TRINA(SH:688599) Minsheng Securities·2025-11-03 09:29Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company reported a revenue of 49.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.87%, with a net profit attributable to shareholders of -4.20 billion yuan [1]. - In Q3 2025, the company achieved a revenue of 18.91 billion yuan, a year-on-year decrease of 6.27% but a quarter-on-quarter increase of 13.12%, with a net profit of -1.28 billion yuan, indicating a narrowing of losses [1]. - The company has demonstrated good cost control capabilities, with significant improvements in various expense ratios, except for a slight increase in financial expense ratio [1]. - The company’s storage business is expected to provide additional growth, with overseas orders accounting for 60% of total orders in 2025 and projected to maintain over 50% growth in 2026 [2]. Financial Forecasts - The company is expected to achieve revenues of 70.85 billion yuan, 93.01 billion yuan, and 108.06 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of -4.40 billion yuan, 1.92 billion yuan, and 3.08 billion yuan [3][4]. - The projected PE ratios for 2026 and 2027 are 23x and 14x respectively, based on the closing price on October 31 [3][4].