Trina Solar (688599) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥42.97 billion, down 12.99% year-over-year due to a sharp decline in PV product prices.

• Net profit attributable to shareholders was ¥526 million, down 85.14% year-over-year.

• Despite industry headwinds, the company maintained profitability and global leadership in PV module shipments, with 34GW shipped in H1 2024, up over 25% year-over-year.

• N-type i-TOPCon module sales ratio continued to rise, and cumulative global module shipments exceeded 225GW.

• The company advanced its global supply chain with new bases in Indonesia and the US, expected to be operational in H2 2024.

Financial highlights

• Revenue: ¥42.97 billion, down 12.99% year-over-year.

• Net profit attributable to shareholders: ¥526 million, down 85.14% year-over-year.

• Net profit excluding non-recurring items: ¥398 million, down 89.29% year-over-year.

• Operating cash flow: -¥157 million, down from ¥2.80 billion in H1 2023.

• Total assets: ¥140.73 billion, up 16.97% from year-end 2023.

• Basic EPS: ¥0.24, down 85.28% year-over-year.

Outlook and guidance

• The company expects continued strong global PV demand, with N-type TOPCon technology to remain mainstream over the next five years.

• New production bases in Indonesia and the US will enhance supply chain resilience amid global trade uncertainties.

• The company will continue to invest in R&D and expand its presence in distributed PV, storage, and integrated energy solutions.