TRINA(SH:688599) Dongxing Securities·2024-05-06 05:00Investment Rating - The report maintains a "Recommended" rating for Trina Solar [3] Core Views - The company's revenue for 2023 reached 113.39 billion, a year-on-year increase of 33.32%, with a net profit of 5.53 billion, up 50.26% [2] - In Q1 2024, revenue declined by 14.37% year-on-year to 18.26 billion, and net profit fell by 70.83% to 516 million, primarily due to intense competition and a significant drop in industry prices [2] - The company aims for a component shipment target of 80-90 GW in 2024, representing a growth of approximately 23%-38% [2] - Trina Solar is focusing on multi-business integration to offset price declines through volume growth [2] Financial Performance Summary - For 2023, the company achieved a revenue of 113,391.78 million with a growth rate of 33.32% and a net profit of 5,531.30 million, reflecting a growth rate of 50.26% [7] - The forecasted net profits for 2024, 2025, and 2026 are 4,082.91 million, 5,699.83 million, and 6,954.57 million respectively, with corresponding EPS of 1.87, 2.62, and 3.19 [3][7] - The PE ratios for 2024, 2025, and 2026 are projected to be 11, 8, and 7 times respectively [3] Business Strategy and Outlook - The company is committed to developing an integrated solution that combines efficient components, smart tracking brackets, and power station development capabilities [2] - Trina Solar has achieved a world record with its 210+N i-TOPCon photovoltaic module, which has a maximum output power of 740.6W [2] - The company is expanding its global footprint with new production capacity projects in the USA, Indonesia, and the UAE [2]