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<Research>CLSA Adds XINYI SOLAR (00968.HK) TP to $4.1, Expects to Benefit from Supply-side Reform
Recommend 10 Positive 21 Negative 8 |
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XINYI SOLAR (00968.HK)'s 1H25 revenue and net profit dropped by 6.5% and 58.8% YoY, in line with with previous profit alerts, due to weak solar glass prices caused by supply-demand imbalance, according to CLSA's research report. The broker believed that, after the installation rush, demand weakened, leading companies to start cold maintenance on furnaces and delay capacity expansion, reducing industry inventory to below 30 days. CLSA still believed that leading solar glass companies should be the main beneficiaries of supply-side reform. Based on investor expectations for supply-side reform, the broker added its target price for XINYI SOLAR from $4 to $4.1, with rating reiterated at Outperform, and lowered its 2025/ 2026/ 2027 net profit forecasts by 60.9%/ 33.6%/ 22.6% each, due to slowed capacity expansion and lower selling price forecasts. AASTOCKS Financial News Website: www.aastocks.com |
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