Trina Solar is a photovolactic modules, solutions, and services firm located in China, north of Shanghai. Its largest portion of revenue comes from selling solar panels to large Chinese and overseas companies, but also to households. It is slowly but surely becoming apparent that Trina Solar is increasingly ready to bounce back from the solar depression of 2012 by finally showing higher net sales for a year in 2014 than it showed in 2011.

As American companies like Solyndra went into bankruptcy due to an abrupt collapse in European, American, and Chinese demand for alternative solar solutions, Trina Solar was a survivor of the 2012 solar depression along with rival Yingli Green Energy Holing (YGE).

TSL ChartHowever, unlike Yingli, Trina is showing vital signs of recovery: Trina’s current ratio is finally in the black, and a much healthier inventory turnover ratio of 6.52 (a 20% improvement over 2011).

YGE ChartYingli, on the other hand, again missed expectations by posting current liabilities at over half of total assets and growing, despite showing a higher gross margin than the previous year.

The race is on. Analysts and pundits have been talking about stronger Chinese demand for solar panels for at least a year now, and are now just starting to talk about blooming American demand. Although both Yingli and Trina Solar are fully vertically integrated which defacto puts them in a favourable manufacturing and distribution position, it is becoming ever more clearer that Trina Solar is going to be the company to reap the benefits of stronger world demand when they become ripe, possibly leaving the debt heavy Yingli in the dust..