TRINA(688599) 中银证券·2024-11-10 09:18Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company experienced a significant decline in net profit, with a 116.67% year-on-year decrease in the first three quarters of 2024, primarily due to impairment losses [3]. - Despite the profit decline, the company is actively pursuing its overseas strategy and has shown a robust cash flow with a net inflow of 39.89 billion RMB in Q3 2024 [3]. - The company has restructured its 5GW solar module factory in the U.S., which is expected to enhance its profitability in the American market [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 631.47 billion RMB, a decrease of 22.16% year-on-year [3]. - The projected earnings per share (EPS) for 2024 is adjusted to -0.29 RMB, with subsequent years forecasted at 1.73 RMB for 2025 and 2.21 RMB for 2026 [3][4]. - The company's total market capitalization is approximately 56.79 billion RMB, with a circulating share count of 2,179.37 million [2]. Business Performance - The company shipped nearly 16.5GW of solar modules in Q3 2024, with significant contributions from the U.S. market [3]. - The distributed system sales volume approached 1GW, while the mounting structure shipments reached about 2GW, with over 70% being tracking mounts [3]. - The energy storage segment saw shipments of approximately 850MWh, with a notable increase in gross margin [3]. Valuation Metrics - The company’s projected P/E ratios are -89.2 for 2024, 15.1 for 2025, and 11.8 for 2026 [4][6]. - The projected EBITDA for 2024 is 2,665 million RMB, with a significant increase expected in subsequent years [4][5]. - The company’s revenue is expected to decline by 25.5% in 2024, followed by growth rates of 22.7% and 22.9% in 2025 and 2026, respectively [4][6].