TRINA(SH:688599) Xin Lang Cai Jing·2025-11-07 00:38Core Viewpoint - The company reported a narrowing loss in Q3 2025, with ongoing efforts in "anti-involution" expected to restore profitability, alongside steady progress in the energy storage business, maintaining a buy rating [1][2]. Financial Performance - In Q3 2025, the company achieved a revenue of 49.97 billion yuan, a year-on-year decrease of 20.87%. The net profit attributable to shareholders was -4.201 billion yuan, indicating an expanded loss year-on-year. However, the Q3 net profit attributable to shareholders was -1.283 billion yuan, showing a narrowing loss compared to the previous quarter [2]. - The company's component business saw reduced losses, primarily due to an increase in overseas shipments, which rose to 60%, and a price increase in products driven by collaborative efforts across the industry [2]. Industry Trends - The release of the 15th Five-Year Plan by the Central Committee emphasizes the need to address "involution" in competition, promoting a market order characterized by quality and fair pricing. This is expected to lead to a recovery in prices across the photovoltaic industry chain, ultimately enhancing profitability [2]. Energy Storage Business - The energy storage segment is becoming a significant growth driver for the company, with plans to ship over 8 GWh in 2025, targeting a 60% share in overseas markets. The company has secured over 10 GWh in overseas energy storage orders, with a goal to double the shipment volume next year [3]. - The company is establishing a strong brand image as a reliable "integrated energy storage provider" in high-value markets such as the UK and Germany, while also promoting a new paradigm of "green electricity supply + intelligent control + ecological collaboration" in data center energy solutions [3]. Valuation - Based on Q3 performance and industry developments, the company's earnings per share forecasts for 2025-2027 have been adjusted to -1.40, 0.86, and 1.44 yuan, respectively. The corresponding price-to-earnings ratios for 2026-2027 are projected at 24.9 and 14.9 times. The buy rating is maintained [4].