TRINA(688599) 国开证券·2025-01-03 09:54Investment Rating - The report assigns a "Recommended" investment rating for Trina Solar (688599.SH) [2] Core Views - Trina Solar is a leading integrated photovoltaic company, advancing to the 3.0 stage and becoming a global leader in energy IoT. The company is actively diversifying its business to navigate through market cycles, supported by strong R&D capabilities and a focus on technology innovation [9][13][70] Company Overview - Trina Solar was established in 1997 and has evolved from a photovoltaic product manufacturer to a comprehensive energy solution provider. The company has maintained a strong market position, with significant growth in revenue and net profit from 2019 to 2023 [13][18] - The company has a total share capital of 2.179 billion shares, with a market capitalization of approximately 46.086 billion yuan [3] Financial Performance - In 2023, Trina Solar's revenue reached 626 billion yuan, with projections of 1,003 billion yuan in 2024, representing a year-on-year growth of 30.24%. The net profit for 2023 was 162.9 billion yuan, with an expected increase to 236.9 billion yuan in 2024 [7][18] - The company's earnings per share (EPS) are projected to be 0.76 yuan in 2023, increasing to 1.10 yuan in 2024 [7] Industry Situation - The photovoltaic industry is currently at a cyclical low, with supply-demand imbalances and price competition affecting profitability. However, the industry is expected to recover, with projected growth in new installations in China [32][34] - The distributed photovoltaic installation accounted for over half of the new installations in 2024, indicating a shift towards more decentralized energy solutions [42] Company Highlights - Trina Solar has a strong R&D capability, with over 2,375 patents, and is focusing on advanced technologies such as N-type TOPCon technology, which has achieved a cell efficiency of 26.58% [60][65] - The company is a leader in the distributed solar system market, with a market share of nearly 20% in the domestic household market [70] - Trina Solar's global revenue is diversified, with overseas sales accounting for a significant portion of its total revenue, enhancing its resilience against market fluctuations [39][70] Investment Recommendations - The report forecasts Trina Solar's net profit for 2024-2026 to be 3.11 billion yuan, 29.84 billion yuan, and 49.80 billion yuan respectively, with corresponding price-to-earnings ratios of 148.02, 15.45, and 9.26 times [9][7]