TRINA(SH:688599) Zheng Quan Zhi Xing·2025-06-23 12:15Core Viewpoint - Trina Solar Co., Ltd. maintains a stable credit rating of AA, with its convertible bond "Tian 23" also rated AA, reflecting the company's strong position in the photovoltaic industry despite facing challenges from price declines and increased competition [1][3][4]. Company Overview - Trina Solar's main business segments include photovoltaic products, photovoltaic systems, and smart energy solutions, with a focus on the photovoltaic equipment manufacturing industry [9]. - As of the end of 2024, the company had total assets of 1239.35 billion RMB and equity of 322.42 billion RMB, with a reported revenue of 802.82 billion RMB and a net loss of 36.60 billion RMB [9][10]. Financial Performance - The company experienced a significant decline in profitability, with total profits for 2024 showing a loss of 36.60 billion RMB, compared to a profit of 65.28 billion RMB in 2023 [7][9]. - As of March 2025, the company reported total debt of 554.80 billion RMB, with an asset-liability ratio of 74.97%, indicating a rising debt burden [6][7]. Industry Analysis - The photovoltaic manufacturing industry is currently facing a supply-demand imbalance, leading to a sharp decline in product prices and increased competition, which has adversely affected the company's financial performance [3][4][19]. - Despite the challenges, Trina Solar's photovoltaic module shipments ranked fourth globally, showcasing its competitive strength in the market [3][4]. Research and Development - The company has a strong R&D capability, with a reported investment of 5.558 billion RMB in 2024 and a total of 2857 patents, including 1117 invention patents [5][14]. - Trina Solar's N-type bifacial i-TOPCon (210) battery achieved a maximum conversion efficiency of 26.58%, demonstrating its technological advancements [5][14]. Market Position and Risks - The company has a diversified revenue stream, with significant contributions from overseas markets, including Europe and the United States, which accounted for 19.98% and 12.29% of revenue, respectively [6][14]. - However, the company faces risks related to overseas operations, including political and trade policy changes that could impact its business [6][20].