＜Research＞CCBI Cuts XINYI SOLAR (00968.HK) TP to $6, Rating Outperform

　　XINYI SOLAR (00968.HK) -0.020 (-0.543%) Short selling $19.76M; Ratio 13.899% 's profit alert is expected, CCBI released a research report saying. The Company said that its 1H24 earnings will rise 35-45% YoY to $1.88 billion to $2.02 billion.

　　CCBI attributed the earnings growth to higher sales of solar glass, a rebound in gross profit margin due to lower soda ash and natural gas costs, and a lower base for the same period of 2023.

　　Related NewsBOCOMI: XINYI SOLAR Polysilicon Production Commencement Caught between 2 Stools; PV Glass Oversupply Worsens

　　According to CCBI's estimation, the above factors offset the mid-single digit decline in the average selling price of solar glass during the period.

　　Taking into account the decline in glass prices and widening loss from polysilicon sales, CCBI lowered its FY2024-FY2026 earnings forecasts by 19-24%. The broker correspondingly cut its target price from $7.7 to $6, with rating kept at Outperform, as the Company is likely to outperform its smaller peers in terms of sales, margins and market share sustainability.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-03 16:25.)

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