Trina Solar said it recorded $15.75 billion of revenue in 2023, up 33.32% year on year. Its net profit rose 50.26% to $768.2 million.
Its total PV module shipments reached 65.21GW in 2023, up 51.33% year on year. Its gross profit margin on module sales hit 15.54%. By the end of March 2024, Trina Solar's cumulative global module shipments surpassed 205 GW, with high-power modules based on 210 mm large-size wafers accounting for more than 120 GW of its total shipments.
The company's annual report highlighted significant growth across various business segments, with residential PV system shipments reaching 9.6 GW, for a 54.8% year-on-year increase. Its racking business delivered 9.6 GW (including 4.6 GW of trackers), marking a 118.2% year-on-year improvement. Trina Solar said it expects robust growth across these segments in 2024, with ambitious business targets of 80 GW to 90 GW of module shipments, a 20% expansion of its residential PV business, and 50% growth in its racking business.
Trina Solar's production capacity across polysilicon wafers, solar cells, and PV modules stood at 55 GW, 75 GW, and 95 GW, respectively, by the end of 2023. N-type TOPCon cells accounted for 40 GW of its solar cell capacity. Looking ahead, it said it will scale up its production capacity to 60 GW, 105 GW, and 120 GW for polysilicon wafers, solar cells, and PV modules, respectively.
Trina Solar's sales of large-scale energy storage containers and systems had penetrated six regional markets by the close of 2023, including China, Europe, Asia-Pacific, North America, Central and East Africa, and Latin America. Its cumulative shipment volume reached nearly 5 GWh. This year, it said it has solidified supply and strategic partnerships with energy companies such as Low Carbon, Pacific Green, and EcoSourcen.
Trina Solar allocated $768.1 million for R&D initiatives in 2023, up 19.69% year on year. The company is actively engaged in 26 R&D projects, with a particular focus on advancing energy storage solutions. These projects range from battery pack innovations to comprehensive system integration solutions.
Trina Solar said that short-term challenges stemming from price declines in the industrial chain due to heightened competition could affect enterprise profitability. However, the company noted that integrated enterprises with strong control over downstream component sales can safeguard their upstream operations, establish cost competitiveness, and expand market share.
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