TRINA(688599) 长江证券·2024-11-07 06:20Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 631.47 billion yuan for the first three quarters of 2024, a year-on-year decrease of 22.16%. The net profit attributable to the parent company was -8.47 billion yuan, down 116.67% year-on-year [3][4]. - In Q3 2024, the revenue was 201.79 billion yuan, reflecting a year-on-year decline of 36.41% and a quarter-on-quarter decline of 18.34%. The net profit attributable to the parent company was -13.73 billion yuan, a year-on-year decrease of 189.31% [3][4]. - The company is expected to benefit from the supply-side clearing in the industry and has a forward-looking layout in Indonesia and the United States, which is anticipated to start production in Q4 2024 [5]. Financial Performance - The Q3 expense ratio was 12.76%, which increased year-on-year and quarter-on-quarter due to revenue decline, while absolute expenses remained stable [4]. - The company’s cash flow from operating activities in Q3 was 39.89 billion yuan, with cash on hand increasing to 262.04 billion yuan and inventory decreasing to 264.13 billion yuan, indicating a stable operational status [4]. Future Outlook - The company is focusing on commercial photovoltaic projects and expanding into operation and maintenance services, enhancing its market competitiveness [5]. - The photovoltaic support business is expected to maintain stable profit contributions, and the recent favorable supply-side developments in the photovoltaic industry may lead to an earlier cyclical turning point [5]. - The company is projected to achieve a net profit attributable to the parent company of 4.1 billion yuan in 2025, corresponding to a PE ratio of 13 times [5].