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Canadian Solar Inc. (CSIQ): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report
We are downgrading our recommendation on Canadian Solar Inc. to Neutral from Outperform, primarily based on the weak contribution from the European operations, foreign currency risks, and sequential decline in shipment volume. In addition, the company's first-quarter 2014 earnings figure failed to meet our expectations due to lower contribution from the European as well as Asia and other markets' businesses. However, Canadian Solar's strong cash position, well-expanded operations in different geographies, and steady research and development initiatives will likely counter the aforesaid negatives. On the revenue front, quarterly figure beat the estimates and improved year over year, primarily on the back of higher revenues from American operations.
Ontario, Canada-based Canadian Solar Inc. (CSIQ) is a vertically-integrated manufacturer of silicon ingots, wafers, cells, solar modules (panels) and custom-designed solar power applications. The company designs, manufactures and delivers solar products and solar system solutions for both on-grid and off-grid use to customers worldwide. The company was incorporated in Canada in 2001. Subsequently, in Nov 2006, the company came out with its maiden public offering.
Canadian Solar operates through eight wholly-owned manufacturing subsidiaries. Canadian Solar is a leading photovoltaic supplier with over 6 gigawatt (GW) delivered in 70 countries.
Canadian Solar sells its products to customers worldwide with operations spread across 20 countries including Australia, Brazil, China, Germany, Japan, South Korea, South Africa, Spain, Singapore, Turkey, the United Arab Emirates and the U.S. The company has active solar projects in the states of California, North Carolina and Massachusetts in the U.S.
The company offers one of the broadest crystalline silicon solar module product lines in the industry ranging from modules made of medium power, low-cost upgraded metallurgical-grade silicon, or UMG-Si, to high efficiency, high power output mono-crystalline modules, along with a range of specialty products. The company's standard solar modules are sold to distributors and system integrators, and specialty solar modules and products to various manufacturers, which integrate these solar modules into their own products or sell and market them as part of their own product portfolio.
Canadian Solar's standard solar modules are manufactured on general specifications for use in various residential, commercial, and industrial solar power generation systems. Its specialty solar modules and products are manufactured to meet customers' requirements. Its specialty solar modules and products consist of customized modules that its customers incorporate into their own products, such as solar-powered bus stop lighting, and complete specialty products, such as solar-powered car battery chargers. The company also implements solar power development projects, primarily in conjunction with government organizations, to provide solar power generation in rural areas of China.
Canadian Solar Inc. (CSIQ): Read the Full Research Report
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CANADIAN SOLAR (CSIQ): Free Stock Analysis Report
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