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<Research>Jefferies Drops XINYI SOLAR (00968.HK) TP to $4.59, Rating Buy
Recommend 9 Positive 21 Negative 7 |
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XINYI SOLAR (00968.HK)'s 1H25 revenue/ net profit amounted to RMB10.932 billion/ RMB746 million each, down 6.5%/ 59% YoY, in line with its 1H25 results preview, according to Jefferies' research report. Its gross profit margin decreased by 8.6% YoY to 18.3%, showing a recovery from 3.3% in 2H24. Increased overseas shipments, especially to North America, helped mitigate the weak solar glass prices as customers accelerated orders due to uncertainties in tariff policies. XINYI SOLAR's management said that solar glass prices might bottom out in July 2025, with the industry reducing supply, but XINYI SOLAR is prepared to face price competition again if necessary. The broker updated its 2025/ 2026/ 2027 revenue and net profit forecasts for XINYI SOLAR to RMB18.62 billion/ RMB20.767 billion/ RMB22.408 billion and RMB1.188 billion/ RMB2.023 billion/ RMB2.751 billion, respectively. Jefferies also dropped its target price for XINYI SOLAR from $5.07 to $4.59 per share by applying a 15x PE ratio for FY2027 EPS and a discount rate of 10%, with rating at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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