TRW Solar (688599.SH) released semi-annual results, industrial chain supply and demand imbalance, net profit plummeted 85% to 526 million yuan

According to the Zhitong Finance App, Tianhe Solar (688599.SH) disclosed its 2024 semi-annual report. The company achieved revenue of 42,968 billion yuan during the reporting period, a year-on-year decrease of 12.99%. Net profit attributable to shareholders of listed companies was $526 million, a year-on-year decrease of 85.14%. Net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 398 million yuan, a year-on-year decrease of 89.29%. Basic earnings per share were 0.24 yuan/share.

During the reporting period, the company maintained its core competitiveness in the PV module product business and achieved a year-on-year increase in module sales. The profitability of the company's module business declined due to the imbalance between supply and demand in the industrial chain and a sharp drop in the market price of photovoltaic products. However, thanks to the company's forward-looking layout in diversified businesses such as distributed photovoltaic systems and photovoltaic power plants, the company still achieved overall profit in the first half of 2024.

In the first half of 2024, the company's photovoltaic product business continued to grow. The total module shipment volume was 34 GW, an increase of more than 25% over the previous year. The sales share of N-type i-Topcon photovoltaic module products independently developed by the company continued to increase. By the end of June 2024, the cumulative global shipment volume of Trina Solar Energy modules had exceeded 225 GW, with cumulative shipments of 210 modules exceeding 140 GW, continuing to rank first in the world.