Morgan Stanley: XINYI SOLAR (00968) last year's net profit fell short of expectations, target price 3.4 Hong Kong dollars.

Morgan Stanley released a research report stating that XINYI SOLAR (00968) had a 16% year-on-year drop in net profit to 845 million yuan last year, which was lower than expected, mainly due to impairment expenses of 2.3 billion yuan included in the 2025 performance. Excluding this item, the regular profit is about 2.1 billion yuan, better than the bank's expectations, with a gross profit margin of 21.4%. The bank gave it a target price of HK$3.4 and rated it as "hold".