SSE: 688599 - Trina Solar Co., Ltd

Yield per half year: +17.36%
Dividend yield: 0.00%
Sector: Technology

Reporting Trina Solar Co., Ltd

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥										79.1
Выручка, млрд ¥		22.59	26.16	25.05	23.32	29.42	44.48	85.05	113.39	113.39
Чистая прибыль, млрд ¥		0.4791	0.5424	0.5579	0.6406	1.23	1.8	3.68	5.53	5.53
EV, млрд ¥				4.57	3.63	48.23	169.88		62.28	62.28
EBIT, млрд ¥		2.21	1.51	1.37	1.17	1.86	2.09
EBITDA, млрд ¥			2.67	2.32	2.17	2.98	4.09	6.81	6.31	6.81
Баланс стоимость, млрд ¥		8.54	10.77	11.35	11.96	15.08	17.11	26.34	31.52	31.52
FCF, млрд ¥			-0.5497	2.53	1.39	-1.73	-5.39	1.13	-0.1897	-0.1897
Операционный денежный поток, млрд ¥	0.1882	0.4341	1.04	4.08	5.24	3	1.1	9.24	24	24
Операционная прибыль, млрд ¥		1.7	1.8	1.55	1.39	2.2	2.56	5.64	9.79	9.79
Операционные расходы, млрд ¥		20.89	24.36	23.5	21.94	27.22	41.92	79.41	103.6	103.6
CAPEX, млрд ¥		1.4	1.59	1.55	3.86	4.73	6.49	8.11	15.73	15.73

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥						15.27	20.46	22.47	26.85	21.32	28.06	31.74	32.27	18.26	24.71
Чистая прибыль, млрд ¥						0.5432	0.7262	1.13	1.28	1.77	1.77	1.54	0.4543	0.5157	0.0105
EV, млрд ¥						132.79				118.6	97.23	71.38	62.28	70.35	60.85
EBIT, млрд ¥	0.5958	0.3483	0.6009	0.6868	0.45	1.01	1.01	1.85		1.79	2.25
EBITDA, млрд ¥		0.5165	0.7162	0.704	0.9656	0.8564	1.02	1.31	1.44	2.54	2.38
Баланс стоимость, млрд ¥						21.25	23.06	24.39	26.34	28.63	29.99	31.37	31.52	32.04	30.7
FCF, млрд ¥						-2.48	1.3	-0.0735	2.38	-5.18	0.3579	2.26	7.6	-8.95	0.454
Операционный денежный поток, млрд ¥		-1.47	1.6	-0.4293	1.4	0.7724	0.7724	2.41	3.7	3.7	3.7
Операционная прибыль, млрд ¥						0.8945	1.48	1.67	1.6	1.88	2.68	3.18	2.05	0.9093	1.22
Операционные расходы, млрд ¥						14.38	18.98	20.8	25.26	19.44	25.38	28.56	30.22	17.35	23.49
CAPEX, млрд ¥						1.36	1.36	2.48	3.34	3.34	3.34	5.19	6.14	4.56	3.78

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥		7.93	4.43	4.36	5.83	9.43	10.69	19.14	24.35	24.35
Short Term Investments ¥		0.0995	0.0056	0.0042	1.73	0.9147	0.4299	0.0894	0.028	0.028
Total Receivables ¥	0.7963	4.35	7.91	7.34	7.48	4.23	8.17	13.21	18.09	18.09
Total Current Assets ¥	2.59	26.79	27.19	18.78	22.33	28.32	41.86	61.07	76.46	76.46
Чистые активы, млрд ¥	1.86		7.82	8.14	10.79	12.34	14.58	61.07	75.44	61.07
Активы, млрд ¥		36.92	35.22	28.55	36.49	45.59	63.54	89.98	120.31	120.31
Short Term Debt ¥				7.5	6.86	5.68	9	13.67	9.5	9.5
Long Term Debt ¥		3.42	3.26	1.43	2.6	4.11	7.95	3.57	19.84	19.84
Задолженность, млрд ¥		27.82	23.83	16.51	23.79	29.89	45.38	61.18	83.77	83.77
Чистый долг, млрд ¥			8.16	4.57	3.63	0.357	6.27	-1.9	4.99	4.99
Долг, млрд ¥					9.46	9.79	16.96	17.24	29.34	31.15
Interest income ¥		0.0127	0.0446	0.0357	0.081	0.0942	0.3636	0.256	0.5179
Расходы на обслуживание долга ¥				0.5849	0.4433	0.4293	0.5354	0.6462	1.29	1.29
Чист. проц. доходы, млрд ¥		-0.5943	-0.8386	-0.5902	-0.4203	-0.4046	-0.6083	-0.487	-0.8963	0.5179
Goodwill ¥		0.0061	0.0098	0.1529	0.1529	0.1604	0.1543	0.1543	0.1543
Себестоимость, млрд ¥		18.29	21.68	21.22	19.27	24.72	38.19	73.63	95.41	95.41
Товарно материальные запасы ¥	0.432	11.67	11.92	5.4	5.61	7.12	12.75	18.71	23.4	23.4

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥					11.05	16.93	16.17	19.14	22.7	25.12	27.03	24.35	23.78	23.94
Short Term Investments ¥					1.32	0.8323	0.0964	0.0894	1.19	0.0408	0.0484	0.028	0.0413	0.0297
Total Receivables ¥					16.51	16.51	17.45	13.21	22.13	24.79	20.38	18.09	15.16	19.15
Total Current Assets ¥					57.55	57.55	58.95	61.07	75.44	82.05	88.5	76.46	82.8	86.31
Чистые активы, млрд ¥	14.05	14.72	15.38	14.58	13.91	13.91	13.83	61.07	18.4	21.93
Активы, млрд ¥					72.35	80.45	84.09	89.98	107.86	117.17	128.03	120.31	132.63	140.73
Short Term Debt ¥					12.45	12	12.3	13.67	16.56	16.38	17.6	9.5	13.77	15.15
Long Term Debt ¥					2.93	4.41	3.78	3.57	13.39	14.68	16.82	19.84	27.07	32.62
Задолженность, млрд ¥					49.56	56.18	58.68	61.18	76.53	82.36	91.68	83.77	95.14	104.62
Чистый долг, млрд ¥		2.82	5.98	6.27	4.33				7.24	5.94	7.39	4.99	17.07	23.83
Долг, млрд ¥										31.06	34.42	29.34	40.84	47.77
Interest income ¥			0.0362	0.2417	0.0299	0.0501	0.1061	0.4421	0.1577	0.1066	0.6266	0.8801
Расходы на обслуживание долга ¥					0.1457	0.1473	0.1881	0.165	0.2468	0.3125	0.3757	0.3567	0.3204	0.5369
Чист. проц. доходы, млрд ¥				-0.078	-0.2692	0.000416	-0.0606	-0.1576	-0.1617	0.3704	0.1097	-0.6585	0.0926
Goodwill ¥			0.1604	0.1543	0.1543	0.1543	0.1543	0.1543	0.1543	0.1543	0.1543	0.1543
Себестоимость, млрд ¥					13.2	17.69	19.49	23.26	17.49	23.54	26.44	27.94	15.55	21.47
Товарно материальные запасы ¥					17.92	17.92	19.61	18.71	23.98	26.38	26.92	23.4	29.9	30

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.3174	0.3644	0.5944	0.8701	1.7	2.54			2.54
Цена акции ао			23.15	78.9	63.76	28.53	19.3	18.66	18.66
Число акций ао, млн	1757.83	1757.83	2068.03	2073.67	2169.33	2173.56			2173.56
FCF/акцию	1.44	0.7882	-0.8387	-2.6	0.5204	-0.0873			-0.0873

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS			0.27	0.33	0.53	0.5879	0.59	0.8154	0.7071	0.209	0.2366	0.0048
Цена акции ао	46.09	71.42	66.8	57.65	73.04	64.02	62.26	45.19	34.68	28.35
FCF/акцию			-1.15	0.6012	-0.0339	1.09	-2.39	0.1647	1.04	3.5	-4.11	0.2083

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	5.61	5.04	4.91	5.36	8.15	10.54	16.94	19.12			19.12	8.93
ROA, %	1.3	1.54	1.95	1.76	2.7	2.84	4.8	5.26			5.26	4.09
ROIC, %				5.68	8.44	7.94	12.42
ROS, %		2.07	2.23	2.75	4.18	4.06	4.33	4.88	4.88	4.88	4.88	1.33
ROCE, %	24.29	13.26	11.36	9.25	11.86	11.48
Рентаб EBITDA, %		10.2	9.27	9.3	10.13	9.19	8.01	6.93			8.01	8.44
Ebit margin, %				5.04	6.33	4.69
Чистая рентаб, %	2.12	2.07	2.23	2.75	4.18	4.06	4.33	4.88			4.88	1.33
Operation Margin, %		6.89	6.2	5.94	7.47	5.75	6.63	8.64	8.64	8.64	8.64	2.68

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %						2.56	3.15	4.64	4.85	6.17	6.69	5.45	1.53	1.67	0.0334	8.93
ROA, %						0.7509	0.9026	1.35	1.42	1.64	1.58	1.25	0.3658	0.4078	0.0077	4.09
ROIC, %											5.05	2.68	1.09	1.09	2.13
ROS, %						3.56	3.55	5.04	4.76	8.29	6.31	4.84	1.41	2.83	0.0423	1.33
ROCE, %	3.79	2.19	3.73	4.02	2.48	4.43	4.16	7.27		5.73	5.39
Рентаб EBITDA, %		6.06	6.14	6.36	7.31	5.61	4.99	5.82	5.38	11.9	8.49					8.44
Ebit margin, %											8.01
Чистая рентаб, %						3.56	3.55	5.04	4.76	8.29	6.31	4.84	1.41	2.83	0.0423	1.33
Operation Margin, %						5.86	7.24	7.41	5.95	8.83	9.56	10.02	6.35	4.98	4.94	2.68

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E				38.95	90.68	35.54	10.36			10.36	95.95
P/BV				3.05	9.01	4.54	1.57			1.57	5.01
P/S				1.63	3.68	1.54	0.5053			0.5053	13.95
P/FCF							70.07	-416.87	-416.87	-416.87	-59.30
E/P							0.0465	0.0699	0.0699	0.0699	0.02
EV/EBITDA		1.97	1.67	16.19	41.56		15.7			13.5	12.74
EV/EBIT			3.09	25.9	81.44			0	0	0
EV/S			0.1558	1.64	3.82		0.5493	0.5493	0.5493	0.5493	17.69
EV/FCF			2.62	-27.81	-31.49		-328.25	-328.25	-328.25	-328.25	-53.23
Debt/EBITDA			4.36	3.28	4.15	2.53	4.57	4.57	4.57	4.57	1.44
Netdebt/Ebitda	3.06	1.97	1.67	0.1198	1.53	-0.2787	1.06	0.7326	0.7326	0.7326	0.17
Debt/Ratio			0.2592	0.2146	0.2668	0.1917	0.2439	0.2589	0.2589	0.2589	0.10
Debt/Equity			0.7912	0.6489	0.9909	0.6547	0.9307	0.5101	0.5101	0.5101	0.20
Debt/Net Income			14.77	7.96	9.4	4.68	5.3	5.63	5.63	5.63	3.43
Бета							3.81	2.62	1.46	1.46	3.26
Индекс Альтмана							7.2	9.2	9.2	9.2	10.71

	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
P/E								59.1	61.59	48.12	35.5	22.67	15.33	10.07	10.36	12.42	14.68	95.95
P/BV								5.64	6.15	5.84	4.55	3.56	2.62	1.76	1.57	1.42	1.03	5.01
P/S								2.45	2.44	2.06	1.54	1.22	0.9238	0.5923	0.5053	0.4819	0.3456	13.95
EV/EBITDA								40.96				18.79	12.67					12.74
EV/EBIT													43.26
EV/S													3.46	2.25	1.93	3.85	2.46	17.69
EV/FCF													271.68	31.58	8.2	-7.86	134.05	-53.23
Debt/EBITDA													13.04					1.44
Netdebt/Ebitda	4.66	6.39	0.6603	4.8	3.94	8.49	6.49	5.06				2.85	2.49					0.17
Debt/Ratio													0.2651	0.2688	0.2439	0.3079	0.3394	0.10
Debt/Equity													1.04	1.1	0.9307	1.27	1.56	0.20
Debt/Net Income													17.53	22.39	64.58	79.19	4565.11	3.43

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.5073	4.18	0.5689	0.5439	0.5764	0.8692	1.73	1.73	0.9177
Дивиденд					0.1	0.18	0.23	0.478	0
Див доход, ао, %					0.5608	0.4536	0.6372	1.81	0	0.18
Дивиденды / прибыль, %	105.89	771.38	101.97	84.91	46.89	48.17	24.44	31.32	31.32	53.68

	2020Q3	2021Q2	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд			0.341	0.341	0.2711	0.252	0.252	1.31	0.2243	0.2102	0.281	1.66
Дивиденд	0.1	0.18		0.23				0.478
Див доход, ао, %	0.6044	0.9471		0.399				1.06					0.18
Дивиденды / прибыль, %			62.76	46.95	23.93	19.73	14.26	73.89	14.6	46.27	54.49	15895.78	53.68

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	CAGR 5
Персонал, чел	23077

	CAGR 5

	CAGR 5