TRINA(SH:688599) Changjiang Securities·2024-05-14 02:02Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a revenue of 113.39 billion yuan in 2023, representing a year-on-year growth of 33%, and a net profit attributable to shareholders of 5.53 billion yuan, up 50% year-on-year [5][6]. - In Q4 2023, the company achieved a revenue of 32.27 billion yuan, a 20% increase year-on-year, but the net profit dropped by 64% year-on-year [5][6]. - For Q1 2024, the company reported a revenue of 18.26 billion yuan, a decline of 14% year-on-year, while the net profit was 5.16 billion yuan, down 71% year-on-year [5][6]. - The company's component business generated a revenue of 76.4 billion yuan in 2023, with a year-on-year growth of 21% [5][6]. - The company is expected to maintain a reasonable capacity expansion pace, with projected capacities for silicon wafers, batteries, and components reaching 60GW, 105GW, and 120GW respectively by the end of 2024 [5][6]. Financial Summary - The company’s operating expenses ratio was 7.4% in 2023, remaining stable year-on-year [5]. - The operating cash flow for Q1 2024 was -4.4 billion yuan, primarily due to pre-stocking [5][6]. - The company anticipates a total shipment of 80-90GW for the year, supported by strong growth in distributed and mounting bracket businesses [5][6]. - The projected net profit for 2024 and 2025 is 3.9 billion yuan and 6.5 billion yuan respectively, corresponding to a PE ratio of 12 and 7 [6].