Trina Solar reported $15.75 billion in sales for 2023, up 33.32% year on year. Its net profit increased 50.26% to $768.2 million.
Its total PV module exports in 2023 were 65.21GW, up 51.33% year on year. Its gross profit margin from module sales was 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 showed substantial growth across multiple business categories, with residential PV system exports exceeding 9.6 GW, up 54.8% year on year. Its racking business generated 9.6 GW (including 4.6 GW of trackers), representing a 118.2% year-on-year increase. Trina Solar predicts strong growth in these categories in 2024, with ambitious projections of 80 GW to 90 GW of module sales, a 20% expansion of its residential PV business, and a 50% increase in its racking business.
Trina Solar’s manufacturing capacity for polysilicon wafers, solar cells, and PV modules was 55 GW, 75 GW, and 95 GW, respectively, by the end of 2023. N-type TOPCon cells accounted for 40 GW of solar cell capacity. Looking ahead, it plans to increase its manufacturing 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 have reached six geographical markets by the end of 2023, including China, Europe, Asia-Pacific, North America, Central and East Africa, and Latin America. Its total shipping volume approached 5 GWh. This year, it announced supply and strategic relationships with energy firms like Low Carbon, Pacific Green, and EcoSourcen.
Trina Solar set up $768.1 million for R&D projects in 2023, up 19.69% year on year. The organisation is presently involved in 26 R&D projects, with a special emphasis on advanced energy storage systems. These projects vary from innovative battery pack designs to extensive system integration solutions.
According to Trina Solar, short-term issues caused by price decreases in the manufacturing chain as a result of increased competition may have an impact on business profitability. However, the business stated that integrated enterprises with tight control over downstream component sales may protect upstream operations, develop cost competitiveness, and increase market share.
