TRINA(SH:688599) Changjiang Securities·2025-11-11 02:14Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first three quarters of 2025, the company achieved a revenue of 49.97 billion yuan, a year-on-year decrease of 20.87% - The net profit attributable to the parent company was -4.201 billion yuan, with the loss margin expanding year-on-year - In Q3 2025, the company reported a revenue of 18.914 billion yuan, a year-on-year decrease of 6.27% but a quarter-on-quarter increase of 13.12% - The net profit attributable to the parent company in Q3 was -1.283 billion yuan, showing a reduction in losses compared to the previous quarter [2][5] Summary by Sections Financial Performance - The company’s Q3 operating expenses ratio was 10.96%, an increase of 0.33 percentage points quarter-on-quarter but a decrease of 1.81 percentage points year-on-year - Asset impairment losses during Q3 amounted to 169 million yuan, and credit impairment losses were 118 million yuan, impacting profits - The net cash flow from operating activities for the first three quarters was 2.855 billion yuan, indicating good operational quality [12] Business Outlook - The energy storage business is expected to grow rapidly, contributing to profit increments, with significant orders recently secured in Chile and Europe - The photovoltaic business is anticipated to benefit from the progress in reducing internal competition, leading to potential price increases and profit recovery - The company is transitioning from a photovoltaic product manufacturer to a comprehensive solution provider for photovoltaic and energy storage systems [12]