TRINA(688599) 民生证券·2024-09-02 13:42Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 42.668 billion yuan for the first half of 2024, a year-on-year decrease of 12.99%, and a net profit attributable to shareholders of 526 million yuan, down 85.14% year-on-year [2] - The company's component shipment volume reached 34 GW in the first half of 2024, an increase of 25% year-on-year, with a cumulative shipment of over 225 GW [3] - The company is expanding its overseas production capacity, with plans to reach a capacity of 55 GW for silicon wafers, 105 GW for batteries, and 120 GW for components by the end of 2024 [3] - The company is diversifying its business into distributed photovoltaic systems, mounting structures, and energy storage solutions, which are expected to support its performance [4] Financial Forecasts - The company is projected to achieve revenues of 86.866 billion yuan, 114.481 billion yuan, and 138.883 billion yuan for the years 2024, 2025, and 2026, respectively [5] - The net profit attributable to shareholders is expected to be 736 million yuan in 2024, 2.644 billion yuan in 2025, and 5.214 billion yuan in 2026 [5] - The report indicates a significant drop in net profit for 2024, with a forecasted decrease of 86.7% compared to 2023 [9] Business Expansion - The company has established a strong presence in the distributed photovoltaic business with over 4,000 channel partners and 20,000 service points across China [4] - The operation and maintenance business for photovoltaic plants has expanded to a scale of 14 GW, representing an 80% year-on-year increase [4] - The company has achieved a 6% market share in the mounting structure business, ranking sixth globally [4]