TRINA(688599) Minsheng Securities·2024-11-03 08:16Investment Rating - The report maintains a "Recommended" rating for the company [6][9] Core Views - The company reported a significant decline in revenue and net profit for Q1-Q3 2024, with revenue at 631.47 billion yuan, down 22.16% year-on-year, and a net loss of 8.47 billion yuan, down 116.67% year-on-year [3] - The company is accelerating its overseas capacity expansion to mitigate trade risks, with expected production capacities of 55GW for silicon wafers, 105GW for battery cells, and 120GW for modules by the end of 2024 [5] - The company is expected to improve its operational cash flow, with Q3 2024 showing a cash inflow of 39.89 billion yuan, indicating strong operational capabilities and supply chain management [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 201.79 billion yuan, a decrease of 36.41% year-on-year, and a net loss of 13.73 billion yuan, down 189.31% year-on-year [3] - The gross margin for Q3 2024 was 9.48%, a decrease of 3.64 percentage points from the previous quarter, while the net margin was -6.55%, a decrease of 6.81 percentage points [4] - The company forecasts revenues of 913.03 billion yuan, 1,182.32 billion yuan, and 1,361.19 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -5.74 billion yuan, 28.22 billion yuan, and 43.74 billion yuan for the same years [6][10]