TRINA(SH:688599) INDUSTRIAL SECURITIES·2024-09-14 03:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the market [3][5]. Core Insights - The company is positioned as a leading player in the photovoltaic industry, aiming to become a global leader in smart energy solutions, particularly in the distributed energy sector. Its diversified business strategy is expected to help navigate industry cycles effectively [5][6]. - The company reported significant improvements in cash flow, with a net operating cash flow of -4.39 billion yuan in Q1 and +4.23 billion yuan in Q2, showcasing a notable recovery [4][6]. - The company achieved a total revenue of 42.97 billion yuan in H1 2024, with a net profit attributable to shareholders of 0.526 billion yuan, indicating resilience in its financial performance [6]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 113.39 billion yuan, with a year-on-year growth of 33.3%. However, projections for 2024 indicate a decline in revenue by 17.4% to 93.61 billion yuan [4]. - The net profit attributable to shareholders for 2023 was 5.53 billion yuan, reflecting a year-on-year increase of 50.3%. The forecast for 2024 shows a significant drop to 784 million yuan, a decrease of 85.8% [4]. - The gross margin for 2023 was reported at 15.9%, with expectations of a decline to 12.3% in 2024 [4]. - The return on equity (ROE) was 17.5% in 2023, projected to fall to 2.5% in 2024, indicating a challenging year ahead [4]. Business Operations - The company achieved a component shipment of 34 GW in H1 2024, representing a year-on-year increase of 25.9%. Additionally, energy storage shipments reached 1.7 GWh, a remarkable growth of 293.3% [6]. - The company’s diversified business model includes significant contributions from its operations and maintenance services, with a total operational capacity of 14 GW by mid-2024 [6].