Trina Solar, a leading solar energy solutions provider, announced robust financial results for the fiscal year 2023. The company reported a substantial revenue increase of $15.75 billion, marking a significant 33.32% year-on-year surge. Additionally, Trina Solar’s net profit surged by 50.26% to reach $768.2 million.
In tandem with its revenue growth, Trina Solar witnessed a remarkable uptick in its total PV module shipments, which soared to 65.21GW in 2023, reflecting a notable 51.33% year-on-year increase. Moreover, the company achieved a gross profit margin of 15.54% on module sales.
By the end of March 2024, Trina Solar’s cumulative global module shipments surpassed an impressive 205 GW milestone. Particularly noteworthy is the dominance of high-power modules based on 210 mm large-size wafers, accounting for more than 120 GW of its total shipments.
Trina Solar’s annual report highlighted substantial growth across various business segments, with residential PV system shipments reaching 9.6 GW, marking a robust 54.8% year-on-year increase. Furthermore, its racking business witnessed a significant improvement, delivering 9.6 GW (including 4.6 GW of trackers), representing a remarkable 118.2% year-on-year growth.
Anticipating continued momentum, Trina Solar set ambitious business targets for 2024, aiming for 80 GW to 90 GW of module shipments, a 20% expansion in its residential PV business, and a notable 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. Notably, N-type TOPCon cells accounted for 40 GW of its solar cell capacity. Looking ahead, the company plans to scale up its production capacity to 60 GW, 105 GW, and 120 GW for polysilicon wafers, solar cells, and PV modules, respectively.
Expanding its reach in the energy storage sector, Trina Solar’s sales of large-scale energy storage containers and systems penetrated six regional markets by the close of 2023, with cumulative shipment volume nearing 5 GWh.
In 2023, Trina Solar allocated $768.1 million for R&D initiatives, reflecting a notable 19.69% year-on-year increase. The company is actively engaged in 26 R&D projects, particularly focusing on advancing energy storage solutions, ranging from battery pack innovations to comprehensive system integration solutions.
Despite short-term challenges posed by price declines in the industrial chain due to intensified competition, Trina Solar remains optimistic. The company emphasizes that integrated enterprises with robust control over downstream component sales can safeguard their upstream operations, establish cost competitiveness, and expand market share.
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