00968 XINYI SOLAR
- 3.260
- -0.030-0.91%
XINYI SOLAR News
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%.
Zhizhong Hong Kong stocks early knowledge | Ministry of Industry and Information Technology: Guide photovoltaic companies to reduce purely capacity expansion photovoltaic manufacturing projects. nvidia (NVDA.US) fell by as much as 5% after earnings.
On November 20, the Ministry of Industry and Information Technology issued a notice revising the "Specification Conditions for the Photovoltaic Manufacturing Industry" and the "Interim Measures for the Management of Announcements for the Photovoltaic Manufacturing Industry".
MIIT: The minimum capital ratio for new and expanded photovoltaic manufacturing projects shall not be less than 30%.
The Ministry of Industry and Information Technology announced important revisions to the "Regulatory Conditions for the Photovoltaic Infrastructure" and the "Interim Measures for the Management of Regulatory Announcements in the Photovoltaic Infrastructure" to guide local governments in reasonably planning the layout of photovoltaic infrastructure projects and promoting industrial concentration and clustering development. The revisions emphasize that photovoltaic companies should reduce projects that simply expand production capacity and instead focus on enhancing technological innovation, improving product quality, and reducing production costs. The minimum capital ratio for newly built and expanded photovoltaic infrastructure projects shall not be less than 30% to ensure the financial stability and sustainable development of the projects. This revision aims to optimize industrial layout, encourage technological innovation, and improve product quality.
[Brokerage Focus] Guoyuan International pointed out that the current prices and corporate profits of the photovoltaic industry chain have clearly bottomed out.
Jingu Finance News | Guoyuan International stated that the current prices and profitability of the photovoltaic industry chain have clearly bottomed out. The subsequent release of end demand is expected to gradually drive the industry chain prices back, with leading companies expected to achieve profitability. It is recommended to closely monitor industry cycle turning point signals. In the context of overall losses in the photovoltaic industry, deep integration, it is a comprehensive competition among enterprises, including cost, profit capability, financial condition, and cash flow. From the perspective of the industry chain, the competition pattern of silicon materials and photovoltaic glass industries is clear and not directly affected by the reduction of export tax rebates. The bank recommends focusing on the silicon material industry: Xinte Energy (01799), GCL Tech (0.
[Brokerage Focus] Goldman Sachs: China's cecep solar energy industry faces challenges due to the reduction of export tax rebates.
Goldman Sachs's latest research report shows that the solar energy industry in China is facing adjustments to the export tax rebate policy. Starting from December 1, 2024, the Ministry of Finance announced a reduction in the export tax rebate rate for solar silicon wafers, batteries, and modules from 13% to 9%.
Hong Kong stock market anomaly | Most photovoltaic stocks are rising. The expected reduction in export tax rebates is bullish for the long-term development of the photovoltaic industry. The industry turning point signal is emerging.
Most photovoltaic stocks have risen. As of the time of writing, flat glass (06865) is up 3.99%, trading at 13.04 Hong Kong dollars; xinyi solar (00968) is up 3.77%, trading at 3.3 Hong Kong dollars; xinte energy (01799) is up 2.64%, trading at 8.54 Hong Kong dollars.
HSBC Research adjusts the target prices for cecep solar energy related stocks, bullish on Xiexin (03800.HK) and flat glass group (06865.HK).
HSBC Research report pointed out that with the updated expectations for mainland China's supply-side policies, for the solar energy industry, it is estimated that the likelihood of strong supply reduction policies led by the mainland government landing in the near future is small. Currently, the government seems to lean towards allowing the industry to reduce supply on its own and introduce price controls, rather than directly issuing production reduction orders. However, the government may intervene to promote improved energy efficiency.
A-shares and Hong Kong stocks are up, with the gem rising more than 1%, led by photovoltaics, chips, and non-ferrous metals.
PV concept stocks in A-shares rose at the beginning of the market, Suzhou Good-Ark Electronics hit the limit up, Sungrow Power Supply, Deli Technology rose more than 6%, Ginlong Technologies, Suzhou Maxwell Technologies, and Orise Technology quickly followed the upward trend.
Brokerage Morning Meeting Highlights: The historical bottom of real estate stock valuation may have been established.
At today's brokerage morning meeting, China Securities Co.,Ltd. proposed supply-side optimization, suggesting to focus on industries such as steel, photovoltaic, cement, coal, and rare earths; htsc stated that domestic sales of household appliances are improving with stable exports, focusing on two major themes for the year 2025; China International Capital Corporation believes that the historical bottom of real estate stock valuation may have been established.
Express News | Ministry of Finance, State Administration of Taxation: The export tax rebate rates for some finished oil products, photovoltaics, batteries, and some non-metallic mineral products will be reduced from 13% to 9%.
[Brokerage Focus] Guoyuan International indicates that the overall supply of polysilicon is still in excess. In the short term, the price of silicon materials may continue to remain stable at the bottom.
Jinwu Financial News | Guoyuan International's research reports indicate that the latest quotes from the Silicon Industry Association show: this week, the price of polysilicon remains unchanged. The fill price range for n-type rod silicon is maintained at 0.037-0.044 million yuan/ton, with an average fill price of 0.0417 million yuan/ton; the fill price range for P-type monocrystalline dense material is maintained at 0.033-0.036 million yuan/ton, with an average fill price of 0.0345 million yuan/ton; the fill price range for N-type granular silicon is maintained at 0.036-0.0375 million yuan/ton, with an average fill price of 0.0373 million yuan/ton. The bank stated that this week, the number of orders signed by polysilicon enterprises is relatively low, mainly due to reductions in production by downstream enterprises.
Many photovoltaic power stocks are weakening, xinte energy (01799) fell by 2.92%. Institutions point out that the prices of the photovoltaic industry chain in October are still sluggish.
Golden Finance News | Most of the photovoltaic power stocks are weakening. As of the time of publication, Xinte Energy (01799) fell by 2.92%, GCL Tech (03800) fell by 2.78%, Xinyi Solar (00968) fell by 1.84%, and Flat Glass (06865) followed the decline. In terms of news, TrendForce's report stated that in October 2024, the prices of the photovoltaic industry chain remain low, with significantly weakened corporate investment enthusiasm, a substantial reduction in domestic signed projects, and a continuous increase in overseas factory construction. Construction projects are concentrated in the solar cells and component sectors, with GW-level perovskite titanium projects commencing; the number of production projects
Jibang Consulting: In October, the domestic photovoltaic expansion cooled significantly, and Chinese photovoltaic companies accelerated their pace of going global.
In October 2024, the prices of the photovoltaic industry chain upstream and downstream basically remained stable, while the phenomenon of supply and demand mismatch still exists, putting continued pressure on the profitability of photovoltaic companies.
Hong Kong stocks fluctuate | Solar stocks decline again, revealing pessimistic scenario expectations. The market is worried that Trump might withdraw new energy fund subsidies after winning the election.
Photovoltaic stocks fell again. As of the time of publication, Xinte Energy (01799) fell by 3.74%, trading at 8.49 Hong Kong dollars; xinyi solar (00968) fell by 2.65%, trading at 3.31 Hong Kong dollars; xinyi energy (03868) fell by 2.47%, trading at 0.79 Hong Kong dollars; triumph new en (01108) fell by 2.33%, trading at 4.19 Hong Kong dollars.
The U.S. Can't Beat China at Solar Power. It May Be Time to Join Them. -- Barrons.com
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