＜Research＞BOCOMI: XINYI SOLAR Polysilicon Production Commencement Caught between 2 Stools; PV Glass Oversupply Worsens

　　2.0/ 3.2mm photovoltaic (PV) glass prices fell 13.7%/ 6.7% since May, and may continue to decrease in July, due to a drop in demand caused by continued supply growth and reduction in component output, BOCOMI released a research report saying.

　　Due to the delay in acceptance check of chemical industrial park, the production commencement of XINYI SOLAR (00968.HK) -0.230 (-5.852%) Short selling $31.91M; Ratio 25.540% 's first polysilicon project was postponed to 4Q24, and it will face heavy losses at current prices. BOCOMI expected that the project's production commencement has caught between two stools, and may be further deferred.

　　Related NewsXINYI SOLAR (00968.HK) Expects Interim NP to Hike 35-45% YoY

　　XINYI SOLAR released its 1H24 results forecast, which is slightly lower than BOCOMI's expectation, BOCOMI added. Due to factors such as the price trend of PV glass is much weaker than expected, BOCOMI lowered its 2024-2026 earnings forecasts by 27-33%, and trimmed its target price from $6.65 to $4.51, with rating kept at Neutral.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 12:25.)

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