Trina Solar (688599) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was RMB 20.18 billion, down 36.41% year-over-year, with net loss attributable to shareholders of RMB 1.37 billion, a 189.31% decline year-over-year.

• Nine-month revenue reached RMB 63.15 billion, down 22.16% year-over-year, with a net loss of RMB 846.5 million, compared to a profit last year.

• Profitability was impacted by lower photovoltaic module prices due to industry supply-demand dynamics.

Financial highlights

• Gross margin declined as operating costs remained high while product prices fell.

• Basic and diluted EPS for Q3 were -0.63 RMB, down 188.73% and 200% year-over-year, respectively.

• Cash flow from operations for the nine months was RMB 3.83 billion, down 62.63% year-over-year.

• Total assets at quarter-end were RMB 135.53 billion, up 12.65% from year-end 2023.

• Shareholder equity decreased 7.93% to RMB 29.02 billion since year-end 2023.

Outlook and guidance

• Management highlights continued pressure on profitability due to industry oversupply and falling module prices.