盼来业绩拐点，天合光能又接连斩获储能大单

Core Viewpoint - Trina Solar has reported a turning point in its performance for the third quarter, despite still facing losses in the first three quarters of the year [1] Financial Performance - For the first three quarters, Trina Solar achieved a revenue of 49.97 billion yuan, a year-on-year decrease of 20.87%, and a net loss attributable to shareholders of 4.20 billion yuan [1] - In the third quarter, the company recorded a revenue of 1.89 billion yuan, a quarter-on-quarter increase of 13.12%, and a net loss of 1.28 billion yuan, showing a reduction in losses both year-on-year and quarter-on-quarter [1] - The company attributed its profit situation to supply-demand imbalances in the industry chain and low market prices for photovoltaic products, which affected the profitability of its module business [1] Cash Flow and Operational Metrics - Despite the losses, Trina Solar maintained a robust operating cash flow, with 2.86 billion yuan for the first three quarters and 1.01 billion yuan in the third quarter [1] - The company has made provisions for credit and asset impairment losses totaling approximately 977 million yuan for the first three quarters of the year [1] Market Trends and Sales Performance - The photovoltaic industry is experiencing a rebound in prices, with the average transaction price for bifacial double-glass N-type TOPCon modules reported at 0.693 yuan/W [1] - Trina Solar's cumulative module shipments exceeded 50 GW in the first three quarters of the year, reflecting strong demand in the downstream photovoltaic market [2] Storage Business Development - Trina Solar's energy storage business has shown significant improvement, with recent contracts signed for over 1 GWh of storage products in the European market [3] - The company has set a target of 8-10 GWh for storage shipments by 2025, with current overseas orders exceeding 10 GWh and an expected growth of over 50% in shipments by 2026 [3] Share Buyback Activity - In October, Trina Solar initiated a share buyback program, repurchasing 3.04 million shares for approximately 57.04 million yuan [3]