Sequential top-line growth, at 24%, approximated that achieved by Yingli Green Energy
CSI is building out its capacity at a brisk pace. Year-end cell capacity should hit 400 megawatts (MW), while module capacity ought to crack 600 MW. As long as the latter outpaces the former, the company will continue to bridge the gap by purchasing cells from other companies like JA Solar
To give a sense of where Canadian Solar weighs in, contrast the company's 2009 guidance of 550 to 500 MW shipped to SunPower's
Which brings us back to the matter of why CSI's in the dumps. The quarterly results didn't disappoint in any discernible way.
One factor that may weigh on shares is the specter of future dilution. CSI stated that it has adequate funding for the second half of 2008, but 2009 is less than five months away. Another matter may be that the firm merely reaffirmed 2009 guidance, rather than raising that shipment target. This stock market thing is largely an expectations game, after all, and disappointment is the risk you run when investing in a sector with such a sunny outlook.