Canadian Solar Sees Revenue and Net Profit Decline in 2024 Amid PV Module Price Drop

[Canadian Solar: PV Module Prices Drop Significantly, 2024 Net Profit Attributable to Shareholders Down 21.09% YoY]

Canadian Solar announced that in 2024, it achieved revenue of 46.161 billion yuan (down 10.03% YoY) and net profit attributable to shareholders of 2.291 billion yuan (down 21.09% YoY). The main factors affecting operating performance include the significant decline in PV module prices compared to the same period last year, which squeezed the profitability of the entire PV industry. However, the explosive growth and profit contribution of the company's overseas large-scale ESS business provided strong support. Additionally, the impact of tariffs caused by geopolitical issues and overseas trade protection, as well as the company's impairment provisions for certain inventories and outdated capacity, also played a role.