Leading solar player Trina Solar, which has a strong presence across the supply chain from modules to trackers to mounting systems and ESS, announced its financial results for 2023 and the first quarter of 2024 .
The company reported revenue of $16.09 billion (RMB 113.392 billion) for 2023, 27.26% more than in 2022.
The final quarter of 2023 saw it doing $4.93 billion in revenues. the first quarter of 2024 however saw it bow to industry trends, thanks to the drop in module prices seen since middle of 2023. Revenue at RMB18.3b was down 14% from 1Q 2023, with Net income also taking a 71% hit to RMB 515.7m from 1Q 2023. Net margins shrunk to 2.8% from 8.3% in 1Q 2023. The decrease in margin was driven by lower revenue.
Module shipments in 2023 came in at 65.21GW, 51.33% more than in 2022. By the end of 2023 Trina Solar delivered 20GW solar mounting systems and 5GWh DC container and energy storage system.
Trina Solar’s cumulative shipments of modules had exceeded 205GW by the end of the first quarter of 2024. Its flagship range of 210mm module, which it has been championing over the 182mm size, saw shipments of 120GW.
Thanks to its continuing technological innovation, the company’s Vertex N 700W+ module, based on 210mm technology and n-type i-TOPCon cells, continues to gain share with record-high output scores.
A new focus on energy storage saw Trina’s shipments in DC container and energy storage system adding up to 5GWh, covering China, Europe, the Asia-Pacific region, North America, the Middle East and Africa, and South America. Trina Storage launched the new generation liquid-cooled energy storage system Elementa 2 in February. Elementa 2 is integrated with state-of-the-art Trina Storage cells featuring high safety, performance, and cyclic lifetime.
TrinaTracker has successfully delivered 20GW+ of solar mounting systems worldwide, spanning across more than 60+ countries. Besides that, its annual global tracker production capacity stands at 10GW+. It launched an upgraded Vanguard 1P model in February 2024, ideal for Vertex N 720W modules, with lower LCOE and higher IRR.
The company is building an integrated n-type production capacity to meet burgeoning demands. It also targets production capacity of monocrystalline wafers, high-efficiency cells and modules of 60GW, 105GW and 120GW respectively by the end of 2024.
