<p><em>该公司正日益将其制造重心转向美国，包括即将在印第安纳州推出的一座大型高科技太阳能电池厂</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/18062543/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-5-2026_142511_thebambooworks.com_-1024x664.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/18062543/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-5-2026_142511_thebambooworks.com_-1024x664.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>加拿大太阳能将在未来两个月内在美国的一座大型新太阳能电池厂启动商业生产，作为其向北美生产转型的一部分</li>
<li>该公司凭借其对盈利市场的关注和新兴能源存储业务的强劲利润率，拥有显著高于大多数同行的毛利率</li>
</ul>
<p>中国、加拿大还是美国？</p>
<p>这是目前悬在太阳能电池制造商 <strong>Canadian Solar Inc.</strong> (NASDAQ: CSIQ) 头上的大问题。该公司喜欢宣传其加拿大根基，声称于 2001 年在安大略省成立。但由于其创始人 Shawn Qu 的背景，以及在大部分历史中将中国作为主要制造基地，许多人一直将其视为一家中国公司。</p>
<p>现在，加拿大太阳能正试图说服世界——尤其是美国总统唐纳德·特朗普——它是一家北美公司，重心主要放在美国部分。在上周四发布的 最新季度报告 中，加拿大太阳能表示 Shawn Qu 已将其长期担任的首席执行官职位交给了公司老将 Colin Parkin，后者根据其个人背景似乎是加拿大人。</p>
<p>与此同时，该公司详细介绍了在美国印第安纳州杰斐逊维尔新建高科技生产设施的计划，该设施似乎能够迅速扩大生产，达到公司太阳能产品的一半或更多。该设施专注于太阳能电池，这是太阳能电池板的核心组件，这使其与我们最近看到的许多中国公司在美国建造的其他工厂有所不同。那些工厂生产的是太阳能组件，这是一种较低技术的产品，主要使用从中国进口的太阳能电池组装而成。</p>
<p>加拿大太阳能表示，杰斐逊维尔工厂今年早些时候已进入试生产，商业运营预计将在大约两个月内开始。该项目的第一阶段将拥有 2.1 GWp 的产能，第二阶段将在 2027 年增加 4.2 GWp，总产能将达到 6.3 GWp。</p>
<p>有趣的是，太阳能和投资界的一些人对中国可能试图阻止出口杰斐逊维尔工厂所需的尖端技术设备表示担忧。但 Qu 表示：“到目前为止，我们没有看到这个挑战。” 他还希望特朗普与中国国家主席习近平上周在北京的会晤能够帮助缓解美中贸易关系中的这一问题。</p>
<p>在会议后，双方的公开言论中没有提及中国的出口限制，西方媒体将此次会议视为象征性意义重大，但实质内容缺乏。美国已多次采取措施阻止高科技芯片和芯片制造设备出口到中国，而中国则通过限制稀土出口来反制，这些稀土用于制造许多尖端电子产品中使用的特殊磁铁。</p>
<p>除了新的杰斐逊维尔工厂，加拿大太阳能还在德克萨斯州梅斯基特市运营一座较旧的低技术设施，该设施组装太阳能组件。该设施目前的年产能为 5 GWp，预计到今年年底将翻倍至 10 GWp。在财报电话会议上，Qu 强调，加拿大太阳能在第一季度的 2.5 GW 太阳能组件出货中，有 45% 是在北美制造的，且其在北美的所有销售均是在梅斯基特工厂生产的。随着新杰斐逊维尔工厂的启动，预计其美国制造的面板所使用的所有太阳能电池也将是本地生产的，此外梅斯基特制造的最终太阳能组件也将如此。</p>
<h4><strong>补贴资格</strong></h4>
<p>加拿大太阳能作为一家真正的北美公司的定位，可能有助于该公司在美国太阳能补贴资格日益复杂的环境中导航。上周，路透社报道 称，许多美国太阳能安装商因担心特朗普政府可能将这些产品排除在美国补贴资格之外，而停止购买与中国有联系的本地制造商的面板。正如我们之前提到的，大多数这些制造商与 <strong>JinkoSolar</strong>（JKS.US; 688223.SH）和 <strong>Longi</strong>（601012.SH）等名字有关，实际上是在美国制造太阳能组件，使用的是从其中国业务进口的电池。</p>
<p>路透社的报道并未明确指出加拿大太阳能的美国制造面板是否不符合美国补贴资格。但报道指出，加拿大太阳能是最近被从领先的美国太阳能安装商 <strong>Sunrun</strong>（RUN.US）批准供应商名单中移除的几家公司之一。加拿大太阳能在财报电话会议上没有提及此事，分析师也没有提及，这似乎表明该公司认为其日益以美国为中心的制造可能会保护其免受此类风险。</p>
<p>加拿大太阳能公司日益以美国为中心的战略是其近期更广泛战略的一部分，旨在专注于最盈利的市场，并缩减或退出盈利较少的市场。我们已经注意到，该公司近一半的销售来自美国，这帮助它在全球太阳能行业面临巨大产能过剩的情况下，仍然实现了超出行业水平的利润率。</p>
<p>加拿大太阳能去年的毛利率为 18.3%，该公司表示预计今年剩余时间的毛利率将在 13% 到 15% 之间。相比之下，晶科能源去年的毛利率仅为 2.2%，而隆基的毛利率仅为 0.8%。这种差异部分也归因于加拿大太阳能在太阳能面板业务之外，其他业务如建设太阳能电站和新兴的能源存储领域的贡献。</p>
<p>加拿大太阳能第一季度的财务表现并不算太令人印象深刻，包括同比下降 10% 的收入，降至 11 亿美元，帕金形容市场仍面临众多持续的 “挑战”。该公司的模块出货量在本季度同比下降了更为陡峭的 64%。这部分被其能源存储业务的强劲增长所抵消，该业务的出货量同比增长 142%，达到 2.1 GWh。</p>
<p>在底线方面，加拿大太阳能报告本季度净亏损 3200 万美元，与去年同期的 3400 万美元亏损相似。</p>
<p>该公司的股票在过去一年中波动较大，曾在去年九月至十一月的三个月内一度上涨超过三倍，寄希望于行业复苏，但后来证明这一希望过于乐观。在最新业绩公布前，股票下跌了 11%，而在实际公告后的第二天基本持平，表明投资者可能希望在报告中相对乐观的消息之外获得更多。</p>
<p>展望未来，加拿大太阳能能否成功说服太阳能面板买家和投资者，逐渐摆脱与中国的联系，成为一家北美公司，将在很大程度上决定其未来的表现。在这方面的成功可能为其在美国上市的股票提供一些上行空间，尽管与大多数同行相比，其市销率仍然相对较低。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

阿特斯太阳能

<p>加拿大太阳能公司正在将其制造重点转向北美，在印第安纳州启动了一座新的太阳能电池工厂。该公司已任命 Colin Parkin 为新任首席执行官，接替 Shawn Qu。杰斐逊维尔工厂计划到 2027 年实现 6.3 GWp 的产能，生产用于美国制造面板的太阳能电池。这一举措可能会增强加拿大太阳能公司在美国太阳能补贴方面的资格，因应对中国技术出口的担忧。目前，其太阳能组件出货量中有 45% 是在北美生产的</p>

<p><em>The company is increasingly shifting its manufacturing focus to the U.S., including the upcoming launch of a major plant in Indiana making high-tech solar cells</em></p>
<div class="lb-trans"><p><em>该公司正日益将其制造重心转向美国，包括即将在印第安纳州推出的一座大型高科技太阳能电池厂</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/18062543/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-5-2026_142511_thebambooworks.com_-1024x664.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/18062543/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-5-2026_142511_thebambooworks.com_-1024x664.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Canadian Solar will launch commercial production at a major new solar-cell factory in the U.S. in the next two months, as part of its growing shift to North American production</li>
<li>The company boasts significantly higher gross margins than most of its peers, thanks to its focus on profitable markets and strong margins for its newer energy storage business</li>
</ul>
<div class="lb-trans"><ul>
<li>加拿大太阳能将在未来两个月内在美国的一座大型新太阳能电池厂启动商业生产，作为其向北美生产转型的一部分</li>
<li>该公司凭借其对盈利市场的关注和新兴能源存储业务的强劲利润率，拥有显著高于大多数同行的毛利率</li>
</ul>
</div><p>Chinese, Canadian or American?</p>
<div class="lb-trans"><p>中国、加拿大还是美国？</p>
</div><p>That's the big question hovering above solar panel maker <strong>Canadian Solar Inc.</strong> (NASDAQ: CSIQ) these days. The company likes to tout its Canadian roots, stating it was founded in Ontario in 2001. But many have considered it a Chinese company for much of that time due to the background of its founder, Shawn Qu, and the use of China as its main manufacturing base for most of its history.</p>
<div class="lb-trans"><p>这是目前悬在太阳能电池制造商 <strong>Canadian Solar Inc.</strong> (NASDAQ: CSIQ) 头上的大问题。该公司喜欢宣传其加拿大根基，声称于 2001 年在安大略省成立。但由于其创始人 Shawn Qu 的背景，以及在大部分历史中将中国作为主要制造基地，许多人一直将其视为一家中国公司。</p>
</div><p>Now, Canadian Solar is trying to convince the world – most notably including U.S. President Donald Trump – that it's a North American company, with a heavy focus on the U.S. part of the continent. In its latest quarterly report, released last Thursday, Canadian Solar said Shawn Qu has yielded his longtime CEO position to company veteran Colin Parkin, who appears to be Canadian, based on his biographical background.</p>
<div class="lb-trans"><p>现在，加拿大太阳能正试图说服世界——尤其是美国总统唐纳德·特朗普——它是一家北美公司，重心主要放在美国部分。在上周四发布的 最新季度报告 中，加拿大太阳能表示 Shawn Qu 已将其长期担任的首席执行官职位交给了公司老将 Colin Parkin，后者根据其个人背景似乎是加拿大人。</p>
</div><p>At the same time, the company detailed plans for the ramp-up of a new high-tech production facility in Jeffersonville, in the U.S. state of Indiana, that looks like it could quickly grow to produce half or more of the company's solar products. This facility's focus on solar cells, the central component of solar panels, makes it different from many of the other plants we've seen Chinese companies building in the U.S. lately. Those other plants produce solar modules, which are a lower-tech product assembled using solar cells imported mostly from China.</p>
<div class="lb-trans"><p>与此同时，该公司详细介绍了在美国印第安纳州杰斐逊维尔新建高科技生产设施的计划，该设施似乎能够迅速扩大生产，达到公司太阳能产品的一半或更多。该设施专注于太阳能电池，这是太阳能电池板的核心组件，这使其与我们最近看到的许多中国公司在美国建造的其他工厂有所不同。那些工厂生产的是太阳能组件，这是一种较低技术的产品，主要使用从中国进口的太阳能电池组装而成。</p>
</div><p>Canadian Solar said the Jeffersonville plant entered trial production earlier this year, with commercial operation set to start in about two months. The project's first phase will have 2.1 GWp of capacity, with another 4.2 GWp coming in phase two set for addition in 2027, bringing total capacity to 6.3 GWp.</p>
<div class="lb-trans"><p>加拿大太阳能表示，杰斐逊维尔工厂今年早些时候已进入试生产，商业运营预计将在大约两个月内开始。该项目的第一阶段将拥有 2.1 GWp 的产能，第二阶段将在 2027 年增加 4.2 GWp，总产能将达到 6.3 GWp。</p>
</div><p>Interestingly, some in the solar and investment communities have been expressing concerns that China may try to block the export of cutting-edge technology like the equipment that will be needed for the Jeffersonville plant. But Qu said that &#34;So far, we don't see that challenge,&#34; adding his hopes that President Trump's meeting with China President Xi Jinping in Beijing last week might help to smooth out that element of the rocky U.S.-China trade relationship.</p>
<div class="lb-trans"><p>有趣的是，太阳能和投资界的一些人对中国可能试图阻止出口杰斐逊维尔工厂所需的尖端技术设备表示担忧。但 Qu 表示：“到目前为止，我们没有看到这个挑战。” 他还希望特朗普与中国国家主席习近平上周在北京的会晤能够帮助缓解美中贸易关系中的这一问题。</p>
</div><p>No mention of export restrictions by China was made in published remarks by either side following the meeting, which Western media have cast as large on symbolism but lacking much in actual substance. The U.S. has taken repeated steps to block the export of high-tech chips and chip-making equipment to China, while China has countered by restricting the export of rare earths needed to make special magnets used in many cutting-edge electronics.</p>
<div class="lb-trans"><p>在会议后，双方的公开言论中没有提及中国的出口限制，西方媒体将此次会议视为象征性意义重大，但实质内容缺乏。美国已多次采取措施阻止高科技芯片和芯片制造设备出口到中国，而中国则通过限制稀土出口来反制，这些稀土用于制造许多尖端电子产品中使用的特殊磁铁。</p>
</div><p>In addition to the new Jeffersonville plant, Canadian Solar also operates an older lower-tech facility in the city of Mesquite, Texas, which assembles solar modules. That facility currently has annual capacity of 5 GWp worth of modules, which the company expects to double to 10 GWp by the end of this year. On the earnings call, Qu emphasized that 45% of Canadian Solar's 2.5 GW in solar module shipments during the first quarter were manufactured in North America, and that all of its North America sales were produced at the Mesquite plant. With the launch of the new Jeffersonville plant, presumably all of the solar cells used in its U.S.-made panels will also be locally produced, in addition to the final solar modules made in Mesquite.</p>
<div class="lb-trans"><p>除了新的杰斐逊维尔工厂，加拿大太阳能还在德克萨斯州梅斯基特市运营一座较旧的低技术设施，该设施组装太阳能组件。该设施目前的年产能为 5 GWp，预计到今年年底将翻倍至 10 GWp。在财报电话会议上，Qu 强调，加拿大太阳能在第一季度的 2.5 GW 太阳能组件出货中，有 45% 是在北美制造的，且其在北美的所有销售均是在梅斯基特工厂生产的。随着新杰斐逊维尔工厂的启动，预计其美国制造的面板所使用的所有太阳能电池也将是本地生产的，此外梅斯基特制造的最终太阳能组件也将如此。</p>
</div><h4><strong>Subsidy eligibility</strong></h4>
<div class="lb-trans"><h4><strong>补贴资格</strong></h4>
</div><p>Canadian Solar's positioning as a truly North American company could help the company navigate an increasingly tricky landscape in terms of eligibility for U.S. solar subsidies. That story made headlines last week, when Reuters reported many solar installers in the U.S. had stopped buying panels from locally made producers with links to China due to concerns the Trump administration may exclude those products from eligibility for U.S. subsidies. As we've previously noted, most of those producers, with links to names like <strong>JinkoSolar</strong> (JKS.US; 688223.SH) and <strong>Longi</strong> (601012.SH), were simply making solar modules in the U.S. using cells imported from their China operations.</p>
<div class="lb-trans"><p>加拿大太阳能作为一家真正的北美公司的定位，可能有助于该公司在美国太阳能补贴资格日益复杂的环境中导航。上周，路透社报道 称，许多美国太阳能安装商因担心特朗普政府可能将这些产品排除在美国补贴资格之外，而停止购买与中国有联系的本地制造商的面板。正如我们之前提到的，大多数这些制造商与 <strong>JinkoSolar</strong>（JKS.US; 688223.SH）和 <strong>Longi</strong>（601012.SH）等名字有关，实际上是在美国制造太阳能组件，使用的是从其中国业务进口的电池。</p>
</div><p>It wasn't clear from the Reuters report if Canadian Solar's U.S.-made panels were ineligible for U.S. subsidies. But the report noted that Canadian Solar was one of several companies recently removed from the list of approved suppliers for leading U.S. solar installer <strong>Sunrun</strong> (RUN.US). Canadian Solar didn't raise the issue on its earnings call, nor did analysts, which appears to show the company believes its increasingly U.S.-centric manufacturing may protect it from such risk.</p>
<div class="lb-trans"><p>路透社的报道并未明确指出加拿大太阳能的美国制造面板是否不符合美国补贴资格。但报道指出，加拿大太阳能是最近被从领先的美国太阳能安装商 <strong>Sunrun</strong>（RUN.US）批准供应商名单中移除的几家公司之一。加拿大太阳能在财报电话会议上没有提及此事，分析师也没有提及，这似乎表明该公司认为其日益以美国为中心的制造可能会保护其免受此类风险。</p>
</div><p>Canadian Solar's increasingly U.S.-centric approach is part of the company's broader recent strategy of focusing on its most profitable markets, and scaling back or leaving less profitable ones. We've already noted that the company gets nearly half of its sales from the U.S., which has helped it post industry-beating margins as the broader global solar sector suffers from massive overcapacity.</p>
<div class="lb-trans"><p>加拿大太阳能公司日益以美国为中心的战略是其近期更广泛战略的一部分，旨在专注于最盈利的市场，并缩减或退出盈利较少的市场。我们已经注意到，该公司近一半的销售来自美国，这帮助它在全球太阳能行业面临巨大产能过剩的情况下，仍然实现了超出行业水平的利润率。</p>
</div><p>Canadian Solar's gross margin was 18.3% last year, and the company said it expects the level to be in the 13% to 15% range for the rest of this year. By comparison, JinkoSolar's gross margin last year was a far lower 2.2%, while Longi's was just 0.8%. Part of the difference also owes to Canadian Solar's other businesses building solar farms and in the emerging energy storage sector, in addition to its solar panel business.</p>
<div class="lb-trans"><p>加拿大太阳能去年的毛利率为 18.3%，该公司表示预计今年剩余时间的毛利率将在 13% 到 15% 之间。相比之下，晶科能源去年的毛利率仅为 2.2%，而隆基的毛利率仅为 0.8%。这种差异部分也归因于加拿大太阳能在太阳能面板业务之外，其他业务如建设太阳能电站和新兴的能源存储领域的贡献。</p>
</div><p>Canadian Solar's first-quarter financials weren't exactly too impressive, including a 10% year-on-year revenue decline to $1.1 billion, as Parkin described the market as continuing to face myriad ongoing &#34;challenges.&#34; The company's module shipments fell by a much steeper 64% year-on-year during the quarter. That was partly offset by strong growth for its energy storage business, whose shipments rose 142% year-on-year to 2.1 GWh.</p>
<div class="lb-trans"><p>加拿大太阳能第一季度的财务表现并不算太令人印象深刻，包括同比下降 10% 的收入，降至 11 亿美元，帕金形容市场仍面临众多持续的 “挑战”。该公司的模块出货量在本季度同比下降了更为陡峭的 64%。这部分被其能源存储业务的强劲增长所抵消，该业务的出货量同比增长 142%，达到 2.1 GWh。</p>
</div><p>On the bottom line, Canadian Solar reported a net loss of $32 million for the quarter, similar to the $34 million loss it reported a year earlier.</p>
<div class="lb-trans"><p>在底线方面，加拿大太阳能报告本季度净亏损 3200 万美元，与去年同期的 3400 万美元亏损相似。</p>
</div><p>The company's stock has been quite volatile over the last year, more than tripling at one point over a three-month period from last September to November on hopes of a sector recovery that later turned out to be premature. The stock fell 11% ahead of the latest results, and then was mostly flat the day after the actual announcement, indicating investors were probably hoping for more beyond the relatively upbeat news in the report.</p>
<div class="lb-trans"><p>该公司的股票在过去一年中波动较大，曾在去年九月至十一月的三个月内一度上涨超过三倍，寄希望于行业复苏，但后来证明这一希望过于乐观。在最新业绩公布前，股票下跌了 11%，而在实际公告后的第二天基本持平，表明投资者可能希望在报告中相对乐观的消息之外获得更多。</p>
</div><p>Going forward, much will depend on how well Canadian Solar can convince both solar panel buyers and investors that it's gradually shedding its China connections and becoming a North American company. Success in that regard could provide some upside for its U.S.-listed stock, which still trades at a relatively low price-to-sales (P/S) ratio compared with most of its peers.</p>
<div class="lb-trans"><p>展望未来，加拿大太阳能能否成功说服太阳能面板买家和投资者，逐渐摆脱与中国的联系，成为一家北美公司，将在很大程度上决定其未来的表现。在这方面的成功可能为其在美国上市的股票提供一些上行空间，尽管与大多数同行相比，其市销率仍然相对较低。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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