阿特斯太陽能20251113_原文2025年11月16日00:12發(fā)言人00:00Thankyou,Operator,andwelcome,everyonetocanadiansolarthirdquarterslastfive.Thesenotesthattoday'scompanycallsthecompanytwice,whichareavailableoncanadiandollarinvestorrelationswebsiteintheeventandpresentationsection.Joiningustoday,ourdoctorsfromtochairmanandCEO,strong,presidentofcanadiansolarcityTSIsolarmocorporatelyPM,presidentofcanadiansolarsubmarketarearecurrentenergyandPNCFO,allcompanyexecutivewillparticipateintheQNAsession.Aftermanagementformalremarkonthiscall,hewillgooversometeammessagesforthequarter.發(fā)言人00:43Theendisnowwillreviewbusinesshighlights,csi,dollarandrecurrentenergy,respectively,andsymbolwillgotothefinancialresultsfromwillconcludetopreparereMarkswiththebusinessoutlook,afterwhichwewillhavetimeforquestions.Beforewebegin,IwouldliketoremindlistenersthatmanagementpreparereMarkstodayaswellastheiranswerstoquestionswillcontainforrevokingstatementsubjecttoriskincertaintips.Thecompanytendsprotectionunderthesafe,harderbeforethelookingstatementthatiscontained,thepadsecuritylitigationreformactofonethousandninehundredandninetyfive.發(fā)言人01:17Actualresultsmaygiveherfrommanagementcurrentexpectationanyprojectionsthatthecompany'sfutureperformancerepresent.Managementestimateasoftoday.Canadiandollarassumesnoobligationtoupdatetheseprojectionsinthefutureunlessothers,asrequiredbyatricklelaw.Amoredetaileddiscussionofrisksanduncertaintiescanbefoundatthecompany'sannualportonformtwentyffiledwiththesecurityandexchangecommissionmanagment.發(fā)言人01:43PreparereMarkswillbepresentedwithintherequirementsofFTCregulationgregardinggenerallyacceptedaccountingforsomefinancialinformationpresentedduringthecalltoprovidingasocialgapandnongapfacedbydisclosingcertainmanagementintendtoprovideindustrywithadditionalinformationtoenablefurtheranalysisofthecompany'sperformanceandunderlyingmanagementusesnotyetmeasurestoBetteracceptOperatingperformanceandtoestablishperainoalsnonethatinformationshouldnotbeviewedbyindustrythatthesubstitutefordatapreparedinaccordancewithgap.AndnowIwouldliketoturnthecallovertocanadiansolarchairmanandC.E.發(fā)言人02:24O.Thankyou,lina,andthankyouforallforjoiningourthirdquarterearningscall.Pleaseturntoslidethree.發(fā)言人02:37Inthethirdquarter,wedeliveredfivepointoronegetlotofsolarmodelsinlinewithourguidancerange.Inouranydistortedbusiness,weachievedarecordquarterlyshipmentoftwopointsevengiguethours.PhotorevenuereachedonepointfivebillionU.發(fā)言人03:02S.Dollar,landingatthehighendofexpectations.Grossmarginwasseventeenpointtwopercent,exceedingguidanceprimarilyduetostrongcontributionfromenergystorageelements.Wealsoachievedahighershareofmoduledeliveriestotheprofitablemostamericanmarket,oursolarmodulefactoryinmoscow.Taxes,whichhasnowsuccessfullyrapITup,contributedmeaningfullytobothshiftvolumeandmargin.發(fā)言人03:46Absentnowrecurrentexpensesforthepreviousquarter,OperatingexpensesNormalized,andwereportedthatincomeuh呃，attributeabletoshareholdersofninemilliondollarsoranetlossofsevencentspershareduetotheimpactoftheincomeofapreferredshareholderofrecurrentnowpleaseturnlikesolarindustryisataninflectionpoint,M,T.Evolutionpoliciesinchinaaregraduallytakingeffect,andmarketconditionshavecivilized.FollowingthemostchAllengingfaceofthesolardowner,acomplexmacroenvironmentpresentsoldchAllengesandopportunities.發(fā)言人04:53Thisyear,duringtheanniversarycelebrationofcanadiansotwentyfourthfirstday,Ireflectedonhowwehavegrownwithtechnologyinnovation,businessmodelevolutionandglobaldiversification.Today'sshiftinggeopoliticallandscapeallowsustoonceagainrefencedourselvesthrougharesilientcombinationofstrategyandexecution.Mostnotably,wearemakingstrongprogressinourusmanufacturinginvestmentface.發(fā)言人05:45OneofoursolarselffactoryininDianaisexpectedtobeginproductioninthefirstquarteroftwentytwentysix,willfaceoneofourlithiumbatteryandthestoragefactoryincontext.Ky,yes,ontracktostartproductiontwentytwentysixyear.AndthesefactorieswillstrengthenourU.發(fā)言人06:18S.Supplychain,supportdomesticenergysecurityandreinforceourlongtermcommandtotheamericanmarket.Atthesametime,weareplanningadjustmentstoourU.發(fā)言人06:36S.Businesstocomplywiththeonebigbeautifulwell.Andwhileprogressingsmoothlyandremainconfident,wewillbeabletosuccessfullypositionourselvestocontinueservingourU.發(fā)言人06:57S.Customers,theriseofAIdrivendatacenterisfiringunprecedentedglobalelectricitydemand.AsIhaveemphasizedinmypublicspeechesoverthepasttwoyears,themostflexibleandcosteffectivesolutionforpoweringdatasingersissolarplusstorage.發(fā)言人07:28Incontrast,traditionalenergysourcessuchasnaturalgasandnuclearpowerrequirelongconstructioncyclesandhavelimitedscalability.Wearenowworkingclosetonightwithmultipledatacentercustomerstodevelopdeeplyintegratedsolutionsthisrequiresaseventsystemengineering,whereourourtechnicalexpertiseprovideastrongcompetitiveadvantage.I'malsopleasedtosharethesignificantprogresswehavemadeinouremergingbusinesssegments.發(fā)言人08:20Residentialenergystorageageisontracktobecomeprofitableintwentytwentyfive.Wehaveseenstrongclothforourresidentialenergystorageproductinjapan,italyandU.S,andweareexpandingintonewmarketlikegermanyandaustralia.發(fā)言人08:46ThisMarksamajormilestonemforourenergystoragestrategyanddemonstrateshowwearesuccessfullybrotheringourrevenuebasebeyondutilityskillapplications.WecurrentoursolarandenergystorageprojectdeveloperandOperatorwillcontinuetobaLancethegrowthofourOperationalprotectflighttogeneraterecurringcashflowandselectivesalesofprotestasownershiptomanagenewtermcashflow.Giventhecurrentmarketconditions,IhaveaskedourteamtotokeepthebaLancealittlebitmoretowardsalesofprotestassetinordertoacceleratecashrecyclingandreducethat.發(fā)言人09:56Withthat,Iwillnowturnacallovertoyouandwillprovidemoredetails.OurC,S,Isolarbusiness.Yeah,pleasegoahead.發(fā)言人10:09Thankyou,sue.Pleaseturntoslightfive.Inthethirdquarteroftwothousand,twentyfivemoduleshipmentstotaledfiveononepiglass,inlinewithexpectations.EarlierdeliveriestotwoenergystorageprojectsshiftedvolumesfromthefourthquarterintothethirdthisLEDtoourlargestquartertodate.發(fā)言人10:36Withtwopointseventyonehoursofstorageshipments,revenuewasonepointfourbilliondollarsandgrossmarkingdecreasedbysevenhundredandthirtybasispointstofifteenpercent.TheaQuentindeclinewasdrivenbymarginchange,seeingboththesolarandstoragebusinessesinsolarincrementalupstreamprincesandenteractualizationraedunitcost,whilemodulepricinginmostglobalmarketsremainedlow.Uhuminstorage,secondhalfmarginsreflectcontractsideatmoreNormalizedlevelsandvolatileterroristenvironment,jobincrementalcostincreaseswithoutlotsquartersentIreness,andthatbenefitedfromtheinternalcostcontrols.發(fā)言人11:34Operatingexpensesisincreasedsequentiallyfromfifteenpointthreepercentofrevenuetotwelvepointthreepercent,andwedeliveredthirtyninemilliondollarsofourcreatingincome.Pleaseturntoslightlysixforupdateonourestoragevisas.Inthethirdquarter,werecognizerevenueontwopointseventyfivehoursofstoragesolutions.發(fā)言人12:00Ourdeliveriesreachedcountriesacrossnorthamerica,europe,uh,theasiapacificandlatinamEricaasaoptoptopcity.First,ourcontractedbacklog,includinglongtermserviceagreements,increasedtothreepointonebilliondollars,supportedbynewlyfindprojectsinnorthamEricaandeurope.Wecontinuetobuildmomentuminourestablishedmarketswhileenteringnewonesincanada.發(fā)言人12:32WefindsupplyuhandtwentyyearslongtermserviceagreementswithOPPOpowerfortheislamandheadyprojects.Togethertheytotallymorethantwopointonehundredhoursandamongthelargestenergystoragefacilitiesontheirdevelopmentinontario,alsoinontario,wecontractedtodeliverafullyintegratedenergystoragesolutionandturkeyPC.Servicesfortheonepointsixsixonehourskyviewtwoanytostoreanyhistoricprojects.發(fā)言人13:09ThisMarksourlargestsobankdeliverytodate.Oncecompleted,skyviewtwowillbeoneofthelargesttobatterystoragefacilitiesinnation.Asacrowd,canadiancompanywerehonoredtohelpdriveourcountriescleanenergytransitionacrosstheatlantic.發(fā)言人13:29Wejustfindabestuhsupplyagreementandtwentyyearslongtermseriesagreementingermanywithcleanenergy,aleadingstoragedeveloperasdemandexpenseacrossbothourexistingandnewlyandtricmarkets,weexpecttocontinuescalingourbackloganddiversified,ifglobal,footlight.Inadditiontoourestablishedutilityskillstoragesolutions,wecontinuetoexpandourofferingsandstrengthenourcapabilityinbothCM,Iandresidentialstories.Notebully,theresidentialstoragesegmentisspinning.發(fā)言人14:11Momentumhaveturnedprofitableallthisyear.Buildingonthestronggrowthwehavealreadyachievedinjapan,italyandU.K.發(fā)言人14:21Wewillbelaunchingournewthreefacesolutiontodrivefurtherexpansioninmarketsuchasgermany.Wealsoplannedtoenteraustraliainthefirsthalfofnextyear.Intheus,wehavesuccessfullyintroducedthesecondgenerationofourresidentialenergystorysolution.發(fā)言人14:41ReachBettercaterstotheneedsofthemarketandisdemonstratingstronginitialperformanceinthesemistoragesegment,whereweseepromisingmarketgrowthpotential.WecontinuetorefineanddiversifyourportfoliotoBetterserveemergingopportunities,thosesmallerinscale.Thesesegmentshaveproventobeprofitable,andweexpectthemtocontributemoremeaningfullynextyear.發(fā)言人15:09Withthat,Iwillhandlethecall.Iwillhandthecallovertheemail,whowillprovideanupdateonrecentenergycanadiansolarasglobalprojectdevelopmentbusinessis.Nowpleasegoahead.發(fā)言人15:24Thankyouagain.Pleaseturntoslateseven.Inthethirdporter,wegeneratedonehundredandtwomilliondollarsinrevenue.Wemonitiseoverfivehundredminutesofyears,includingtwohighmarginsales,thebatteryprojectinitalyandahybridprojectinaustralia.發(fā)言人15:46Grossmarginwasfortysixpointonepercent,isaquestionincreaseofonehundredandthirtysevenbasicpoint,primarilydrivenbythecontributionofmoreprofitableprojectsaysduringthequarter,wecloseeighthundredandtwentyfivemilliondollarsinconstructionfinancingandtaxsecurityforthesixhundredmegawatthoursdesertbloomstageandonehundredandfiftymegawattallowsolarprojects.Oh,partsofourmultiplejectownershipwithazzoapublicservice.TheseassetsareunderconstructionandareexpectedtobeginOperationsinthefirsthouseoftwentytwentysixintheus.發(fā)言人16:31Inadditiontowhatwehaveinconstruction,wehavealreadysavedharvardoneandahealthywaterpikofsolarandtwoandathousandthree,fourhoursofbatterystoredtopixbythesummerofnextyear,weexpecttohavesafehardwood.AtleasttheygiveapikasolarandsuddengiveoursoflatstorageprojectsgivingussignificantdisabilityoverourexecutionpipelineforthenextfouryearsuntilourIP,Pbusinesscasesfurthernear,theprofitabilitywillcontinuetodependprimarilyonglobalprojectsaysasmaintainingfinancialdisciplineremainsourtoppriority,wewillbaLancethegrowthofourOperatingportfolioandprojectionswithselectiveprojectownershipfailstopotentlymanagecashmailandthatlevels.Lookingaheadtotwentytwentysix,weexpecttoincreasethelevelofprojectownershipsalestoandahandcashrecyclingandreducedleverages.發(fā)言人17:35Nowforanupdateonourpipeline,pleaseturntoslighteight.Asofseptember,thea,wehaveinterconnectionrightforapproximatelyinagiven.Sosolarandfifth,thinkingwhathoursofastorageglobally,excludingOperatingprojects,ourtotaldevelopmentpipesnowincludestwo,two,aneffectivewattsofsolarandeightyone,giveouthoursofastoragescapacity.發(fā)言人18:02Thereductioninsolarpipelinereflectsanatrarebalancing.Someprojectsprocessintomoreadvancesstageswhileotherswereremoved.Atourcurrentscale,ourfocusisincreasinglyonexecutingourhighqualitypipelineratherthanexpandedIT.發(fā)言人18:22Forexample,intheU.K,andwerecentlyreceivedgovernmentapprovalforourdeliberatesolarandBetterstateprojectsinlingerU.K.發(fā)言人18:33Thisprojectisplantobeaneighthundredmegawattspvplusathousandmeat,ourbestproject,makingITthelargestcollectiveprojectintheU.K.Todate.發(fā)言人18:46WeareproudthatfillbridgewillconnecttothegradethroughasubstationthatwaspreviouslyusedbyAAcommissionedcoalplant,continuingtosupporttheU.K.Thecarbonzangoalswhileprovidingreliableandsustainableenergytotheircommunities,ITwillserveovertime.發(fā)言人19:08Energysolutioncontinuestoemergeasakeygrowthdriver,notonlyourbatteryenergyproductssystemsbecomingincreasinglycosteffective,buttheyarealsoprofoundnessreshapingenergymarketfromGreenestablishmentandpickedKevintoenablingthenobeltointegratethatscale.Notably,datacentersarenowplacingevergradeddemandsonpowerinfrastructure,requiringroundtheclockreliabilityandoftencleanerintegration.Inresponse,theopportunitysetforlongerdirection,higherspecificationbusisexpandingroughly.發(fā)言人19:51WehavestartedtoleaveourtoesintothedatacenterbusinessnessthroughregionalJBS.Withdatacenterx,thespinandtheus.Weseesignificantscercewithourcourse,butthisaslandacquisitions,interconnectionprocessesformeetingandcommunityengagementarefourofourcorecompetence.發(fā)言人20:16Ces,thatarecrucialtothesuccessfulandtimelydeploymentofdatacenters.Further,morepoweringdatasectorswithcleanandreliableelectronsisoneofthekeybattlenexttodatacenterdevelopment,wherewehavesignificantexpertisetobringtothetable.Inspain,wealreadyhaveonehundredandtoesmakewhat'sofprojectswithinterconnectionsandlandsecureinvitrabewellonmadrid,plusanadditionalfournegateswithinterconnectionsinmadridwaitingtosecureland.發(fā)言人20:52Finally,IwouldOperationsandmanagementoroninbusinessalsocontinuestogrowhealthy.Thisquarter,wearetointernallyrecognizecertificationsfromtwoforengland,Isawonethousandandone,twothousandandfifteen,andIsawfortyfivethousandandonetotwentyeighteen.Thesecertificatesaffirmedthatourpowerservicesmadegloballyrecognizedstandardsforqualityandworkplacesafety.發(fā)言人21:22Theythecurrenthassowherefourteenequalsofsolarandstartedparksandtheirownincountrycontractacrosselevencountries.NowIwillundergotosymboltoreviewourfinancialresults.Simple,pleasegoahead.Thankyou.Smallisturnedtolightnightinthethirdquarter,wehaveliveredfivepointonebig,alotofsolarmodulesandtwopointsevenpeoplehoursofenergy,largesystemswithcontributionsfromacceleratedstoragetreatment.Totalrevenuereachedonepointfivebilliondollars.發(fā)言人22:07GrossmarginwassointentlyontwopercentasheensuredeclineprimarilyreflectedtheabsenceofonetimebenefitrecordITinthesecondquarterandtheNormallightingMarksinbothsolarandstoragehmanufacturingbusinesses.Operatingexpensesdecreasesequentiallytotwohundredtwentytwomilliondollars,reflectinglowershippingcostsfromreducedmodulevolumes.Andongoinginthatinterestexpensedeclinedtotwentyninemilliondollarsgivenbyhigherinterestincome.發(fā)言人22:55Werecordedanetforeignextentlossofseventeenmilliondollars,primarilydrivenbytheappreciationofchinese.Thatincomeattributeabletoshareholderswasninemilliondollars,oranetlossofsevencentsperdiluteITsheds.Thisresultincludedapositivethree,fivemilliondollarsH,L,BVimpactequivalenttofiftyonesensepursuefromtaxemptyarrangementtiedtocertainU.發(fā)言人23:37S.projects.Thetonysensefordilutedsharepreferreddividendimpactbroughtbroughtthetotaldilutedlawspursuetoshareholderstosevensense.發(fā)言人23:51PleaseturntostrikehandprotestslowinthebaLancesthatcashusedinOperatingactivitieswaseleventwelvemilliondollarscomparedwithaninflowofonehundredeightyninemilliondollarsinthesecondquarter.Thedifferencewasprimarilydrivenbychangeinworkingcapital.Notably,adecreaseinelementduringtheprimequarter.發(fā)言人24:25Gotoassetsgrewtofifteenpointtwobilliondollars,withprocessassetsrisingtoonepointninebilliondollars.SolarpowerandbatteryenergystoragesystemsremainsteadyattwobilliondollarsaswEpacetheconstructionactivitytomanageleverage.Atthegrouplevel,capitalexpendituretotaledtwohundredsixtyfivemilliondollars,primarilyrelatedtoU.發(fā)言人25:00S.Manufactureinvestmentsandtheexistingcapacityexpansions.Thisimpliesalargercapexonlyinthefourthquarterandthatweexpectweexpecttoendtheyearslightlybelowourfullyearguidanceofonepointtwobilliondollars.發(fā)言人25:21Lookingaheadtotwothousandtwentysix,wecontinuetorefinecapexplansandmadeanuncertainpolicyenvironment,butcurrentlyexpectspendingtoremainatlevelssimilartothisyear.MostinvestmentwillcontinuetotargettheU.S.發(fā)言人25:44Markettotalthatincreasedincrementallytosixpointfourbilliondollars,mainleadduetonewborrowingstietoprojectdevelopmentasset.Weclosedthequarterwithacashpositionoftwopointtwobilliondollars.NowletmeturnthecallbacktoShawn.發(fā)言人26:08Wewillconcludewithourguidanceandbusinessoutlook.John,pleasegohead.Thankyou,simbo.Pleaseturntoslightelevenforthefourthquarteroftwentytwentyfive.Weexpectmodulesmenttobeintherestoffourpointsixtofourpointeightgiveaswecontinuetomaintaindisciplinevolumemanagement.發(fā)言人26:40Butourenergystorageagebusiness,weexpecttheshiftbetweentwopointonetotwopointthreehours,whichinclude,appropriately,sixhundredandhoursdeliveredtoourownprojects.Thisguidancereflecttheshiftofcertainvolumesfromthefourthquarterintothethird兒的，withrecurrentdeliveringitslargestquarterofthesalesthisyear.Weweproject,uhweprojectforcecoderrevenuetorangebetweenonepointthreetoonepointfivebilliondollars.發(fā)言人27:25Weexpectthegirl'smargintobebetweenfourteentosixteenpercentforthefullyearoftwentysix.Weprojectautomotoshipmentofspecifiedtothirtygigot,includingappropriateonegettoourownproject.Anyhistoryshipmentareexpectedtorentbetweenfourteentoseventeengionehours.發(fā)言人28:00Orcontinuetofocusonprofitablesolomarketanddrygrowthinourstoragebusiness.Well,wewillcontinuetodevelopsolarandenergystorageprojects.Financialproteinsremainsaretoppedourtoppriority.發(fā)言人28:23Accordingly,thecurrentenergywillincreaseprojectownershipssalesinchinaandsix,torecyclemorecapitalandmanagertheoverallthatlevel.Withthat,Iwouldnowliketoopenthefourforquestion.Operator,thankyou.發(fā)言人28:47Wewillnowbeginaquestionandanswersessiontoaskaquestion.Youmaypleasestoretheoneonyourtouchsomeoneifyou'reusingaspeakerfilld.Pleasepickupyourhandsetbeforepressingakey,ifany.發(fā)言人29:00Andyourquestionhasbeenadriftandyouwouldliketoaddrawyourquestionpleaserestoreintoandourfirstquestionfortodaywillcomefromcolonrosewithopenhammer.Pleasegoahead.Thankssomuch,guysasandcongratulationsonalltheproject.AreprogressontheprojectfailsandyourkeytalkalittleITaboutthestrategyoftiminguminleveragethatyouguysaregoingtoapoolinyoursales.發(fā)言人29:23Youknowyouobviouslyhaveagreatlineposition,niceinyourconnectiontouseandcertainlyumpotentiallycanaveragesomeofthosedecisionsintodatacenterdealsumandalsopotentiallycanmonitorthesethingsearlierintheprocessandandgeneratelittleaBetterreturnsininselectareas.SoyouwanttogetaBettersenseofwhereyou'recomingoutintermsoftimeinandandyoukindofrelationshipsaregoingtocomeoutofsomeofthesesales?Yeahuh,callingwearestillworkingonthechinathechinasixLP.發(fā)言人30:01SoIdon'thavethequarterbyquarter.Uh,recallprojectsalesanumberinmyheadrightnow.Wetargettogetthatdownmyfebruary。Sowetalkingmarchinthemarcharnicawillgiveyoumoredetails.發(fā)言人30:21However,uh,wehaveaenough,C，O,DOperationalprovidingtosell,sowedon'thavetosellfortheearly.Well,soearlyIsell,putearlyassoon.YoumeansometimessellatN,T,P,orevenbeforeNDP,butbeforeNDP,youdon'tgetthevalue,areyou?Theyleavetoomuchamoneyonthetable.發(fā)言人30:47SoifwecansellafterCOD,uh,wecannotonlygetthevalueoftheprojectdevelopment,butthosethoughtheprocessfinancingbecausecanadiansolder,especiallyrecurrent,isalsoanexpertinthetaxequityfinanceanddealintheU.S.basket.發(fā)言人31:11Andthere'savaluethere.Souh,wedohaveenoughuh,project.Uh,youknowwehaveaboutlikeroughlyhowmanyareprojectswell,butyouknowabouthowmanyMaaSofproteinationorselleachyear.UhbutfornextIguesswehaveenoughuhuhCODprojecttosellandhthat'stheUS.發(fā)言人31:37Butwesellprojectinothermarket會上poolintheandalsoininainaustralia。Now我意思沒有，youhaveanythingtoart,yousaygreat,thankyoucallingnice,nicetotalkto,youarecalling.Wehaveavery,verystrongpipelineandverymature.發(fā)言人32:02SoahweareseeinggoodopportunitiestosellwithgoodmarginsumandwearelikelygonnatakethemthatthethatthethetheoverallunderlyingreasonsOKperfect.AndthenyouknowthinkingaboutthethebatterymanufacturinginthesupplyshankingclockalittlebitaboutthematurityofumyourrelationshipswithsupplierstotodeliverinputmaterialsintotheUS.Youknowobviouslyseventypercentofuhsupplychineseinchinaandyouknowthemajorityisstillinasia.發(fā)言人32:40AndsoshiftingthingsintonorthamEricaisaverysubstantialeffort.Ijustwanttogetasenseofyouknowhoweasilythatumthat'scomingalongyouguysandanysortofuhriskthatweshouldbethinkingaboutasyoustarttorampupthecapacity.Actually,uhuh,therearelotofuhsupplyandlotsofsupplierofallfivechinathesedays.發(fā)言人33:08Sowehaveagooduhselection,goodjoyuhinforpostuhsolarandforanyjuststorage.SowewillasyouknowthethetheOBBBAfromrequirementofthematerialnowatyourassistancelevel,butbothstorageandforsolaranduhisalsothedomesticcontentuhboosterrighttempoboosterproposeuhtheenergystorageandsolarandwehavecalculateatethattothat.SoIjustpaythosebythosethepercentrequirement.發(fā)言人33:54Wethinkwewillbeabletomeetachinesetwentyandsix,noproblem.Ithinkchineseandseven,thenumberwillgoupfivepercentalsoIthinkisroughlyfivepercenteachyear.Andweshouldbeabletomanagerstack.發(fā)言人34:17Sowe'rebeabletomeettheOB,BArequirement.Andalsoifwedo,ifwemakebothsellandmoduleinUS,uhwillbeabletomeetthedomesticcontentruleaswellasIsaid,startproductionuhofourownitselfinUS.Bymarch.發(fā)言人34:45Sothroughoutyoutwoororrampup.Sobyuhsecondhalfofnextyear,weshouldhavereasonablevolumealreadyalittleforum.Wellgo.Yeahwell,welcome.發(fā)言人34:59Isthemagiccontent,uhthetemplate,themasscontentboostandforsolarIandforanythisstory,ourplanistostarttheuhbatterycellandpackamanufacturinginU.S.Atthesametime.發(fā)言人35:20SoIsaidintheinmybeachthatuh,weexpecttostartproductiondecember.Soinchinaandandseven,wewerewillbeabletoprovideauhanystoriesproblem.WealsomeetthedomesticboostrequirementtoasthecontentinarequirementuhcustomerstotoenjoythetenpercentITCboost.發(fā)言人35:55okay.Thankssomuch,guys.Bestonthenextquestionwillcomefromphillipsonwithrothcapitalpartners.Pleasegohaveeveryonethankyoufortakingmyquestion.Uhfirstoneisonmargins.發(fā)言人36:10UmIthinkyou'reasiasubcity,uhreportedasevenpercentgrossmarginandq3butyouguysreportedaseventeenpercentmarginuhtoday。Sowaswonderingifyoucoulduhhelpusuhbridgethegap.XIdon'tthinkwereportedseven.發(fā)言人36:32DoITokaysomething啊orsevenpercentisthisisforcforCSIQtogetherCSIQI了andHCSIsolarhaveadifferentback，newdifferentmax.Yeahismealjustcommentedthatthetheprojectsuhsellsinqthroughuhorwithfortysixrosemargin.okay.發(fā)言人37:06Soistheprojectbusinessthatreallyuhsupportedandoffsettheumthemanyfactualsevenpercentformarking.sorry.Actionsolarmaybelowasolar,uh,plustheenergydevelopenergyuhandthestorageoffifteenpercent.發(fā)言人37:28Forallthemath,themanufacturing,thegrowthlargeinqthreeisoverfifteenyearsnowistheonlymoduleislow,isbelowthatbecauseyeahyeahwherewedon'tgetmuchmoreyouknowmarginokay.Thankyou.Shineandtimaremovingontothenextquestionumasrelatestouhyourtwentytwentysixuhguy,uhyougaveussomecolortherewhichisgreat.發(fā)言人38:04UhandyoucontinuetotalkabouttherainofUSmanufacturingumbuthowandcanyougiveuscarandhowyou'reabletodothateventhoughthey'restilluhsubstantialphyarcrisk?UmisolatetheotherownershiporumjustmeetingtheODBBAfarcrequirements.UhcouldbechAllenging.發(fā)言人38:29thanks.YeahPhilip,Ianswerthisquestioninthealastearningcall.UhPhilip.發(fā)言人38:39WebelievewecanmeettherequirementtheOBBBArequirementbydoingcertain