TRINA(688599) 华创证券·2024-11-04 18:07Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.16 CNY based on a 20x PE for 2025 [1][4]. Core Views - The company reported a revenue of 63.147 billion CNY for the first three quarters of 2024, a year-on-year decrease of 22.16%. The net profit attributable to shareholders was -0.847 billion CNY, down 116.67% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 20.179 billion CNY, a year-on-year increase of 36.41%, but a quarter-on-quarter decrease of 18.34%. The net profit attributable to shareholders was -1.373 billion CNY, a year-on-year decline of 189.31% [1][2]. - The report highlights that the company's operating cash flow remained positive, with approximately 4 billion CNY in Q3, indicating robust operational capabilities despite the challenging market conditions [2]. Summary by Sections Financial Performance - Total revenue for 2023 is projected at 113.392 billion CNY, with a forecasted decline of 30.0% to 79.355 billion CNY in 2024, followed by a recovery to 95.181 billion CNY in 2025 and 120.566 billion CNY in 2026 [3][6]. - The net profit attributable to shareholders is expected to be -0.276 billion CNY in 2024, with a significant rebound to 3.178 billion CNY in 2025 and 4.605 billion CNY in 2026 [3][6]. Market Dynamics - The report notes that the photovoltaic industry is experiencing price pressures, but there are signs of stabilization in bidding prices due to calls from the industry association to avoid below-cost sales [2]. - The company plans to increase its component shipments to 70-75 GW in 2024 and aims for a storage target of 5 GWh, supported by the establishment of overseas production capacity [2]. Technological Advancements - The company is focusing on advanced N-type technology and has achieved a world record efficiency of 25.9% for its i-TOPCon battery, indicating a strong commitment to innovation [2].