Trina Solar Financial Results Show 26% Increase in Revenue and Module Shipments of 15.915GW

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Trina Solar (SH: 688599), the world’s leading global PV and smart energy total solutions provider, recorded a 26% year-on-year increase in operating revenue in 2020
and net income attributable to shareholders of RMB 1.229 billion.

The company’s 2020 full-year financial results show operating revenue of RMB 29.418 billion, 26% year-on-year increase, and net income attributable to shareholders of RMB 1.229 billion.

Trina Solar’s total module capacity was 22GW in 2020 and module shipments reached 15.915GW. By 2021 year-end Trina Solar’s total cell production capacity is expected to reach 35GW – of which 210mm diameter cells will account for more than 70%. Total module production capacity is expected to be 50GW by the end of 2021, further consolidating Trina Solar’s position as the 210mm module leader.

Focus on customer value, higher market share

“COVID-19 has brought very serious challenges to the PV industry as a whole,” Trina Solar says in its annual report. “However, relying on Trina Solar’s global brand influence, global market channels and concentrated effort, the company not only overcame the impact on production and logistics during the pandemic, but also achieved further market share gains in some markets.”

The company’s financial performance is an important indicator for evaluating bankability. The financial results affirm and strengthen Trina Solar’s high bankability across the world. Trina Solar is the only module manufacturer to be rated as bankable for five consecutive years by BloombergNEF Risk management and diversity lead to a stronger strength
In 2020, the company had net income attributable to shareholders of RMB1.229 billion, the numbers for each quarter were 153 million, 340 million, 339 million and 398 million respectively. It is notable that since last year’s second-half, the PV industry has experienced shortages and price increases of silicon, glass and other raw and auxiliary materials. Despite this, the company had stable operations throughout the year, highlighting our strong ability in supply chain risk control.

This is also the result of Trina Solar’s long-term commitment to promoting industrial synergy. In addition to continuously optimizing our own module material technology and processes and improving product performance; Trina Solar is also engaged in in-depth strategic joint ventures and collaboration with upstream suppliers to reduce costs, stabilize supply and achieve controllable risks.

In addition, in 2020 Trina Solar deepened its diversified operations and opened up multiple business units such as for: modules, trackers and system integration; further enhancing the company’s comprehensive strength and anti-risk capability.
Innovative 210 Vertex modules lead the market with shipments of nearly 16GW As an established leading PV module company, Trina Solar took advantage of the good momentum of returning to China’s A-share market in 2020 to maintain its position as the global leader in module shipments.

Among 2020’s many highlights, there was the launch of the industry-leading 210mm ultra-high power module series Vertex and the establishment of the 600W+ Photovoltaic Open Innovation Ecological Alliance. The alliance has attracted companies and organizations from upstream and downstream of the industry chain, leading the industry to move toward a new era of high-efficiency 210 modules.

In February 2020, Trina Solar released its 500W Vertex Series of ultra-high-power modules to the world and upgraded the power of the Vertex Series to 600W+ within the next five months. In the era of parity, the end-market is focusing more on cost and return on investment, and Vertex modules show strong market potential. By the end of 2020, orders for Trina Solar 210 Vertex modules exceeded 10GW, widely acclaimed in the market.

Trina Solar’s module capacity will leap to 50GW in 2021 “With the company’s global brand and channel advantages, as well as advanced module capacity and open industry alliance, we can provide professional overall services to customers and help them
realize the maximum value,” says Trina Solar. “While further increasing the company’s market share, we will strive to consolidate our leading position in large-size high-efficiency cells and modules.”

Trina Solar says: “2021 will be critical for the company to rapidly expand the market and achieve high-quality sustainable development. The company will use the production capacity of its advantageous products to quickly seize the market and increase its market share, while continuing to develop in-depth cooperation with upstream supply enterprises to ensure stable product quality and supply. Trina Solar will further promote its digital transformation and strive to achieve its development goals, greater business breakthroughs and strong market growth in each business segment. As always, Trina Solar will continue on keep its mission ‘to benefit all mankind with solar energy’.

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