2022年业绩预告点评：Q4组件出货和盈利继续提升，23年看好量利双升

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Trina Solar, a Chinese solar panel manufacturer, reported strong earnings growth in 2022Q4 and is expected to continue its growth in 2023. The company's net profit is expected to increase by 90-123% YoY to Rmb3.42-4.02bn, driven by a rapid increase in PV module shipments and a record profit per watt. The company's asset impairment loss and exchange loss were offset by investment income from silicon wafers. Trina Solar expects its PV module shipments to increase by 50% YoY to 60-65GW in 2023, driven by highly-priced existing orders and rapidly decreasing raw material prices. The company's profitability is expected to improve in 2023 due to these factors, as well as the expected shipment of about 20GW of TOPCon cells. Overall, Trina Solar is a strong buy, with a P/E ratio of 21.79 and expected earnings growth of 35% in 2024.