The company's module shipments in the first half of the year were 34GW, a year-on-year increase of over 25%; in contrast, the module revenue was 30.057 billion yuan, a year-on-year decrease of 11.52%. During the reporting period, the company had a loss on inventory write-down and impairment loss on contract fulfillment costs of 0.502 billion yuan. The company's Indonesia base (1GW battery, 1GW module) and USA base (5GW module) are expected to start production in the second half of 2024.
Trina Solar Co., Ltd. released its semi-annual report for 2024 on the evening of August 30th, as reported by the Star Daily.
In the first half of this year, Trina Solar Co., Ltd. had revenue of 42.968 billion yuan, a year-on-year decrease of 12.99%; net income attributable to the parent company was 0.526 billion yuan, a year-on-year decrease of 85.14%.
Looking at the quarterly results, Trina Solar Co., Ltd. had a net profit of 10.46 million yuan in the second quarter, a year-on-year decrease of 99.41%, but an increase of approximately 97.97% compared to the previous quarter.
Trina Solar Co., Ltd. stated that the profitability of its module business has decreased due to the imbalance of supply and demand in the industry chain and a significant drop in the market price of photovoltaic products.
In the first half of the year, the net cash flow from operating activities generated by Trina Solar Co., Ltd. was -0.157 billion yuan, a year-on-year decrease of 105.59%. The company attributed this to an increase in inventory and corresponding cash outflow for procurement.
As of June 30, 2024, Trina Solar Co., Ltd. had inventory of 30.017 billion yuan, an increase of approximately 6.6 billion yuan from the end of the previous year (23.404 billion yuan). According to the announcement of provision for impairment loss on assets, the company had a loss on inventory write-down and impairment loss on contract fulfillment costs of 0.502 billion yuan during the reporting period.
Since the beginning of this year, prices throughout the entire photovoltaic industry chain have fallen below cost. For Trina Solar Co., Ltd., module shipments in the first half of 2024 were 34GW, a year-on-year increase of over 25%; in contrast, module revenue was 30.057 billion yuan, a year-on-year decrease of 11.52%.
Trina Solar Co., Ltd.'s system products mainly include bracket business and distributed business, with a system product revenue of 8.319 billion yuan, a decrease of 34.38% year-on-year.
The company's power station business revenue was 2.527 billion yuan, a year-on-year increase of 112.38%. As of the end of June 2024, Trina Solar's photovoltaic power station scale operated by its Fuzhou operation and maintenance department reached 14GW, an 80% year-on-year increase.
At the same time, the company's asia vets and multi-energy system revenue was 0.778 billion yuan, a year-on-year increase of 72.45%. The power generation business and operation and maintenance revenue was 0.752 billion yuan, a year-on-year increase of 586.70%.
Trina Solar Co., Ltd. stated that it is expected that by the end of 2024, the company's photovoltaic silicon wafer, cell, and module capacity will reach 55GW, 105GW, and 120GW respectively.
In terms of capacity, Trina Solar Co., Ltd. laid out the Indonesian base (1GW cell, 1GW module) and the USA base (5GW module) in 2023, and is expected to start production in the second half of 2024. "It is expected to effectively cope with the current policy environment in the usa, ensuring the stability and competitiveness of the company's global supply chain."
Trina Solar Co., Ltd.'s energy storage business is improving. In the first half of the year, the company achieved shipments of 1.7GWh, a 293.3% year-on-year increase.
At the 2024 China New Energy Storage Industry Innovation Alliance Annual Conference held in June, Trina Solar Co., Ltd. signed two batches of projects, including battery compartments with PCS, battery compartments with cells, energy storage systems, photovoltaic storage matching projects, etc., with a total contract amount of approximately 7.4 billion yuan.
Sun Wei, Vice President of Trina Solar Co., Ltd. and President of the Energy Storage Business Department, stated at the meeting that based on the company's innovative cells above 500Ah, it will launch an energy storage battery compartment with a single chamber energy of 7MWh next year. Trina Energy Storage's Chuzhou factory, with a designed capacity of 12GWh, was put into operation last year. The Dafeng factory in Yancheng, with a designed capacity of 13GWh, is currently in production at 4GWh, and is expected to be fully operational by the end of this year, with Trina Solar's cell total annual capacity reaching 25GWh.
In the first half of the year, the company's R&D investment was 2.71 billion yuan, an increase of 1.21% year-on-year. The number of R&D personnel in the company has increased from 2,051 to 2,888.
The reporter from Science and Technology Innovation Board Daily noticed that Trina Solar Co., Ltd. is involved in various photovoltaic technology routes, including PERC, TOPCon, HJT, and perovskite stacking. It also includes key technology research on photovoltaic module recycling and offshore photovoltaic technology research. The total investment scale of offshore photovoltaic technology research is expected to be 1.054 billion yuan. The offshore photovoltaic application white paper has been published; the cost reduction plan for offshore photovoltaic has been tested, and the cost reduction design for the "M" seal ring connector has been carried out.