TRINA(SH:688599) Minsheng Securities·2024-04-28 01:32Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 113.39 billion yuan, a year-on-year increase of 33.32%, and a net profit attributable to shareholders of 5.53 billion yuan, up 50.26% year-on-year [1][2]. - In Q4 2023, the company reported a revenue of 32.27 billion yuan, a year-on-year increase of 20.18%, but a significant decline in net profit by 64.48% year-on-year [1]. - For Q1 2024, the company achieved a revenue of 18.26 billion yuan, a year-on-year decrease of 14.37%, and a net profit of 0.52 billion yuan, down 70.83% year-on-year [2]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a total revenue of 113.39 billion yuan and a net profit of 5.53 billion yuan, with a projected revenue of 111.13 billion yuan for 2024, reflecting a slight decline of 2% [3][7]. - The net profit for 2024 is expected to be 4.45 billion yuan, a decrease of 19.5% compared to 2023 [3][7]. Production and Capacity - The company shipped 65.21 GW of solar modules in 2023, a year-on-year increase of 51.33%, and approximately 15 GW in Q1 2024 [2]. - By the end of 2023, the company's production capacity for various components reached 55 GW for crystal pulling, 55 GW for slicing, 75 GW for battery cells, and 95 GW for modules, with plans to expand to 60/60/105/120 GW by the end of 2024 [2]. Business Segments and Innovations - The company has made significant strides in distributed systems, with a shipment of 9.6 GW in 2024, a year-on-year increase of 54.8%, and a notable 118.2% increase in solar mounting structures [2]. - The company has also achieved a breakthrough in centralized solar storage systems, securing project indicators of 6.2 GW and a reserve of 8.5 GW, positioning itself as a leader in private enterprise development [2]. Financial Projections - The company is projected to achieve revenues of 111.13 billion yuan, 135.15 billion yuan, and 155.08 billion yuan for the years 2024, 2025, and 2026, respectively [3][7]. - The earnings per share (EPS) are expected to be 2.04 yuan, 2.92 yuan, and 3.68 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 10x, 7x, and 6x [2][3].