TRINA(SH:688599) Soochow Securities·2025-11-10 04:55Investment Rating - The investment rating for Trina Solar (688599) is "Buy" (maintained) [1] Core Views - The report highlights that Trina Solar's component shipments have increased quarter-on-quarter, and the energy storage segment remains profitable with expectations for significant growth in shipments [1] - The company is expected to face challenges due to intensified industry competition and product price pressures, leading to adjustments in profit forecasts for 2025 and 2027 [1] - Despite these challenges, the report anticipates enhanced contributions from new business segments and effective cost control measures, supporting a positive outlook for future profitability [1] Financial Performance Summary - For 2023, total revenue is projected at 113.41 billion yuan, with a year-on-year growth of 33.34% [1] - The net profit attributable to shareholders is expected to be 5.53 billion yuan, reflecting a year-on-year increase of 50.14% [1] - The earnings per share (EPS) for 2023 is estimated at 2.54 yuan, with a price-to-earnings (P/E) ratio of 8.76 [1] Future Projections - Revenue is expected to decline to 80.28 billion yuan in 2024, with a year-on-year decrease of 29.21% [1] - The net profit attributable to shareholders is projected to be -3.44 billion yuan in 2024, indicating a significant year-on-year decline of 162.30% [1] - By 2026, revenue is forecasted to recover to 100.12 billion yuan, with a year-on-year growth of 32.35% [1] Operational Insights - In Q3 2025, the company shipped approximately 19-20 GW of components, with a slight improvement in loss per watt [9] - The energy storage segment is expected to ship around 5 GWh in Q4, contributing to an annual total of 8-10 GWh [9] - Cost control measures have led to a 17.7% reduction in expenses during the first three quarters of 2025 [9]