阿特斯三季报：营收及利润环比双下降

加拿大本土企业、新能源上市公司---阿特斯太阳能(CSIQ.NSDQ)三季报近期公布。该企业表示，第三季和前三季的部分业绩出现明显下降。其中第三季经营活动产生的净现金，更是环比降幅高达90%。

财报显示，该公司前三季的总营收为22.81亿美元，同比去年同期的28.43亿美元降幅近20%。前三季的净利为9862.8万美元，同比(去年前三季1.283亿美元)的降幅高达23.15%。

而从单季度财报看，该公司的第三季度收入为7.599亿美元，环比降幅近27%。以美国公认会计准则(GAAP)为标准，归属于该企业的净利为5830万美元，环比及同比皆下滑。值得留意的是，该公司第三季中经营活动产生的净现金约2240万美元，而2019年第二季该数字为2.26亿美元，降幅高达90%。

截至2019年9月30日，该公司正在运营的公用事业规模太阳能电站投资组合为795.8MWp，估计总转售价值约9亿美元。

2019年第三季，该企业的组件总出货量为2387MW，2019年第二季为2143MW。在收入中确认的组件出货量总计2156MW，而2019年第二季为2376MW。

阿特斯太阳能高级副总裁兼CFO张慧峰博士说：“阿特斯在第三季，实现的GAAP净利润为5800万美元(左右)，摊薄后每股收益0.96美元。(数据)低于预期，主要是由于延迟关闭日本太阳能电站的销售所引起的。”

他还提到，至2020年，公司将继续展开3.4GWp后期太阳能项目的部分货币化，并在推动盈利增长及加强公司资产负债表之间保持平衡。

该公司公用事业规模的太阳能项目分为两类：早期、中期和后期。后期项目主要包括那些具有FIT或PPA的项目，预计在未来四年内建成。公司提醒说，某些后期项目可能由于未获得许可和并网，以及所在地区的政经状况发生变化等因素而无法完成。

2019年第四季，阿特斯的太阳能组件产品出货量预计在2.3GW-2.4GW之间，其中约190MW的组件，因用于公司自有电站建设，不计入第四季度销售收入。企业的销售额预计在8.5亿-8.8亿美元(约合59.66亿-61.77亿元人民币)之间。第四季度毛利率预计在19%-21%之间。

2019年全年，阿特斯太阳能组件产品出货量预计在8.4吉瓦-8.5吉瓦之间，全年销售额预计在31.3亿-31.6亿美元(约合219.71亿-221.82亿元人民币)之间。上述销售额的预期，不及2018年全年的37.4亿美元及2017年的33.9亿美元。因此今年全年，阿特斯收入将同比下降。

Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies,announced financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

· Total solar module shipments were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW.

· Net revenue was $759.9 million, compared to $1.0 billion in the second quarter of 2019 and third quarter 2019 guidance of $780 million to $810 million.

· Gross margin was 26.2%, compared to 17.6% in the second quarter of 2019 and third quarter 2019 guidance of 24% to 26%. Gross margin was 23.0% excluding a $24.3 million countervailing duty (“CVD”) true-up benefit.

· Net income attributable to Canadian Solar on a GAAP basis was $58.3 million, or $0.96 per diluted share, compared to $62.7 million, or $1.04 per diluted share, in the second quarter of 2019.

· Net income attributable to Canadian Solar on a non-GAAP basis was $40.1 million, or $0.66 per diluted share. This excludes a $24.3 million CVD true-up benefit, net of income tax effect. For a reconciliation of results under generally accepted accounting principles in the United States (“GAAP”) to non-GAAP results, see the accompanying table “about Non-GAAP Financial Measures”.

· Net cash provided by operating activities was approximately $22.4 million, compared to $225.8 million in the second quarter of 2019.

· As of September 30, 2019, the Company’s portfolio of utility-scale solar power plants in operation was 795.8 MWp with an estimated total resale value of approximately $900 million.

Third Quarter 2019 Results

Net revenue in the third quarter of 2019 was $759.9 million, compared to $1.0 billion in the second quarter of 2019, and $768.0 million in the third quarter of 2018. The sequential decline primarily reflects the lower revenue from the sale of solar power plants.

Total solar module shipments in the third quarter of 2019 were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW. Total solar module shipments in the third quarter of 2019 included 61 MW shipped to the Company’s utility-scale solar power projects. Solar module shipments recognized in revenue in the third quarter of 2019 totaled 2,156 MW, compared to 2,376 MW in the second quarter of 2019 and 1,521 MW in the third quarter of 2018.

Gross profit in the third quarter of 2019 was $198.9 million, compared to $182.6 million in the second quarter of 2019 and $200.4 million in the third quarter of 2018. The benefit for the anti-dumping (“AD”) and CVD true-up was $24.3 million in the third quarter of 2019, $21.6 million in the second quarter of 2019, and $8.3 million, in the third quarter of 2018.Gross margin in the third quarter of 2019 was 26.2%, compared to 17.6% in the second quarter of 2019 and 26.1% in the third quarter of 2018. Non-GAAP gross margin, which excludes the impact of the quarterly AD/CVD true-up, was 23.0% in the third quarter of 2019, compared to 15.5% in the second quarter of 2019 and 25.0% in the third quarter of 2018.

The Company’s Module and System Solutions (“MSS”) business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction (“EPC”) and operating and maintenance (“O&M”) services. The Company’s Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. Module sales from the MSS business to the Energy business are on terms and conditions similar to sales to third parties.