TRINA(688599) 浙商证券·2024-09-10 01:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated strong resilience in its performance despite a challenging supply-demand imbalance, with a notable decline in revenue and profit margins due to falling prices in the photovoltaic product market [2] - The company's diversified business layout, particularly in distributed systems and photovoltaic power station operations, has contributed to its overall profitability [2] - The energy storage business has seen rapid growth, with a significant year-on-year increase in shipments, indicating a promising growth trajectory in the integrated solar-storage solutions market [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 42.968 billion yuan, a year-on-year decrease of 12.99%, and a net profit attributable to shareholders of 0.526 billion yuan, down 85.14% year-on-year [2] - The gross profit margin for H1 2024 was 13.85%, a decline of 3.07 percentage points year-on-year, while the net profit margin was 1.32%, down 6.35 percentage points year-on-year [2] - In Q2 2024, revenue was 24.712 billion yuan, a year-on-year decrease of 11.95% but a quarter-on-quarter increase of 35.37% [2] Business Segments - The company shipped 34 GW of photovoltaic modules in H1 2024, representing a year-on-year increase of 25.93%, generating revenue of 30.057 billion yuan [2] - The company has established production bases in Indonesia and the United States, with expected production to commence in the second half of 2024 [2] - The energy storage segment saw shipments of 1.7 GWh in H1 2024, a remarkable year-on-year growth of 293.30% [3] Profitability Forecast and Valuation - The profit forecast has been revised downwards, with expected net profits for 2024-2026 at 0.87 billion, 2.57 billion, and 4.35 billion yuan respectively, with corresponding EPS of 0.40, 1.18, and 2.00 yuan [4] - The company maintains a leading position in the photovoltaic module market, with stable growth in shipments and an increasing degree of integration [4]