Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance despite current challenges [5]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 31.056 billion yuan, down 27.72% year-on-year, and a net loss of 2.918 billion yuan, a staggering 654.47% decrease compared to the previous year [1]. - The company remains a leader in the industry with cumulative shipments of 210 components exceeding 200GW, although profitability is under pressure due to declining component prices [2]. - The energy storage business has seen rapid growth, with cumulative shipments surpassing 12GWh, and the company has entered the "GWh era" in overseas project delivery [3]. - The company emphasizes technological innovation, leading the industry in perovskite/silicon tandem technology, with significant R&D investment [4]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 31.056 billion yuan, a decrease of 27.72% year-on-year, and a net loss of 2.918 billion yuan, reflecting a 654.47% decline [1]. - The Q2 2025 revenue was 16.721 billion yuan, down 32.34% year-on-year, with a net loss of 1.598 billion yuan, indicating an increased loss compared to the previous quarter [1]. Product and Market Position - The company has shipped over 32GW of 210 components in H1 2025, maintaining its position as the industry leader, although revenue from photovoltaic products fell to 20.082 billion yuan, a 33.19% decrease [2]. - The gross margin for photovoltaic products dropped to -2.49%, a decline of 13.62 percentage points year-on-year [2]. Technological Advancements - The company invested 2.262 billion yuan in R&D in H1 2025, accounting for 7.28% of its revenue, and achieved record efficiencies in its perovskite/silicon tandem solar cells [4]. - The company holds the highest number of perovskite patents globally, with 481 applications, significantly outpacing the second-ranked entity [4]. Future Outlook - The report projects net profits for 2025-2027 to be -2.022 billion yuan, 1.763 billion yuan, and 3.641 billion yuan respectively, reflecting a cautious outlook due to current market conditions [5]. - The company is focusing on large-sized photovoltaic components and expanding its business categories, which may provide new growth opportunities despite the challenges in the photovoltaic sector [5].

2025 年 5 月 6 日 公司研究 210 组件累计出货量稳居行业第一，持续优化全球供应链配置 ——天合光能（688599.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 802.82 亿 元，同比-29.2%，实现归母净利润-34.43 亿元，同比-162.25%；2025Q1 实现 营业收入 143.35 亿元，同比-21.48%，实现归母净利润-13.20 亿元，环比减亏。 210 组件累计出货量稳居行业第一，计提减值阶段性影响公司业绩。（1）2024 年公司组件销量同比增长 18.31%至 64.48GW（包含电站、电站工程建设管理及 系统产品的合计出货量为 70.47GW），210 组件累计出货超 170GW 稳居行业第 一，但在产业价格快速下跌情况下公司光伏产业营业收入同比减少 27.13%至 557.09 亿元，毛利率同比减少 10.24 个 pct 至 4.30%。（2）2024 年公司风光 储项目指标获取量超 5.7GW，支架业务出货量达 7.3GW，储能舱及系统销售累 计出货超过 10GWh，在户用电 ...

Core Insights - The photovoltaic industry in China is rapidly developing, with a cumulative installed capacity of 887 million kilowatts by the end of 2024, solidifying its position as the second-largest power source domestically [2] - Companies are facing challenges such as supply-demand imbalance and intense competition, leading to a general decline in profitability and increased losses across the industry [2] - Trina Solar is leading the industry in standardizing component sizes and promoting a friendly photovoltaic ecosystem, achieving over 170 GW in shipments of its 210 components in 2024 [2][3] Industry Developments - The demand for flexible adjustment resources in the power system is increasing due to the large-scale integration of new energy sources, prompting leading companies to accelerate the integration of solar and storage solutions [3] - Trina Solar's energy storage capacity saw over 100% growth in 2024, with a shipment volume of 4.3 GWh, doubling from 2023, and it aims to ship between 8 GWh and 10 GWh in the current year [3] Technological Advancements - The industry is actively pursuing next-generation photovoltaic technologies, with Trina Solar leading in perovskite solar cell patents, holding 481 patents and ranking first globally [4] - Trina Solar's self-developed 210 mm large-area perovskite-silicon tandem solar cells achieved a maximum efficiency of 31.1%, setting new world records in both efficiency and component power [4] Strategic Shifts - Trina Solar has transitioned from a photovoltaic product manufacturer to a comprehensive solution provider for photovoltaic and energy storage, focusing on new growth areas such as smart microgrids and green hydrogen production [5][6] - The company aims to enhance its market position by increasing the proportion of new business and shifting from price competition to value creation, thereby building a green and low-carbon energy supply system for end users [6]