TRINA(SH:688599) Soochow Securities·2024-04-28 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 revenue reached 113.39 billion yuan, a year-on-year increase of 33.32%, while the net profit attributable to shareholders was 5.53 billion yuan, up 50.26% year-on-year. However, the fourth quarter saw a significant decline in net profit [3] - The company experienced continuous growth in shipments, with 65.2 GW of modules shipped in 2023, a 51% increase year-on-year. However, increased competition has led to a decline in profitability [3] - The company is expanding its distributed generation business, which is expected to grow by 20% in 2024, supported by stable profitability from component price reductions and market channel expansion [3] - The company is also expanding its production capacity and upgrading technology, with plans to increase its silicon wafer, battery, and module capacities by the end of 2024 [4] - The company has sufficient cash on hand, with 23.8 billion yuan in cash at the end of Q1 2024, although inventory levels have increased [4] Financial Performance Summary - Total revenue for 2023 was 113.39 billion yuan, with a projected revenue of 123.69 billion yuan for 2024, reflecting a 9.08% year-on-year growth [2] - The net profit attributable to shareholders for 2023 was 5.53 billion yuan, with a forecasted decline to 4.04 billion yuan in 2024, representing a year-on-year decrease of 26.90% [2] - The company's earnings per share (EPS) for 2023 was 2.54 yuan, with an expected EPS of 1.86 yuan for 2024 [2] - The price-to-earnings (P/E) ratio is projected to be 10.75 for 2024, indicating a relatively attractive valuation [2] Market Data - The closing price of the company's stock is 19.94 yuan, with a market capitalization of approximately 43.46 billion yuan [6] - The company's price-to-book (P/B) ratio is 1.38, suggesting a moderate valuation relative to its book value [6] Capacity and Technology - By the end of 2023, the company's production capacities were 55 GW for silicon wafers, 75 GW for batteries, and 95 GW for modules, with plans to increase these figures in 2024 [4] - The company is focusing on technological upgrades, achieving significant efficiency improvements in its products [4]