BofA Securities: Maintains "buy" rating on XINYI SOLAR (00968) with a target price of 3.7 Hong Kong dollars.

Bank of America Securities released a research report stating that based on the prospect of the group's profit margin bottoming out and rebounding, they maintain a "buy" rating on XINYI SOLAR (00968) with a target price of 3.7 Hong Kong dollars. XINYI SOLAR management indicated that this year's capital expenditure is 2.9 billion yuan, and they are confident in defending market share, expecting the company to be able to respond quickly once demand picks up. Bank of America Securities pointed out that the company's net profit after tax and earnings per share last year were in line with earlier profit forecasts and the bank's predictions. Excluding impairments, CECEP Solar Energy's glass gross margin was 10.5% compared to 21.6% in fiscal year 2023. The gross margin for CECEP Solar Energy glass in the second half of 2024 is expected to be a loss of 2.6%, in line with expectations.