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Trina Solar Reports 246% Year-on-Year Growth In First-Half Net Profit

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Trina Solar’s half-year financial results for 2020 shows a sharp increase in sales of PV products and PV systems, which the company attributes to its years of operational experience and effective risk control mechanisms.

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Total revenue for the first six months of 2020 was RMB 12.55 billion, a year-on-year increase of 16.56%, while net profit—belonging to shareholders of the listed company—hit RMB 493 million, up 245.81% on the previous year.

Jifan Gao, chairman and CEO of Trina Solar, says Trina Solar and other leading global PV companies achieved growth despite the global economic downturn brought about by Covid-19 in the first half of the year. “The Chinese PV industry continues to grow in leaps and bounds as we enter the ultra-high-efficiency era,” he says. “Companies with outstanding sustainable development capabilities and those who are leaders in the global PV market are thriving. Having led the way into the ultra-high-efficiency era, Trina Solar now plans to step up the rollout of advanced production capacity and the application of innovative technologies in our products in order to boost profits further.”

Customers will remain at the heart of the company’s operations, and the company will continue to constantly improve the quality of its products and services to create more value for customers and produce even better returns for society and stakeholders, adds Mr Gao.

Innovative and Technological Breakthroughs Demonstrate Core Competitiveness

In 2020’s first half, Trina Solar invested RMB 860 million in R&D. The company has accumulated 852 patents, including 310 innovation patents, and has consistently maintained its investment in the research and development of: advanced technologies for high-efficiency cells, high-power modules and smart tracking mounts. It focuses on the development of cutting-edge technologies while simultaneously continuing to improve its mass-production capacity.

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With regard to solar cells, Trina Solar went through third-party testing by the ISFH CalLab in Germany to confirm conversion efficiency of 23.39% in its PERC cell, which was produced with standardized industrial equipment and was the highest-efficiency industrial PERC cell to pass the international ISO/IEC 17025 standard at that time. Trina is an industry leader in the scale production of PERC cell technology, with cell efficiency on the company’s newly built PERC production line averaging 22.8%-22.9%. Trina Solar’s HJT cell achieves efficiency of 23.8% or more in mass production, and TüV certification and marketing of its HJT products are expected imminently. Trina’s TOPCon high-efficiency cell has recorded laboratory efficiency of 24.58%, with the highest average batch efficiency in mass production reaching 23.8%.

With respect to PV modules, Trina’s new Vertex series of high-power module products incorporates numerous forward-looking innovations including a 210 mm silicon wafer, high-density encapsulation and multi-busbar (MBB) technology, keeping Trina Solar at the forefront of the industry as it leads the way into the ultra-high-power era. Trina Solar’s partners in and around the supply chain are already fully equipped with the associated production facilities.

In terms of PV systems, the company launched its new TrinaPro Mega solution, equipped with industry-leading 500W+ ultra-high-power modules, which established lower unit costs and will further increase power plant returns, including higher compatibility of parts, lower system costs and smarter services. Trina Solar has already established a test line for electric and electronic products as well as an outdoor empirical model application platform, and has completed small-batch production and product test verification processes for the AC version and module string version of its TCU/NCU smart tracking controllers. The two versions are compatible with various mounting structures and are projected to hit the market at the end of September and the end of December, respectively.

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Global Brand and Layout Enable Growth Despite the Downturn

Thanks to its global brand and global business layout, Trina Solar effectively withstood the shock of Covid-19 in the first half of 2020, not only overcoming the impact of the pandemic on production and logistics, but actually further increasing its market share in certain market regions. In the first half of the year, the company achieved total module shipments of 5.84 GW, up 37% over the same period in 2019. February 2020 saw a new market breakthrough for Trina Solar, with the release of the world’s first 500W+ module, Vertex, and in July the company went one better with its 600W+ module to lead the industry into the 600W era. By the release date of the half-year report, the Vertex module was already approaching 1 GW worth of orders.

The company’s TrinaPro business showed fast and steady growth, with orders for 882 MW
delivered worldwide—over 100% more than the same period last year.

Trina Solar also signed a deal with The Rise Fund, part of one of the world’s largest alternative asset management companies, TPG Group, for project contracts worth a total of approximately US$700 million and covering a total scale of 1 GW. Trina’s domestic power plant systems business continues to grow steadily, with close to 1 GW worth of PV price-bidding and price-parity projects won during the reporting period, a year-on-year increase of over 25%.

Further Scaling Up of Global Advanced Production Capacity and Business Layout Within the industry, Trina Solar is an active proponent of ultra-high-power module products based on large-sized cells, aiming to drive home its advantages in terms of large-scale advanced module production capacity for large cells. The company forecasts total cell production capacity of around 26 GW by the end of 2021, of which the large 210 mm cells are expected to account for some 70%.

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All of the module production capacity due to be built from the second half of 2020 onward will be for ultra-high-power modules, with total module production capacity forecast to reach around 22 GW by the end of 2020 and around 50 GW by the end of 2021.

The company also aims to further consolidate its industry-leading advantages in the fields of large high-efficiency cells and modules, with plans to promote upstream-downstream inter connectivity in the supply chain based on the “600W+ Photovoltaic Open Innovation Ecological Alliance” and to accelerate the transformation of the “supply chain” to the “value chain”. Drawing on the strengths of its global brand and channels, as well as advanced module product capacity and the coordinated development of the companies in the open innovation eco-alliance, Trina Solar is well set to offer customers maximum value by providing them with higher-value integrated solutions and outstanding professional services.

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