TRINA(688599) 华创证券·2025-03-04 03:30Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23.42 CNY for 2025 [3][7]. Core Views - The company reported a significant decline in revenue and a shift to a net loss for 2024, with total revenue of 803.34 billion CNY, down 29.15% year-on-year, and a net profit of -34.55 billion CNY [3][4]. - Despite the challenging market conditions, the company managed to increase its component shipments, achieving approximately 70GW in 2024, although profitability was pressured due to falling component prices [3][7]. - The company is actively exploring innovative overseas strategies, including a partnership with FREYR to enhance its competitiveness in the U.S. market [3][7]. - Continuous investment in R&D has led to advancements in solar technology, including the introduction of i-TOPCon Ultra technology with a maximum efficiency of 26.58% [3][7]. - The financial forecasts for 2024-2026 indicate a recovery in net profit, with projections of -34.55 billion CNY, 25.53 billion CNY, and 34.69 billion CNY respectively [3][7]. Financial Summary - For 2024, the company expects total revenue of 80,334 million CNY, with a year-on-year growth rate of -29.2% [3][8]. - The projected net profit for 2024 is -3,455 million CNY, reflecting a drastic decline of 162.5% compared to the previous year [3][8]. - The earnings per share (EPS) is forecasted to be -1.59 CNY for 2024, with a recovery to 1.17 CNY and 1.59 CNY in 2025 and 2026 respectively [3][8]. - The company's total assets are projected to reach 124,516 million CNY by 2024, with a debt-to-equity ratio of 140.5% [3][8].