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Volume 24.0
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Company Description

Contact Info

No. 2 Tianhe Road

Trina PV Industrial Park

New District

Changzhou, 213031

China

Phone: 86 519 8982 4000

Fax: 86 519 8517 6021

Trina Solar Limited operates as an integrated solar-power products manufacturer and solar system developer based in the People’s Republic of China (China or PRC) with a global distribution network covering Europe, Asia, North America, Australia, and Africa. The company has integrated manufacturing ingots, wafers, and solar cells for use in its photovoltaic (PV) module production. Its PV modules provide electric power for residential, commercial, industrial, and other applications worldwide. The company also develops, designs, constructs, and sells solar power projects that primarily use the solar modules that the company manufactures. The company markets and sells its products worldwide, including China, the United States, and Germany. It has also increased its sales in newer and emerging solar power markets, which include the United Kingdom, India, Australia, and Japan, as well as other markets in Asia, Africa, the Middle East, Latin America, and the Caribbean Islands. As of December 31, 2013, the company had an annual manufacturing capacity of ingots and wafers of approximately 1,400 megawatts (MW), cells of approximately 2,500 MW and modules of approximately 2,800 MW. Products The company designs, develops, manufactures, and sells PV modules. PV modules are arrays of interconnected solar cells encased in a weatherproof frame. It produces standard solar monocrystalline modules ranging from between 205 watts (W) and 215 W to between 260 W and 270 W in power output and multicrystalline modules ranging from 240 W to 310 W in power output, built to general specifications for use in a range of residential, commercial, industrial, and other solar power generation systems. The company assembles PV modules either from monocrystalline or multicrystalline cells. The company also designs and produces PV modules based on its customers’ and end-users’ specifications. Its PV modules are sealed, weatherproof and able to withstand high levels of ultraviolet radiation and moisture. It sells its module products under its own brand. The company has developed PV systems for ground mounting, rooftop, building integrated photovoltaics projects, off-grid, and other applications. Suppliers The company has medium-term and long-term supply contracts to procure silicon feedstock of different grades with Chinese and international suppliers, which provide the company with the ability to meet its future requirements. These medium-term and long-term suppliers include Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. and Changzhou GCL Photovoltaic Technology Co., Ltd., both of which are wholly-owned subsidiaries of GCL-Poly Energy Holdings Limited. Customers and Markets The company sells its PV modules primarily to power plant developers and operators, wholesalers, and PV system integrators. In 2013, its major customers included Solar City; TEBA Sunoasis Co., Ltd.; Anesco Limited; Sanshin Electronics Co., Ltd.; and China Huadian Engineering Co., Ltd. Some of the PV system integrators also resell its modules to other system integrators. Intellectual Property The company obtained an additional 108 patents in 2013. As of December 31, 2013, it had 560 issued patents and 370 patent applications pending in China. The company has registered as a trademark the logo ‘Trina’ in China, the European Union, Japan, Singapore, Switzerland, Morocco, Taiwan, Thailand, Croatia, Canada, South Korea, the Philippines, Australia, the United States, the United Arab Emirates, and Vietnam. The company has registered as a trademark the logo ‘Trinasolar’ in China, the United States, Canada, the European Union, Australia, the United Arab Emirates, Croatia, Thailand, the Philippines, Japan, Singapore, Switzerland, Morocco, Taiwan, South Korea, India, Vietnam, and Turkey; and the logo ‘TSM’ in the European Union, Australia, China, Croatia, Japan, Morocco, South Korea, Singapore, Switzerland, Turkey, the United States, and Vietnam. It has pending trademark registration applications for the logos ‘Trina’ and ‘Trinasolar’ in Pakistan, Indonesia, and various other countries. The company also registered as a trademark the logo ‘MeSolar’ in China, Croatia, Singapore, Canada, Morocco, Turkey, the United Arab Emirates, Thailand, the European Union, Taiwan, Japan, Australia, and Switzerland and registered as a trademark the logo ‘YouSolar’ in China, the United States, Australia, Morocco, the United Arab Emirates, Taiwan, Japan, South Korea, Croatia, the European Union, Thailand, the Philippines, Turkey, Vietnam, Switzerland, and Singapore. The company has also filed European Community Trade Mark registration for the logo ‘Honey’ and ‘Comax’ in 27 European Union member states and would extend the registration to other states afterwards. It had filed trademark registrations for the logos ‘Trina’ and ‘Trinasolar’ in Brazil, Costa Rica, Malaysia, Jordan and Chile in 2013, and also filed trademark registrations in 80 countries and regions under the Madrid Agreement and the Madrid Protocol. The company also filed trademark registration for the logo ‘Trinahome’ and ‘Trinamap’ in China during 2013. The trademark ‘TrinaSolar’ was certified as well-known trademarks of Changzhou City. Environmental Regulations The major environmental regulations applicable to the company include the Environmental Protection Law of the PRC, the Law of PRC on the Prevention and Control of Water Pollution, Implementation Rules of the Law of PRC on the Prevention and Control of Water Pollution, the Law of PRC on the Prevention and Control of Air Pollution, the Law of PRC on the Prevention and Control of Solid Waste Pollution, and the Law of PRC on the Prevention and Control of Noise Pollution and the PRC Law on Appraising Environment Impacts. Competition The company competes with PV manufacturers, such as Yingli Green Energy Holding Co., Ltd.; First Solar, Inc.; GCL Solar Energy Technology Holdings Inc.; JinkoSolar Holding Co., Ltd.; and Canadian Solar Inc., as well as multinational conglomerates, such as Sharp Electronic Corporation and Mitsubishi Electric Corporation. It also competes with Renewable Energy Corporation ASA and SolarWorld AG. History Trina Solar Limited was incorporated in 1997.

 

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Canadian Solar Inc $28.65 USD +0.02
JinkoSolar Holding Co Ltd $26.22 USD -0.77
ReneSola Ltd $2.62 USD 0.00
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Yingli Green Energy Holding Co Ltd $3.45 USD +0.15
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TR3

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Valuation TR3 Industry Range
Price/Earnings 44.3x
Price/Sales 0.4x
Price/Book 1.0x
Price/Cash Flow 49.6x
TEV/Sales NM Not Meaningful
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