阿特斯太阳能公司Canadian Solar市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

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PRODUCTSCanadianSolarCHAPTER

01OverviewCumulativeinstalledsolarPVcapacityworldwidefrom2000to2022(inmegawatts)GlobalcumulativeinstalledsolarPVcapacity2000-20221,400,0001,200,0001,000,000800,000600,000400,000200,00002000

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20223Description:Globalcumulativesolarphotovoltaiccapacityhasgrowncontinuouslysince2000.In2022,globalcumulativesolarPVcapacityamountedto1,177gigawatts,withroughly239gigawattsofnewPVcapacityinstalledinthatsameyear.ReadmoreNote(s):Worldwide;2000to2022Source(s):SolarPowerEuropeAnnualsolarmoduleproductiongloballyfrom2000to2022(inmegawatts)Globalmodulemanufacturingproduction2000-2022400,000350,000300,000250,000200,000150,000100,00050,00002000

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20224Description:In2022theproductionofsolarmodulesworldwidereachedapproximately379gigawatts.Thiswasanincreasecomparedtothepreviousyearwhereintheproductionofsolarmoduleswasaround242gigawatts.

ReadmoreNote(s):Worldwide;2000to2022Source(s):PVPSDistributionofsolarphotovoltaicmoduleproductionworldwidein2022,bycountryGlobalPVmodulemanufacturingshare2022bycountryDistributionofproduction40%

50%0%10%20%30%60%70%80%90%ChinaVietnamMalaysiaIndia77.8%6.4%2.8%1.9%UnitedStatesSouthKoreaThailandEurope1.9%1.9%1.2%0.6%0.5%TaiwanCanada0.4%0.3%0.1%SingaporeJapanOther4.2%5Description:In2022,Chinaaccountedfor77.8percentoftheglobalphotovoltaic(PV)moduleproduction.Thecountryrepresentingthesecond-largestshareofPVproductionwasVietnam,accountingforjust6.4percent.

ReadmoreNote(s):Worldwide;2022Source(s):IEA;PVPS;RTSCorporationInvestmentsinsolarphotovoltaicenergyworldwidefrom2013to2022(inbillionU.S.dollars)GlobalsolarPVenergyinvestments2013-2022350300250298.21217.28200171.94152.65146.81148.11141.3715010050126.61121.56106.08201302014201520162017201820192020202120226Description:Globalinvestmentsinsolarphotovoltaicenergystoodatalmost300billionU.S.dollarsin2022.InvestmentinsolarPVhasincreasedgreatlysince2013whenitamountedtojustover100billionU.S.dollars.SolarPVwasthetechnologythataccountedforthelargestshareofrenewableenergyinvestmentsin2022.ReadmoreNote(s):Worldwide;2013to2022Source(s):ClimatePolicyInitiative;IRENANewworldwideinstallationsofsolarPVcapacityfrom2015to2022,withaforecastuntil2027(ingigawatts)NewinstallationsofsolarPVcapacityforecast2015-2027700600500400300617534462401341239200167.82021138.22020116.999.1102.42018100061.950.6201520162017201920222023*2024*2025*2026*2027*7Description:Newsolarphotovoltaic(PV)installationscapacitypresentedatrendofgrowthovertheyears.In2022,therewere239gigawattsofsolarPVcapacityaddedglobally,indicatinganincreaseofroughly70gigawattscomparedtothepreviousyears.In2027,newsolarPVinstallationscapacityisexpectedtoincreasefurther,reachingatotalof617gigawatts.ReadmoreNote(s):Worldwide;2015to2027;*Thefiguresfrom2023to2026areprojectionsofSolarPowerEurope'smediumscenario.

ReadmoreSource(s):SolarPowerEuropeCHAPTER

02FinancialsNetrevenueofCanadianSolarInc.fromfinancialyear2009to2023(inmillionU.S.dollars)CanadianSolar'snetrevenueFY2009-20238,0007,0006,0005,0004,0007,613.637,468.615,277.173,744.513,467.633,476.53,390.393,200.582,960.632,853.083,0001,898.922,0001,00001,654.3620131,495.5120101,294.832012630.962009201120142015201620172018201920202021202220239Description:CanadianSolarInc.,asolarpowermodulemanufacturer,reportedanetrevenueofaround7.6billionU.S.dollarsinthefiscalyearof2023,representingaslightincreasecomparedwiththepreviousfiscalyear.

ReadmoreNote(s):Worldwide;FY2009toFY2023Source(s):CanadianSolarOperatingexpensesofCanadianSolarInc.fromfinancialyear2011to2023(inmillionU.S.dollars)CanadianSolar'soperatingexpensesFY2011-20231,000900800700600500400300907.08826.66718.93469.48459.62410.43368.25329.42015324.022016232.92012214.72014175.420112001000144.92013201720182019202020212022202310Description:CanadianSolarInc.,asolarpowermodulemanufacturer,reportedspendingaround826.66millionU.S.dollarsonoperatingexpensesinthefiscalyearof2023,aslightdecreasecomparedwiththepreviousfiscalyear.

ReadmoreNote(s):Worldwide;FY2011toFY2023Source(s):CanadianSolarNetincomeofCanadianSolarInc.fromfinancialyear2009to2023(inmillionU.S.dollars)CanadianSolar'snetincomeFY2009-2023400300200100363.63298.55243.89242.43173.32166.56147.25109.88102.9865.2850.8345.5722.780-100-200-300-90.92011-195.162012200920102013201420152016201720182019202020212022202311/statistics/331835/net-income-of-canadian-solarThesolarPVmodulemanufacturerCanadianSolarreportedanetincomeof363.6millionU.S.dollarsinthefiscalyearof2023.Thiswasanincreasewhencomparedtothepreviousfiscalyear,whichrecordedanetincomeof298.6millionU.S.dollars.ReadmoreNote(s):Worldwide;FY2009toFY2023Source(s):CanadianSolarAnnualnetmarginofCanadianSolarInc.fromfinancialyear2012to2023CanadianSolar'snetmarginFY2012-202310%8.2%6.5%5.2%5%4.8%4.2%4%5%0%3%2.8%2.3%2.1%-5%-10%-15%-20%-15.1%20122013201420152016201720182019202020212022202312Description:Infiscalyear2023,CanadianSolarInc.,amanufacturerofsolarphotovoltaics(PV)modulesandsolarpowersystems,reportedanetmarginof4.8percentoftheirrevenues,anincreasecomparedwiththepreviousfiscalyear.

ReadmoreNote(s):Worldwide;2012to2023Source(s):CanadianSolarTotalassetsofCanadianSolarInc.fromfinancialyear2009to2023(inmillionU.S.dollars)CanadianSolar'stotalassetsFY2009-202314,00012,00010,0008,00011,895.769,037.137,388.346,536.855,889.636,0005,406.615,467.24,892.664,413.934,0003,072.4220142,453.7420132,259.3120121,879.812,00001,423.3720101,038.72009201120152016201720182019202020212022202313Description:TheCanadiansolarPVmodulemanufacturerheldtotalassetsofroughly11.9billionU.S.dollarsinthefiscalyearof2023.ThiswasanincreaseofapproximatelythreebillionU.S.dollarswhencomparedtothepreviousyear'stotalassets.

ReadmoreNote(s):Worldwide;FY2009toFY2023Source(s):CanadianSolarCHAPTER

03SegmentsNetrevenueofCanadianSolarIncinfiscalyear2023,byregion(inmillionU.S.dollars)CanadianSolar'snetrevenue2023,byregionNetrevenueinmillionU.S.dollars1,00005001,5002,0002,500ChinaUnitedStatesBrazil2,151.241,485.92846.39Japan597.19Spain445.32GermanySouthAfricaUnitedKingdomNorway291.39218.6144.99139.77128.25AustraliaIndia91.02NetherlandsItaly81.8279.0415Description:Inthefiscalyearof2023,CanadianSolar,amanufacturerofsolarPVmodulesandsolarpowersystems,recordedanetrevenueofaround1.5billionU.S.dollarsintheUnitedStates.Thiswasthesecond-highestnetrevenueofallregions.

ReadmoreNote(s):Worldwide;FY2023Source(s):CanadianSolarNetrevenueofCanadianSolarInc.fromfinancialyear2019to2023,bysegment(inmillionU.S.dollars)CanadianSolar'snetrevenueFY2019-2023,bysegmentCSISolarsegmentGlobalEnergysegment9,0008,0007,0006,0005,0004,0003,0002,0001,0000497.53821.536,975.61,124.087,230.55726.17718.744,371.620213,105.042,591.15201920202022202316Description:In2023,CanadianSolarInc.,amanufacturerofsolarphotovoltaics(PV)modulesandsolarpowersystems,recordedanetrevenueofapproximately7.2billionU.S.dollarsintheirCSISolarsegment.

ReadmoreNote(s):Worldwide;FY2019toFY2023Source(s):CanadianSolarNetrevenueofCanadianSolarInc.infiscalyear2023,byproductorservice(inmillionU.S.dollars)CanadianSolar'snetrevenueFY2023,byproductorserviceNetrevenueinmillionU.S.dollars2,000

3,00001,0004,0005,0006,0007,000SolarmodulesSolarsystemkits5,941.35679.35SolarandbatterystorageprojectsEPCandothers399.1250.11BatterystoragesolutionsO&MandassetmanagementservicesElectricityrevenue245.1752.3846.1817Description:Duringthefinancialyear2023,CanadianSolarInc.generatedaround5.9billionU.S.dollarsinrevenuefromtheirsolarmodules.ThisrepresentedCanadianSolar'smostprofitableproductthatyear.

ReadmoreNote(s):Worldwide;FY2023Source(s):CanadianSolarResearchanddevelopmentexpendituresofCanadianSolarInc.fromfinancialyear2011to2023(inmillionU.S.dollars)CanadianSolar'sR&DspendingFY2011-202312010080100.8469.8258.416047.0545.17202044.1920184020028.78201719.817.06201517.4120161311.712.12011201220132014201920212022202318Description:CanadianSolarInc.,asolarpowermodulemanufacturer,reportedaspendingofapproximately100.8millionU.S.dollarsonresearchanddevelopmentinthefiscalyearof2023,anincreasecomparedwiththepreviousfiscalyear.

ReadmoreNote(s):Worldwide;FY2011toFY2023Source(s):CanadianSolarNumberofCanadianSolarInc.employeesfromfinancialyear2011to2023CanadianSolar'snumberofemployeesFY2011-202325,00020,00015,00022,23418,42313,47813,53512,77412,44212,1299,72410,0005,00009,08720118,96920158,67320147,73620137,02020122016201720182019202020212022202319Description:CanadianSolarInc.employed22,234peopleinthefiscalyearof2023.Thiswasanincreaseofalmost4,000employeeswhencomparedtothepreviousyear.

ReadmoreNote(s):Worldwide;FY2011toFY2023Source(s):CanadianSolarCHAPTER

04CompetitorsLeadingsolarPVmanufacturersworldwidein2022,basedonshipments(ingigawatts)ShipmentsofsolarPVmanufacturers2022Shipmentsingigawatts051015202530354038.145Tongwei(China)JASolar(China)36.2Aiko(China)30.7LONGi(China)29.2JinkoSolar(China)CanadianSolar(Canada)TrinaSolar(China)SolarSpace(China)ZhongliTalesun(China)FirstSolar(U.S.)23.916.814.511.69.89.121Description:Tongwei,acellandmodulemanufacturerbasedinChina,hadshipmentsofaround38.1gigawattsin2022.Ofthetenmostprominentmanufacturersofsolarphotovoltaics,eightarebasedinChina.ReadmoreNote(s):Worldwide;2022Source(s):NRELProductionoftheleadingsolarPVmodulemanufacturersworldwidein2022(ingigawatts)MajorglobalsolarPVmanufacturers2022,bymoduleproductionModuleproductioningigawatts15

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250510303540455055LongiGreenEnergyTechnologyTrinaSolar48.245.2JaSolarTechnologyJinkoSolar43.940CanadianSolar21.122Description:In2022,LongiGreenEnergyTechnologywastheleadingsolarPVmanufacturerintermsofmoduleproductionworldwide.Themoduleproductionofthecompanywasaround48.2gigawattsthatyear.Incomparison,themoduleproductionofCanadianSolarwasaround21.1gigawattsthesameyear.ReadmoreNote(s):Worldwide;2022Source(s):IEA;PVPS;RTSCorporationLeadingsolarPVmanufacturersbasedonmoduleshipmentsworldwidein2022(ingigawatts)MajorglobalsolarPVmanufacturers2022,bymoduleshipmentsModuleshipmentingigawatts15

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2505103035404550LongiGreenEnergyTechnologyJinkoSolar46.844.5TrinaSolar43.1JaSolarTechnologyCanadianSolar39.821.123Description:In2022,LongiGreenEnergyTechnologywastheleadingsolarPVmanufacturerintermsofmoduleshipmentworldwide.Themoduleshipmentofthecompanywasaround46.8gigawattsthatyear.InthesecondpositionwasJinkoSolarwithmoduleshipmentsofaround44.5gigawatts.ReadmoreNote(s):Worldwide;2022;shipmentvolumesincludecommissionedproductionandOEMprocurementSource(s):IEA;PVPS;RTSCorporationNetsalesofFirstSolar,Inc.fromfinancialyear2007to2023(inmillionU.S.dollars)FirstSolar'snetsalesFY2007-20234,5004,0003,5003,0002,5004,1133,3913,3543,3093,3193,0632,