TRINA(SH:688599) Dongxing Securities·2025-09-01 09:42Investment Rating - The report maintains a "Recommended" rating for Trina Solar [6] Core Views - Trina Solar's revenue for H1 2025 was 31.06 billion, a year-on-year decline of 27.7%, with a net profit attributable to shareholders of -2.92 billion, down 654.5% year-on-year. The decline is attributed to continuous price drops in components and challenges in the photovoltaic industry, including supply-demand imbalances and intensified market competition [1][3] - The storage segment is expected to see growth in both volume and profit, with global battery storage system shipments projected to increase by over 50% in 2025. Trina Solar aims to achieve over 8GWh in shipments for the year, benefiting from a higher proportion of overseas orders and economies of scale [2][3] - The company is advancing in technology, with new battery component technologies achieving world record efficiencies. This positions Trina Solar to maintain its leading status in the photovoltaic component industry while diversifying its business ecosystem, enhancing its resilience against industry cyclicality [3] Financial Summary - For 2025, Trina Solar's revenue is projected to be 67.15 billion, with a year-on-year decline of 16.36%. The net profit is expected to be -3.97 billion, with an EPS of -1.82. The PE ratios for 2025-2027 are projected to be -9, 94, and 17 respectively [5][3] - The company reported a significant drop in component shipments, with H1 2025 shipments exceeding 32GW, a slight decrease from 34GW in the previous year. Distributed system sales fell by 53% to approximately 1.5GW, while storage shipments remained stable at about 1.7GWh [1][3]