TRINA(688599) 长江证券·2024-09-12 01:39Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 42.968 billion yuan for H1 2024, a year-on-year decrease of 12.99%, with a net profit attributable to shareholders of 0.526 billion yuan, down 85.14% year-on-year. However, Q2 2024 showed a sequential revenue growth of 35.37% [3][4]. - The company shipped 34GW of solar modules in H1 2024, representing a year-on-year increase of over 25%. The sales proportion of its self-developed N-type i-TOPCon solar modules continues to rise [4]. - The company is expected to reach a production capacity of 55GW for silicon wafers, 105GW for batteries, and 120GW for modules by the end of 2024, with plans to establish production capacities of 1GW in Indonesia and 5GW in the USA in the second half of 2024 to mitigate trade policy risks [4]. Financial Summary - For H1 2024, the company had a gross margin of approximately 11% for modules, a decrease of about 6 percentage points year-on-year. The company expects positive unit profitability for modules in Q2, exceeding market expectations [4]. - The company reported a period expense ratio of 10.73% in H1 2024, an increase of 3.64 percentage points year-on-year, primarily due to reduced foreign exchange gains and increased interest expenses [4]. - The company anticipates a net profit attributable to shareholders of 4.3 billion yuan in 2025, corresponding to a PE ratio of 8 times [5].