Mar. 13 at 4:22 PM
$CSIQ "With module ASPs up 40% and management guiding for 14-17-GW of storage shipments on increasingly strong margins, CSI Solar is looking at a bumper 2026. 8 billion in revenue and 400 million net income is not unrealistic for the segment. And as CSI CapEx cycle is over while depreciation is still accelerating, FCF should exceed net income for the period. Add to that the increasing Recurring monetization and CS PowerTech ramping (trial production of 2GW HJT cells to feed into Texas modules beginning now), and the proven earnings narrative becomes so powerful that the SOTP valuation gap and the information gap has to close. This should drive a violent rerating. Mind you, by Q1 next year, CS Power Tech will harvest 700 million/year in 45X credits alone. Crucially, the 350 million in module credits from Texas have not been mentioned during 2025. "
