On August 25, Trina Solar released a record of investor relations activities.
The original text is as follows:
1. Under the background of "anti-involution", how to look forward to the future development trend and price profit trend of photovoltaic industry? Since
the beginning of July, a series of important meetings related to "anti-involution" have been held successively. The latest one is the photovoltaic industry symposium organized by the Ministry of Industry and Information Technology and attended by many ministries and commissions. The meeting requires that all parties in the photovoltaic industry should have a deep understanding of the importance of standardizing the competition order for the high-quality development of the photovoltaic industry and jointly promote the healthy and sustainable development of the industry. First, strengthen industrial regulation and control. Strengthen the investment management of photovoltaic industry projects, and promote the orderly withdrawal of backward production capacity in a market-oriented and legalized way. The second is to curb low-price and disorderly competition. We will improve price monitoring and product pricing mechanisms, and crack down on illegal and irregular acts such as selling below cost price and false marketing. Third, standardize product quality. We will crack down on such acts as reducing quality control, falsely labeling product power, and infringing intellectual property rights. Fourth, support industry self-discipline. Give full play to the role of trade associations, advocate fair competition and orderly development, strengthen technological innovation, strictly adhere to the bottom line of quality and safety, and earnestly safeguard the good development environment of the industry. At the same time, we can see that the photovoltaic industry association has also made an initiative to further strengthen industry self-discipline and jointly safeguard the order of the photovoltaic market with fair competition and survival of the fittest. The price and profit of the follow-up photovoltaic industry are expected to show an upward trend, and Trina Solar will continue to play an active role as a leading enterprise in the industry. To promote the photovoltaic industry to return to a healthy, high-quality, sustainable state of development to contribute their own strength.
2． How to look forward to the future technology route of photovoltaic cells? In
the next few years, TOPCon will still be the mainstream technology in the industry. BC and HJT coexist and have certain advantages in some local niche markets. On the one hand, Trina Solar continues to improve the efficiency and performance of TOPCon, on the other hand, it looks forward to the layout of perovskite tandem cell technology. Looking back at the historical path of battery technology change, because it is always within the scope of crystalline silicon batteries, the marginal effect of efficiency improvement in each round of change is decreasing. PERC is 4 PCT higher than BSF, TOPCon is 2 PCT higher than PERC, and the current efficiency of HJT and BC may only be about 0.5 PCT higher than TOPCon.
Therefore, we believe that the most valuable change of photovoltaic cell technology in the future lies in the qualitative change from crystalline silicon to lamination, and the efficiency of lamination can be higher than that of crystalline silicon by more than 4 PCT. In terms of laminated battery products, Tianhe has set a series of world records in related fields by leading technology, building barriers and establishing ecology, and has also obtained the exclusive authorization of Oxford photovoltaic perovskite patents in China to build technical barriers in a forward-looking manner to help the industry in the next technological change. Let the R & D investment of the industry really bring excess value returns to the photovoltaic industry and excellent enterprises.
3． The company's energy storage shipments increased significantly in the second quarter, gross profit is also rising, what is the future trend?
In the future, the Tianhe Energy Storage Plate is expected to continue the development trend of increasing both volume and profit. In terms of volume, the annual target will continue to be more than 8GWh; On the profit side, the increase in the proportion of overseas orders and the economies of scale effect of cost and cost dilution brought by the increase in shipments can effectively improve the gross profit margin of the energy storage sector.
Trina's energy storage segment adheres to two development ideas: the first is to focus on customer demand to create value, and combine product quality, price and life-cycle operation and maintenance services to serve customers, rather than simple price competition. Overseas market customers pay more attention to the long-term value of energy storage system , which is the long-term focus of our development. The second is to adhere to the development path of Tianhe's own battery core. One of the important reasons why many customers recognize Tianhe is that the traceability service and traceability system of Tianhe's own battery core are very reliable. Tianhe can also track and maintain the energy storage cabin through the global energy operation platform. In this way, the business model has also moved from "one-time sales" to "long-term value service". Based on these two points to do a good job in customer service and product system, Tianhe Energy Storage will stand out in the highly competitive market and become the second growth curve of Tianhe.
4． The United States has launched a "double-reaction" investigation against Indonesia. How do we view the US market and how do we deal with the risks of changes in the trade environment? There may be an accelerated release of demand in the
U.S. market in the short term, and the price of components in the U.S. market in the third quarter has increased compared with the first half of the year. In the medium and long term, the economy of photovoltaic power generation is still very advantageous in all types of energy, and we are confident about the long-term development of the global photovoltaic market, including the United States.
From Trina's own perspective, there are several aspects related to the US market: 1) Short-term sales strategy. In the first half of the year, Trina sold less to the US, and in the second half of the year, the price of components increased to a certain extent. We will also speed up sales appropriately to maximize profits and shareholder returns; 2) Trina has always been at the forefront of the industry in building the supply chain in the United States, including a series of planning and implementation of 1GW Indonesian battery module factory and 5GW American module factory, which are very forward-looking. Although the United States has also launched a "double-reaction" investigation into Indonesia, which has increased uncertainty, the results remain to be seen, and Indonesian factories have also achieved a certain scale of shipment support to the United States this year. 3) TRW is confident to lead the industry in both long-term strategic planning and short-term sales strategies. No matter how the global market changes, TRW will continue to be forward-looking and leading.
5． The regional segment of the company's component sales in the first half of the year? Component shipments
in the first half of the year exceeded 32GW, of which domestic accounted for slightly more than 50%, Europe accounted for slightly more than 25%, the Asia-Pacific region accounted for 11% -12%, and the Middle East accounted for about 8%. Based on the judgment of policy risk and price trend, the company in the North American market moderately reduced its sales to the U.S. market in the first half of the year. At present, the price of components in the U.S. has rebounded from the beginning of the year, and the company will speed up its sales rhythm in the second half of the year.
6． The size of orders in hand and the proportion of overseas energy storage?
At present, the scale of orders in hand is more than 10GWh, which can strongly support the increase of future energy storage plate shipments and market share. Overseas orders account for a relatively high proportion in hand orders, and there are considerable orders in the U.S. market, which support the future profitability of the energy storage sector.
7． In the first half of the year, there was a rush to install distributed photovoltaic industry. How does the company view the demand for distributed photovoltaic in the medium and long term?
At present, local governments are issuing detailed rules or drafts of No.136 one after another, and local policies in the second half of the year should be clearer. In the short run, after the rush installation and before the policy (and the expected rate of return of power plants) is clear, the market may be in a wait-and-see state for a period of time, which is the normal stage in the process from the introduction of industrial policies to the implementation of landing. The key is that in the long run, if the average feed-in tariff level falls, will it have a very big impact on demand? We don't think so. After more than a year of continuous price decline, PV modules now account for a relatively low proportion of the total investment in household power plants. In this process, the investment cost of some other power plants has not decreased, or even increased. There may be some room for cost reduction to hedge the negative impact of changes in on-grid tariffs on the yield of power plants. Therefore, with the clear policy of distributed photovoltaic and the clear rate of return of power plants, the business chain of this industry will begin to adjust itself, reduce controllable costs, hedge negative impacts, and achieve a steady state in the new environment. At that time, the demand of each province is expected to show different degrees of recovery.
The company will closely track local policies and customer needs, carry out strategic planning and strategic deployment in different provinces, determine the optimal pace of power plant development and sales, and maximize the interests of shareholders.
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