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Citigroup's report stated that considering the lower production cost of solar energy glass and tax expenses, Xin Yi Solar's profit forecast for 2025 was raised by 19% and for 2026 to 2027 by 3% to 8%. Due to profit changes and a decrease in weighted average cost of capital, the target price was raised by 44% from 2.3 Hong Kong dollars to 3.3 Hong Kong dollars, maintaining a "neutral" rating. The bank pointed out that due to the decline in solar energy glass prices, Xin Yi Solar's net profit in the first half of the year fell by 58.8% year-on-year to 746 million yuan. With weak demand, the average market price of 2.0mm solar energy glass dropped by 18% from 12.8 yuan per square meter in the first half of the year to 10.5 yuan in July. The bank expects that the net profit in the second half of the year will further decline and is watching for potential anti-monopoly actions in the Chinese solar energy industry.
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