Trina Solar Co Ltd. has published its 2020 full-year financial results. The company had operating revenue of RMB 29.418 billion, 26.14% more than in 2019, and net income attributable to shareholders of RMB 1.229 billion. The company’s total module capacity reached 22GW in 2020, and module shipments reached 15.915GW, ranking third in the world, tally to the 2020 annual shipment guidance published in Q3 2020 by IHS Markit.
By the end of 2021, Trina Solar's total cell production capacity is expected to reach 35GW (of which 210mm cells will account for more than 70%) and it is expected to accomplish total module production capacity of 50GW, further consolidating its position as the 210mm module leader.
Focus on customer value, higher market share
"COVID-19 has brought very serious challenges to the PV industry as a whole,” Trina Solar said in its annual report. “However, relying on Trina Solar's global brand influence, global market channels and concentrated effort, the company not only overcame the impact on production and logistics during the pandemic, but also achieved further market share gains in some markets."
According to the report, Trina Solar had operating revenue of $29.418 billion in the 2020 financial year, 26.14% more than in the previous year. Thanks to the continued acceleration of its globalized layout and constant enhancement of customer value through technological innovation, industrial synergy and channel construction, Trina Solar keeps growing prominently globally. The company's financial performance, which is an important indicator to evaluate bankability, also affirms and strengthens Trina Solar’s high bankability across the world. Trina Solar was approved in its bankability in 2020 by BloombergNEF, and is the only module manufacturer to be rated as bankable for five consecutive years.
Risk management and diversity lead to stronger strength
In 2020, the company had net income attributable to shareholders of RMB1.229 billion; the numbers for each quarter were 153 million, 340 million, 339 million and 398 million respectively. It is notable that since the second half of last year, the PV industry has experienced shortages and price increases of silicon, glass and other raw and auxiliary materials. Despite this, the company had stable operation across the year, which highlights its strong ability in supply chain risk control.
This is also the result of Trina Solar's long-term commitment to promoting industrial synergy. In addition to continuously optimizing its own module material technology and processes and improving product performance, Trina Solar is also engaged in in-depth strategic joint ventures and collaboration with upstream suppliers to reduce costs, stabilize supply and achieve controllable risks.
In addition, in 2020, Trina Solar deepened its diversified operations and opened up multiple business units such as for modules, trackers and system integration, further enhancing the company's comprehensive strength and anti-risk capability.
Innovative 210 Vertex modules lead the market with shipments of nearly 16GW
As an established leading PV module company, Trina Solar took advantage of the good momentum of returning to China’s A-share market in 2020 to maintain its position as the global leader in module shipments against fierce competition. Trina Solar’s shipment of 15.915GW of modules in 2020 is consistent with the 2020 annual shipment guidance published in Q3 2020 by IHS Markit.
▲ 2020 Global Module Ranking forecast by IHS Markit
Among the many highlights of Trina Solar in 2020, the most dazzling was the launch of the industry-leading 210mm ultra-high power module series Vertex and the establishment of the 600W+ Photovoltaic Open Innovation Ecological Alliance, which attracted companies and organizations from upstream and downstream of the industry chain, leading the industry to move toward a new era of high-efficiency 210 modules. According to the annual report, Trina Solar's total module capacity reached 22GW by the end of 2020.
In February 2020, Trina Solar released its 500W Vertex Series of ultra-high power modules to the world and upgraded the power of the Vertex Series to 600W+ within the next five months. In the era of parity, the end-market is focusing more on cost and return on investment, and Vertex modules show strong market potential. By the end of 2020, orders for Trina Solar 210 Vertex modules exceeded 10GW, and the modules were widely acclaimed in the market.
Trina Solar's module capacity will leap to 50GW in 2021
"With the company's global brand and channel advantages, as well as advanced module capacity and open industry alliance, we can provide professional overall services to customers and help them realize the maximum value,” Trina Solar said. “While further increasing the company's market share, we will strive to consolidate our leading position in large-size high-efficiency cells and modules.”
Trina Solar is expected to further expand module capacity to about 50GW by the end of 2021. In addition, the company's total cell capacity is expected to grow to about 35GW by the end of the year, with 210mm cell capacity accounting for more than 70%. These newly established production capacities have advantages in both technology and cost, and with the trend of large scale and large size, they will present even better product profitability.
On this year's development plan, Trina Solar said: “2021 will be critical for the company to rapidly expand the market and achieve high-quality sustainable development. The company will use the production capacity of its advantageous products to quickly seize the market and increase its market share, while continuing to develop in-depth cooperation with upstream supply enterprises to ensure stable product quality and supply. Trina Solar will further promote its digital transformation and strive to achieve its development goals, greater business breakthroughs and strong market growth in each business segment. As always, Trina Solar will keep carrying out its mission ‘to benefit all mankind with solar energy’, and fight for lower LCOE and the great goal of peak carbon dioxide emissions and carbon neutrality.”