Trina Solar says solar panel deliveries reached 65.21 GW in 2023. The Chinese module maker achieved fiscal 2023 revenue of $15.75 billion and net profit of $768.2 million, with an annual module production capacity of 95 GW as of end-December.
Trina Solar said it posted revenues of $15.75 billion in 2023, up 33.32% year over year. Net profit rose 50.26% to $768.2 million.
Total PV module deliveries reached 65.21 GW in 2023, an increase of 51.33% year-on-year. The gross profit margin on module sales was 15.54%. By the end of March 2024, Trina Solar’s cumulative global module shipments exceeded 205 GW, with high-performance modules based on large 210 mm wafers accounting for more than 120 GW of total shipments.
The company’s annual report highlighted significant growth across several business segments, with residential PV system deliveries reaching 9.6 GW, up 54.8% year-on-year. The racking activities delivered 9.6 GW (including 4.6 GW of trackers), representing a 118.2% year-on-year improvement. Trina Solar said it expects robust growth in 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 of its racking business.
Trina Solar’s production capacity for polysilicon wafers, solar cells and PV modules amounted to 55 GW, 75 GW and 95 GW respectively at the end of 2023. TOPCon N-type cells accounted for 40 GW of the 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 including China, Europe, Asia Pacific, North America, Central and East Africa and Latin America by the end of 2023. The cumulative transport volume was almost 5 GWh. This year it said it has strengthened supply and strategic partnerships with energy companies such as Low Carbon, Pacific Green and EcoSourcen.
Trina Solar has allocated $768.1 million for R&D initiatives in 2023, up 19.69% year over year. The company is actively involved in 26 R&D projects, with a particular focus on advancing energy storage solutions. These projects range from battery innovations to comprehensive system integration solutions.
Trina Solar said that short-term challenges due to price declines in the industrial chain due to increased competition could affect the profitability of companies. However, the company noted that integrated companies with strong control over downstream sales of components can secure their upstream business, build cost competitiveness and increase their market share.
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