天合光能2026年储能业务扩张与技术进展引关注

Core Viewpoint - The company, Trina Solar (688599), is focusing on expanding its energy storage business, technological advancements, and responding to industry policies in 2026, with a target of 15-16 GWh in energy storage shipments and over 12 GWh in overseas orders [1][3]. Business Progress - The energy storage shipment target for 2026 is set at 15-16 GWh, with current overseas orders exceeding 12 GWh, and an expected increase in export ratio [3]. - The cell production capacity is planned to increase from 20 GWh at the end of 2025 to 20-25 GWh in 2026, alongside a supporting system capacity of 40 GWh [3]. Product Development - The company anticipates mass production of pure copper paste products in the first half of 2026 and is advancing steel frame technology to replace aluminum alloy frames [4]. - In the field of space photovoltaics, the company has completed long-term layouts in crystalline silicon cells and perovskite tandem cells, but clarified that there is currently no collaboration with SpaceX and no revenue from this sector yet [4]. Company Status - As of January 31, 2026, the company has repurchased 43.6032 million shares for a total amount of 800 million yuan, with the repurchase plan extended until March 24, 2026, aiming for a total amount of 1-1.2 billion yuan for convertible bond conversion [5]. Industry Policy - The industry is focusing on restoring profitability in the battery component sector, with policies such as strengthening intellectual property protection and canceling export tax rebates potentially benefiting leading companies [6]. - The company has raised the guidance price for distributed component shipments and is optimistic about price increases in 2026 [6]. Performance Outlook - The company has forecasted a loss of 6.5-7.5 billion yuan for 2025, primarily due to supply-demand imbalances and rising costs, while 2026 performance will be influenced by industry recovery, the realization of energy storage business, and cost control [7].