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Bocom International Upgrades Xinyi Solar to Buy From Neutral, Price Target Is HK$4.04
The fluctuation of the photovoltaic cycle far exceeds the past. Representatives of leading companies suggest considering transformation earlier if things are not going well.
① In the case of a divergence between prices and costs, the photovoltaic industry has fallen into a crisis not seen in recent years, with prices at various stages declining by 60%-80% compared to the peak in 2023; ② Long-term losses are unacceptable in any industry, and with market growth slowing, it has become very difficult to resolve the current capacity issues. This cycle may last longer.
bocom intl: Upgraded xinyi solar (00968) to "buy" with a target price lowered to 4.04 HKD.
Bocom Intl lowers xinyi solar's profit by 25%/35%/29% for 2024-2026.
Xinyi Solar (0968.HK): Supply-side reform is expected to accelerate industry consolidation, with a significant advantage in valuation compared to peers. Upgraded to buy.
The price of photovoltaic glass continues to decline, but the industry is expected to enter a destocking phase after a significant reduction in production: due to component production cuts and increased glass supply, the price of photovoltaic glass has been continuously declining since May, with a price drop as high as 35% for 2.0/3.2 millimeter glass.
Express News | Bocom intl has upgraded Xinyi Solar's rating to buy, with a target price of 4.04 HKD.
Abnormal movement: Photovoltaic stocks generally rise, MIIT guides photovoltaic companies to reduce production capacity expansion. Institutions point out that industry capacity elimination is progressing rapidly.
On November 20, the Ministry of Industry and Information Technology announced on its official website that it has revised the "Standard Conditions for the Photovoltaic Infrastructure" and the "Interim Measures for the Management of Photovoltaic Infrastructure Standards Announcement". Among them, the Ministry guides photovoltaic companies to reduce photovoltaic manufacturing projects that simply expand production capacity. For newly built and expanded photovoltaic manufacturing projects, the minimum capital ratio is 30%.
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