利潤率是季度中最高的？所以我只是想知道我們能回到多高以及哪個季度是最高的。謝謝。

Yan, do you want to --

燕，你想--

Yeah, we do not guide Q2Q a quantified increase. We do not guide that. But what I said is we have a low Q1; but the rest of the year, we see the margin improve.

是的，我們不指導Q2Q量化的成長。我們不指導這一點。但我說的是我們的 Q1 很低；但在今年剩餘時間裡，我們看到利潤率提高。

So I can't tell you exactly what is the margin every quarter. Now, we cannot guide that. But the reason behind, as I said, is the ramping up storage shipment and also the ramping up the US module capacity, as well as our overall innovation on our channel and our services that we've been working on very hard to improve margin.

所以我無法確切地告訴你每季的利潤是多少。現在，我們無法引導這一點。但正如我所說，背後的原因是儲存出貨量的增加以及美國模組產能的增加，以及我們一直在努力提高利潤率的管道和服務的整體創新。

Okay, I will add a few comments. As I said in my prepared speech, this quarter, Q1, our delivery for the energy storage system is 800 megawatts, which is seasonally low. We will see Q2 storage shipment to increase significantly.

好的，我會添加一些評論。正如我在準備好的演講中所說，本季度，即第一季度，我們的儲能係統交付量為 800 兆瓦，這是季節性的低點。我們將看到第二季儲存出貨量大幅成長。

Although I'm not guiding Q2, but according to the shipping schedule, we expect the Q2 shipment in energy storage to go back to the Q4 last year's level or even higher, and probably even higher than the level we reported for Q4 last year. And energy storage shipment have a reason -- have a decent growth margin. This is one reason we see or we expect to see margin improvement in Q2 throughout Q3 and Q4.

雖然我沒有對第二季做出預測，但根據出貨時間表，我們預計第二季儲能出貨量將恢復到去年第四季的水平甚至更高，甚至可能高於我們報告的去年第四季的水平。而儲能出貨量有一個原因——有一個不錯的成長幅度。這是我們看到或預計第二季、第三季和第四季利潤率將有所提高的原因之一。

Also, on the solar module side, this quarter, again, the solar module delivery is at a seasonally low, but we see this pattern every year. If you look at last year and look at 2023, Q1 shipment is always low, and then the shipment increased quarter by quarter after Q1.

此外，在太陽能電池組件方面，本季太陽能電池組件的交付量再次處於季節性低位，但我們每年都會看到這種模式。如果你回顧去年並展望2023年，第一季的出貨量始終較低，然後第一季之後出貨量逐季增加。

Another reason is the new AD/CVD -- preliminary ruling of AD/CVD on the solar module shipment to US from some of the Southeastern Asian countries. Now we will -- we do see a high percentage of tariff in Q4 and also in Q1. But throughout the year, the shipment from our Mesquite, Texas, solar module factory is going up.

另一個原因是新的反傾銷/反補貼稅－對部分東南亞國家輸美的太陽能電池組件所作出的反傾銷/反補貼稅初步裁定。現在我們確實看到第四季和第一季的關稅比例很高。但全年來看，我們位於德州梅斯基特的太陽能電池組件工廠的出貨量都在增加。

And for the shipment from Mesquite, the duty -- the import tariff only apply on the solar cell, not on the module part. That's another reason for us to see the solar margin -- the average margin for the solar module business also going up. Again, those are the forecast for Q2, Q3, and Q4 now, but it's not official guidance yet.

對於從梅斯基特發貨的貨物，進口關稅僅適用於太陽能電池，而不適用於模組部分。這是我們看到太陽能利潤率的另一個原因——太陽能電池組件業務的平均利潤率也在上升。再次重申，這些是目前對第二季、第三季和第四季的預測，但還不是官方指引。

Okay. Great. Thanks for the additional color, Shawn. You mentioned the tariff impacts for Q4 and Q1. I may have missed it, but can you help us understand specifically what tariffs they were? Was it the Southeast Asia AD/CVD?

好的。偉大的。感謝 Shawn 提供的額外色彩。您提到了第四季和第一季的關稅影響。我可能錯過了，但你能幫助我們具體了解它們是什麼關稅嗎？是東南亞 AD/CVD 嗎？

And then do you expect that to update -- to not be as heavily impactful for Q2, Q3, and Q4? Because it sounds like the impacts might be not as strong.

那麼您是否預計這會更新—對第二季、第三季和第四季的影響不會那麼大？因為聽起來影響可能沒那麼大。

There are two set of tariffs, like main tariffs, applied to the Southeastern Asian country shipment. Why is the AD/CVD -- the new preliminary AD/CVD ruling on four Southeastern Asian countries, which are Thailand, Malaysia, and -- Thailand, Malaysia, and Vietnam. And what's the fourth country, Yan?

針對東南亞國家貨物，適用兩套關稅，如主要關稅。為什麼新的反傾銷/反補貼初裁針對的是四個東南亞國家，即泰國、馬來西亞和越南。第四個國家是燕國嗎？

Cambodia.

柬埔寨。

Right. Yes, Cambodia. So those four countries. Now, our solar module is located in Thailand, so the shipment from this factory to the tariff increase from this AD/CVD. And there's another duty, which is called 30 -- no, called 201, right? The 201 duty. This duty also affects the solar module shipment originated from Thailand. So those are the two hits of the import tariffs.

正確的。是的，柬埔寨。所以是那四個國家。現在，我們的太陽能組件位於泰國，因此從該工廠發貨的關稅因此次反傾銷/反補貼稅而增加。還有另一項職責，叫做 30——不，叫做 201，對嗎？201 職責。此項關稅也影響來自泰國的太陽能電池組件的運輸。這就是進口關稅的兩次打擊。

Right. And so, the tariff impacts for Q2, Q3, and Q4 this year go lower because you ship more from the US. Is that right?

正確的。因此，由於從美國發貨的貨​​物增多，今年第二季、第三季和第四季的關稅影響會降低。是嗎？

Yeah, that's one reason. We are using -- we have a combination of different manufacturing strategies. And we will increase, for example, the domestic production of solar modules using the solar cell from Southeastern Asia. This will allow us to reduce the effective percentage of -- no, the effective, absolute duty impact on the solar modules.

是的，這是一個原因。我們正在使用—我們結合了不同的製造策略。例如，我們將增加使用東南亞太陽能電池的太陽能組件的國內產量。這將使我們能夠降低有效百分比——不，是降低對太陽能電池板的有效、絕對責任影響。

Okay, great. Thanks for taking the questions. I'll pass it on.

好的，太好了。感謝您回答這些問題。我會傳達的。

Thank you.

謝謝。

Thank you. Brian Lee, Goldman Sachs.

謝謝。高盛的 Brian Lee。

Hey, guys. Good morning. Thanks for taking the questions here. Maybe just a couple follow-ups to Phil's margin questions.

嘿，大家好。早安.感謝您在這裡回答問題。也許只是對菲爾保證金問題的幾個後續問題。

It seems like a pretty big driver. So can you -- I mean, you said 900 basis points of different margin headwinds in Q4, including the tariffs. How much did it impact the Q4 gross margins? How much are the AD/CVD tariffs impacting the Q1 margin guidance?

這看起來是一個相當大的驅動力。那你能嗎——我的意思是，你說第四季有 900 個基點的不同利潤阻力，包括關稅。這對第四季的毛利率有多大影響？反傾銷/反補貼關稅對第一季利潤率指引的影響有多大？

And then, what's the level at which you'll see impact going through the year if it's x basis points in Q4 down to x basis points in Q1? What is it going to be by the end of the year? Because it seems like, again, it's a pretty meaningful driver here.

那麼，如果第四季度的 x 個基點下降到第一季的 x 個基點，那麼您將看到全年的影響達到什麼水平？到年底會是什麼情況？因為它看起來又是一個非常有意義的驅動因素。

Yeah. Xinbo, do you want to share some color there?

是的。新博，你想分享一些顏色嗎？

Yeah, I can take the question. The tariff was partially offset by the higher price in the US, so we don't observe significant change with the gross margin.

是的，我可以回答這個問題。關稅部分被美國的較高價格所抵消，因此我們沒有觀察到毛利率的顯著變化。

I think you are talking about the module products, right? And our sales in the US accounts for about a quarter of our total volume, pretty stable. And the selling price in the US has been about three times the rest of the world, so it translates into about half of our revenue generated in the US, also pretty stable.

我想您說的是模組產品，對嗎？我們在美國的銷售量約占我們總銷量的四分之一，相當穩定。美國的售價約為世界其他地區的三倍，因此我們約有一半的收入來自美國，而且相當穩定。

So we don't observe or don't forecast big differences moving into 2025. And likely, the solar module products will maintain similar margins for the year.

因此，我們不會觀察到或預測 2025 年會出現巨大的差異。並且太陽能電池組件產品今年的利潤率很可能將保持在相似的水平。

Okay, fair enough. I'll take my question offline. Maybe a separate question on margins. I think you guys have historically been talking about e-storage margins in the 20% range.

好吧，夠公平。我將離線回答我的問題。或許這是一個關於利潤的單獨問題。我認為你們過去一直在討論 20% 左右的電子儲存利潤率。

I know a previous caller asked you about 17% to 20%, and you said that that's the right range. But I think on a slide deck recently in December, you put out mid-teens as your target now. So it's a subtle shift, but what might be driving the 20% historical view now to mid-teens in storage?

我知道之前有位來電者問過您大約是 17% 到 20%，而您說這是正確的範圍。但我認為，在 12 月最近的幻燈片中，您提出的現在的目標是十幾歲左右。因此，這是一個微妙的轉變，但是是什麼原因導致儲存量從歷史上的 20% 下降到現在的 15% 左右呢？

I know one of your peers had a margin issue this past quarter, and it seems like there's a lot more competition in the storage space. So can you speak to some of the dynamics as to what's driving not just seasonality and volumes?

我知道你們的一位同行在上個季度遇到了利潤問題，而且儲存領域的競爭似乎更加激烈了。那麼，您能否談談除了季節性和數量之外還有哪些動態因素在推動呢？

But it seems like there's been a bit of a structural downtick a little bit in your margin outlook for storage. Can you speak to that?

但看起來，儲存利潤前景出現了一些結構性下降。你能談談這個嗎？

Yeah, I will take this question. Now, the module -- the gross margin percentage for e-storage was at 20% or higher level. Now even at the beginning of this year, we forecast the e-storage product, the gross margin at 20% or higher.

是的，我會回答這個問題。現在，模組——電子儲存的毛利率百分比達到20％或更高水準。現在甚至在今年年初，我們預測電子儲存產品的毛利率將達到 20％或更高。

And although the absolute price indeed is trending down because the -- those technologies become mature and also because increased market competition. However, the new US administration announced some new tariffs, new import tariffs. In particular, a 20% new tariff on the product imported from China.

儘管絕對價格確實呈下降趨勢，因為這些技術已經成熟，而且市場競爭也加劇。然而，美國新政府宣布了一些新的關稅，新的進口關稅。特別是對從中國進口的產品徵收20%的新關稅。

Now we do have some e-storage shipment coming from China into the US, so that will impact us. And therefore, we know with that impact, we think the margin will trend down. Although we have the change of law protection with some customers, those change of law clauses allow us to renegotiate with the customer rather than to put the 20% burden just directly on the customers.

現在我們確實有一些電子儲存貨物從中國運往美國，所以這會對我們產生影響。因此，我們知道，受此影響，利潤率將呈現下降趨勢。儘管我們與一些客戶之間存在法律變更保護，但這些法律變更條款允許我們與客戶重新談判，而不是將 20% 的負擔直接轉嫁給客戶。

So typically, we'll negotiate some sharing of the new 25% duty burden with our customers. So it will impact our margin. However, we are working on other strategies.

因此通常情況下，我們會與客戶協商分擔新的 25% 關稅負擔。所以這會影響我們的利潤。然而，我們正在研究其他策略。

For example, we are building a new energy storage factory in Shelbyville, Kentucky. And we are also taking the solar cell supply from other countries outside of China. So throughout the year, we do see us be able to smooth out some of those duty impacts, assuming there's no new duty impact.

例如，我們正在肯塔基州謝爾比維爾建造一個新的儲能工廠。我們也從中國以外的其他國家取得太陽能電池供應。因此，假設全年沒有新的關稅影響，我們確實看到我們能夠消除一些關稅影響。

So we are closely watching what will happen on April 2 when the US start to implement the reciprocal global tax. We still don't know how much impact will that be, but we do expect uncertainties in terms of product flow and tariffs for this year.

因此，我們正在密切關注 4 月 2 日美國開始實施全球互惠稅時會發生什麼。我們還不知道這會產生多大的影響，但我們確實預計今年的產品流動和關稅方面存在不確定性。

Okay, understood. I appreciate the detailed response. Maybe last one for me, and I'll pass it on.

好的，明白了。我很感謝您的詳細回覆。這對我來說可能是最後一個了，我會把它傳遞下去。

I know you don't want to break out, I guess, to the basis points the margin impact from AD/CVD, and they're still preliminary. But I believe they're retroactive for the Thailand portion. So have you outlined or can you give us a sense, a range, of what the cash deposits are?

我知道你不想突破 AD/CVD 對基點的利潤影響，而且它們仍然是初步的。但我相信它們對泰國部分具有追溯力。那麼，您能否概述一下或讓我們了解現金存款的範圍？

And have you already accrued those on the balance sheet or is that something that we'll see next quarter? Just trying to understand what maybe the cash implications of retroactivity may be for you guys. Thank you.

您是否已在資產負債表上累積了這些金額，還是我們將在下個季度看到這些金額？只是想了解追溯效力對你們的現金影響可能是什麼。謝謝。

At this moment, all the deposit for the import deposit related to AD/CVD, we do book it as cost on our P&L. And now, those due dates will go through -- they typically go through the final review a couple of years after the year.

目前，所有與反傾銷/反補貼稅相關的進口押金，我們都將其記為損益表中的成本。現在，這些截止日期將會過去——它們通常會在幾年後進行最終審查。

For example, the 2025 AD/CVD due date, the final determination will be a couple of years down the road. And depend on the result of that final ruling, final determination, either we will see some of those deposits flow back to us or, maybe in a worst scenario, we can see additional duty.

例如，2025 年的反傾銷/反補貼稅到期日，最終確定還需要幾年時間。根據最終裁決和最終裁定的結果，我們要么看到部分存款返還給我們，要么在最壞的情況下，我們可能會看到額外的關稅。

But so far, as of today, we only see this deposit money -- part of the deposit money flow back to us. I don't think we are making -- we're doing any provision for the retroactive application of due dates. For that, we are waiting for the final ruling from the US DOC and also from the US ITC.

但到目前為止，截至今天，我們只看到這筆存款——部分存款流回了我們手中。我認為我們沒有製定——我們沒有製定任何有關追溯截止日期的規定。為此，我們正在等待美國商務部和美國國際貿易委員會的最終裁決。

Okay. Thank you, guys.

好的。謝謝你們。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to management for any final comments.

謝謝。女士們、先生們，我們的提問時間到此結束。我將把發言權交還給管理階層，以徵求他們的最終意見。

Thank you 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 relationship team. Take care and have a great day.

感謝您今天的加入我們並感謝您一直以來的支持。如果您有任何疑問或想要撥打電話，請聯絡我們的投資者關係團隊。保重，祝您有美好的一天。

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

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。