天合光能：上半年适度降低对美国市场销售，印尼“双反”调查结果有待观察

Core Viewpoint - Trina Solar reported a revenue of 31.01 billion yuan in the first half of the year, with a net profit attributable to shareholders of -2.92 billion yuan, indicating challenges in profitability amid market fluctuations [1] Financial Performance - The company achieved a revenue of 31.01 billion yuan in the first half, with 16.68 billion yuan in the second quarter [1] - The net profit attributable to shareholders was -2.92 billion yuan for the first half, with -1.60 billion yuan in the second quarter [1] - Operating cash flow was 1.84 billion yuan in the first half, with 2.68 billion yuan in the second quarter [1] Market Dynamics - Trina Solar shipped over 32 GW of modules in the first half, with domestic sales slightly above 50%, Europe at just over 25%, Asia-Pacific at 11%-12%, and the Middle East at around 8% [1] - The company has reduced sales to the U.S. market due to policy risks and price trends, but anticipates a recovery in U.S. module prices in the second half [1] - There is an expectation of accelerated demand release in the U.S. market, with module prices in Q3 showing an increase compared to the first half [1] Technology Outlook - Trina Solar believes that TOPCon will remain the mainstream technology in the coming years, while BC and HJT will coexist in niche markets [2] - The company is focused on improving the efficiency of TOPCon technology and is also exploring perovskite tandem cell technology [2] - The transition from crystalline silicon to tandem technology is expected to yield significant efficiency improvements [2] Energy Storage Strategy - Energy storage is identified as a key growth area, with a target of over 8 GWh in shipments for the year [2] - The increase in overseas orders is expected to enhance economies of scale, improving the gross margin of the energy storage segment [2] - Trina Solar currently has over 10 GWh of energy storage orders, with a significant portion from the U.S. market, supporting future profitability [2] Distributed Solar Market - The company anticipates a period of market observation following the end of the rush for installations, until clearer policies and expected returns on investment are established [2] - Long-term, the decline in module prices has reduced their share of total investment in household power stations, indicating potential cost reduction opportunities to offset negative impacts on returns [2] Strategic Planning - As distributed solar policies and project returns become clearer, the commercial chain is expected to adjust to lower controllable costs and mitigate negative impacts [3] - Trina Solar plans to closely monitor regional policies and customer demand, tailoring strategies for different provinces to optimize project development and sales [3]