TRINA(SH:688599) GOLDEN SUN SECURITIES·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 1135.10 billion yuan in 2023, representing a year-on-year growth of 33.46%, and a net profit attributable to shareholders of 55.61 billion yuan, up 51.12% year-on-year [1] - The company is expanding its overseas production capacity, particularly targeting the high-margin U.S. market, with plans for 6.5GW integrated capacity in Southeast Asia and 5GW component capacity in the U.S. [1][2] - The company has successfully launched multiple benchmark energy storage projects overseas, with a production capacity of 12GWh for energy storage batteries and plans to increase it to 25GWh by the end of Q2 2024 [2] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 323.91 billion yuan and a net profit of 4.84 billion yuan [1] - The adjusted profit forecasts for 2023-2025 are 55.61 billion yuan, 86.89 billion yuan, and 99.01 billion yuan, respectively, with corresponding P/E ratios of 9.7x, 6.2x, and 5.5x [2][6] Overseas Expansion - The company is establishing a global production capacity with a focus on the U.S. market, including a collaboration for a project in the UAE with a planned capacity of 50,000 tons of silicon material, 30GW of silicon wafers, and 5GW of battery components [1][2] Product Development - The 210R series components have achieved a cumulative shipment of 15GW, with the overall 210 product technology platform exceeding 90GW in shipments, gaining significant market recognition [1][2] Energy Storage Business - The company’s energy storage business is progressing with several successful projects abroad, leveraging its brand and global sales channels to enhance market position [2]