Investment Rating - The report maintains a "Buy" rating for the company, suggesting investors pay attention to its long-term potential [2][3]. Core Views - The company's profit in H1 2024 grew year-on-year, driven by an increase in photovoltaic glass sales, despite a weak supply-demand relationship in the industry [2]. - The report forecasts the company's net profit for 2024-2026 to be HKD 36.8 billion, HKD 44.4 billion, and HKD 52.8 billion, respectively, with corresponding PE ratios of 8.4x, 7.0x, and 5.9x [2]. - The company declared an interim dividend of HKD 0.10 per share, up from HKD 0.075 per share in the previous year, with a payout ratio of 45.4% [2]. Financial Performance Summary - For H1 2024, the company reported revenue, gross profit, and net profit of HKD 126.9 billion, HKD 34.1 billion, and HKD 19.6 billion, respectively, representing year-on-year growth of 4.5%, 27.5%, and 41.0% [2]. - The gross margin for photovoltaic glass improved by 6.3 percentage points to 21.5% due to lower procurement costs and operational efficiency [2]. - The company's total nominal melting capacity reached 29,000 tons/day by the end of H1 2024, with plans to increase it to 32,200 tons/day by the end of 2024 [2][3]. Industry Context - The photovoltaic glass industry is currently facing pressure, with supply exceeding demand, leading to a decline in prices [2]. - The company is expected to benefit from its cost advantages and market share growth in the long term, despite short-term industry challenges [2]. - The report highlights that the company's overseas production capacity is expected to increase from 7% to 13% by the end of 2024, enhancing its competitive position [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company's net profit for H1 2024 reached 1.79 billion yuan, a year-on-year increase of 41%. Revenue for the same period was 11.67 billion yuan, up 5% year-on-year [1][2][11]. - The photovoltaic glass segment showed improved profitability, with revenue of 10.12 billion yuan in H1 2024, a 4% increase year-on-year, and a gross margin of 22%, up 6 percentage points [1][11]. - The power generation business faced short-term pressure, with revenue of 1.41 billion yuan in H1 2024, a 3% increase year-on-year, but a gross margin decline of 5 percentage points to 66% [2][16]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 1.79 billion yuan, representing a 41% increase year-on-year. Revenue was 11.67 billion yuan, reflecting a 5% growth [1][2][11]. - The photovoltaic glass segment's revenue was 10.12 billion yuan, with a gross margin of 22%, an increase of 6 percentage points year-on-year [1][11]. - The power generation segment's revenue was 1.41 billion yuan, with a gross margin of 66%, down 5 percentage points year-on-year [2][16]. Capacity Expansion - By the end of 2023, the company's daily melting capacity for photovoltaic glass was 25,800 tons. In H1 2024, an additional 3,200 tons of capacity was added, bringing the total to 29,000 tons [1][13]. - The company plans to add another 3,200 tons of daily melting capacity in H2 2024, aiming for a total capacity of 32,200 tons by the end of 2024 [1][13]. Market Dynamics - The average selling price of photovoltaic glass decreased from 17.5 yuan per square meter in April to 15.5 yuan in July 2024, impacting profit margins [1][13]. - The company expects to sell 610 million square meters of photovoltaic glass in H1 2024, an 11% increase year-on-year, with a projected average selling price of 16.5 yuan per square meter [1][13]. Future Projections - The company anticipates net profits of 3.63 billion yuan, 3.55 billion yuan, and 4.59 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -4%, -2%, and +29% [2][20]. - The projected diluted EPS for 2024, 2025, and 2026 is 0.41 yuan, 0.40 yuan, and 0.52 yuan, respectively, with corresponding dynamic PE ratios of 8, 8, and 6 times [2][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported its 2024 H1 results, with revenue of HKD 12.7 billion, a year-on-year increase of 4% and a half-year decrease of 12%. The net profit attributable to shareholders was HKD 2 billion, up 41% year-on-year but down 30% half-yearly, slightly exceeding previous performance forecasts [5][6]. - The photovoltaic glass business showed steady revenue growth and significant profit improvement, driven by increased sales volume and a decline in key cost factors. However, the profitability of the photovoltaic power generation segment faced pressure due to power restrictions and declining electricity prices [5][6]. - The company is maintaining a strong expansion pace in its photovoltaic glass production, with plans to add new capacity in the second half of 2024 [5][6]. Summary by Sections Financial Performance - In 2024 H1, the photovoltaic glass revenue was HKD 11.1 billion, a year-on-year increase of 5% and a half-year decrease of 14%. The gross margin improved to 21.5%, up 6.3 percentage points year-on-year but down 4.9 percentage points half-yearly. The sales volume for photovoltaic glass increased by 12% year-on-year [5][6]. - The solar power generation revenue was HKD 1.5 billion, with a year-on-year increase of 4% and a half-year increase of 5%. The gross margin was 65.5%, up 4.9 percentage points year-on-year but down 1.1 percentage points half-yearly [5][6]. Capacity Expansion - The company has maintained a strong expansion pace, with plans to ignite three new furnaces totaling 3,200 tons per day in 2024 H2, including two in Anhui and one in Malaysia [5][6]. - The total installed capacity for solar power generation reached 6,244 MW by the end of 2024 H1, with 300 MW added during the period [5][6]. Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to HKD 31.1 billion, HKD 36.4 billion, and HKD 41.2 billion, representing year-on-year growth of 17%, 17%, and 13% respectively. The net profit attributable to shareholders is projected to be HKD 4.9 billion, HKD 5.9 billion, and HKD 6.9 billion for the same years [5][6].

Investment Rating - The report downgrades the investment rating of Xinyi Solar (968 HK) from "Buy" to "Neutral" due to revised earnings forecasts and production delays [3][12] Core Views - Xinyi Solar's 1H24 net profit attributable to shareholders increased by 41% YoY to HKD 1.96 billion, in line with the company's guidance of 35%-45% growth [2] - Revenue grew 4.5% YoY to HKD 12.69 billion, driven by a 4.8% increase in solar glass sales and a 3.8% rise in power generation revenue [2] - Solar glass gross profit and margin improved significantly, rising 47.8% and 6.3 percentage points YoY to HKD 2.38 billion and 21.5%, respectively [2] - The company lowered its effective annual melting capacity target by 7.1% to 9.85 million tons due to delayed production line commissioning [2] - Power generation gross profit and margin declined by 3.4% and 4.9 percentage points YoY to HKD 1.02 billion and 65.5%, respectively, due to grid curtailment and lower average selling prices [3] - The Yunnan polysilicon project's commissioning has been delayed indefinitely due to falling polysilicon prices, which have dropped 39.9% YTD [3] Financial Performance - 1H24 revenue breakdown: solar glass sales HKD 11.09 billion (+4.8% YoY), power generation HKD 1.55 billion (+3.8% YoY) [2] - Solar glass sales volume increased 12.2% YoY, but average selling price declined [8] - Operating profit rose 32.9% YoY to HKD 2.87 billion, with operating margin expanding 4.8 percentage points to 22.6% [8] - Net profit margin improved 4.0 percentage points YoY to 15.5% [8] - EPS increased 40.9% YoY to HKD 0.22, with a dividend payout ratio of 45.4% [8] Production and Capacity - FY24 production plan: 6 new production lines (4 x 1,000 tons in Wuhu, 2 x 1,200 tons in Malaysia), totaling 6,400 tons [2] - 2 Wuhu lines and 1 Malaysia line commissioning delayed to year-end and August, respectively [2] - Effective annual melting capacity target revised down 7.1% to 9.85 million tons (+25.6% YoY vs original plan of +35.2%) [2] Market Conditions - Solar glass prices have declined 7.5% YTD due to oversupply, though partially offset by lower raw material costs [2] - Polysilicon prices have fallen 39.9% YTD, impacting the economics of the Yunnan project [3] - Power generation business faces challenges from grid curtailment and declining average selling prices, particularly in Hubei (16.8% of grid-connected capacity) [3]

Investment Rating - The report maintains a "Buy" rating for Xinyi Solar (968 HK) [2] Core Views - Xinyi Solar's 1H24 net profit attributable to shareholders reached HKD 1.96 billion, a 41% YoY increase, aligning with the performance forecast [2] - The company's strong 1H24 performance was driven by steady growth in photovoltaic (PV) glass sales (+12.2% YoY) and improved gross margins (+6.3 ppts YoY to 21.5%) [2] - However, PV glass prices have declined since May 2024, and the report expects challenges in 2H24 due to oversupply and lower gross margins [2][3] - The report revised down 2024/2025/2026 EPS estimates by 36%/26%/2% to HKD 0.40/0.65/0.90, and the target price was reduced by 36% to HKD 5.31 [2] Operational Performance and Challenges - PV glass prices have dropped significantly since May 2024, with 2.0mm PV glass prices down by HKD 4/m² (21.9%) from the year's peak and HKD 3/m² (17.4%) lower than the same period in 2023 [3] - Weak terminal demand and rapid capacity expansion contributed to the price decline, with domestic module production in May/June 2024 down by 4.1%/13.4% compared to April 2024 [3] - The report anticipates continued supply-demand challenges in 2H24, leading to a potential decline in gross margins for the PV glass business [3] Capital Expenditure and Production Adjustments - Xinyi Solar plans to reduce 2024 capital expenditure by 17.6% to HKD 5.77 billion, with a 29% cut in PV glass-related capex to HKD 3.2 billion [4] - The company maintains its target of commissioning 6 production lines in 2024 (4 in Anhui, 2 in Malaysia), but the timeline may be delayed [4] - These adjustments aim to better manage supply-demand dynamics and navigate market challenges [4] Industry Outlook - The PV glass industry has seen a slowdown in capacity expansion since 2023 due to improved local government oversight and early warning mechanisms [5] - The report expects a more balanced supply-demand relationship and healthier competition in the industry as capacity warning mechanisms are further refined [5] Financial Forecasts - Revenue for 2024E/2025E/2026E is projected at HKD 27.84 billion/HKD 35.85 billion/HKD 38.52 billion, with YoY growth of 4.56%/28.76%/7.43% [6] - Net profit attributable to shareholders for 2024E/2025E/2026E is forecasted at HKD 3.56 billion/HKD 5.81 billion/HKD 8.00 billion [6] - EPS for 2024E/2025E/2026E is estimated at HKD 0.40/HKD 0.65/HKD 0.90 [6] Valuation Metrics - The target price is set at HKD 5.31, with a current share price of HKD 3.71 as of July 31, 2024 [8] - PE ratios for 2024E/2025E/2026E are 9.28x/5.68x/4.13x, while PB ratios are 0.98x/0.90x/0.80x [6][8]

交银国际研究 公司更新 新能源 2024 年 8 月 1 日 收盘价 目标价 潜在涨幅 港元 3.71 港元 4.09↓ +10.2% 信义光能 (968 HK) 发电业务拖累业绩，光伏玻璃行业进入产能出清阶段 低基数下光伏玻璃毛利率同比大幅提升，发电业务拖累业绩：公司 2024 年上半年实现收入 12.7 亿港元，同比+4.5%，归母净利 19.6 亿港元，同比 +41.0%，略超预告中值19.5 亿港元。由于产量增长，光伏玻璃销量同比增 长 12.2%，但产销率偏低导致存货环比大增 59%，分部收入增长 4.8%至 110.9亿港元，尽管销售均价下跌，但原燃料价格大跌导致成本下降更多， 分部毛利率在低基数下同比提高 6.3 个百分点至 21.5%，因售价下跌环比 则下降4.9个百分点。由于累计装机增长，光伏发电收入同比+3.8%至15.5 亿港元，但由于弃光率及市场电量比例提升，分部毛利率同比下降 4.9 个 百分点至65.5%。公司上半年自建光伏装机300兆瓦，向信义能源出售200 兆瓦，下半年无自建计划。人民币兑港元同比贬值 4.2%也对业绩造成了 负面影响。 扩产慢于预期，冷修老旧产能降低成本：公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's profitability has significantly improved year-on-year, showcasing its leading advantages at the bottom of the industry cycle [2][3] - In the first half of 2024, the company achieved a revenue of HKD 12.687 billion, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of HKD 1.963 billion, a year-on-year increase of 41% [2][3] Summary by Sections Performance Analysis - The sales volume of photovoltaic glass has increased, and profitability has improved year-on-year. The company added two new photovoltaic glass production lines in Wuhu (2*1000t/d) and Malaysia (1200t/d), bringing total capacity to 29,000t/d by the end of June 2024, which led to a 12.2% year-on-year increase in sales volume [3] - The gross margin for photovoltaic glass improved by 6.3 percentage points year-on-year to 21.5% due to lower procurement costs for soda ash and natural gas. However, the gross margin decreased compared to the second half of 2023 due to increased production capacity and weakened downstream component production [3] Market Conditions - In July, the component production continued to weaken, leading to increased inventory and pressure on prices and profitability in the photovoltaic glass industry. The average industry inventory increased by 11.78% month-on-month to 32.6 days, with mainstream prices for 2.0mm glass dropping to HKD 14-14.5 per square meter [4] - The report anticipates that due to the current oversupply in the industry, significant recovery in prices and profitability in the second half of the year is unlikely. However, the exit of outdated production capacity may accelerate, which could help stabilize the market [4] Profit Forecast and Valuation - Based on current judgments regarding the photovoltaic glass industry's prices and profitability, the company's net profit forecasts for 2024-2026 have been adjusted to HKD 4.276 billion (-14%), HKD 5.364 billion (-14%), and HKD 6.492 billion (-15%) respectively. The current stock price corresponds to a PE ratio of 8/6/5 times [4][6]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 12,686.8 million, representing a 4.5% increase compared to HKD 12,141.9 million in the same period of 2023[2] - Profit attributable to equity holders of the company increased by 41.0% to HKD 1,962.5 million, up from HKD 1,391.5 million year-on-year[2] - Basic earnings per share rose by 40.9% to HKD 22.03, compared to HKD 15.63 in the previous year[2] - Gross profit for the first half of 2024 was HKD 3,405.98 million, an increase from HKD 2,672.32 million in the first half of 2023[4] - The company reported a total comprehensive income of HKD 1,035.28 million for the period, significantly higher than HKD 171.76 million in the same period last year[5] - The total comprehensive income for the six months ended June 30, 2024, was HKD 1,071,444 thousand, compared to a total comprehensive loss of HKD 188,208 thousand in the same period of 2023[11] - The operating profit before tax for the six months ended June 30, 2024, was HKD 2,661,532 thousand, up from HKD 2,018,159 thousand in 2023, indicating a growth of approximately 32%[29] - The company's EBITDA for the first half of 2024 reached HKD 3,910.3 million, an increase of 28.0% compared to HKD 3,054.5 million in the first half of 2023, with an EBITDA margin of 30.8%[111] - Net profit attributable to equity holders for the first half of 2024 was HKD 1,962.5 million, up 41.0% from HKD 1,391.5 million in the first half of 2023, resulting in a net profit margin increase from 11.5% to 15.5%[112] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 62,465.02 million, compared to HKD 60,432.99 million at the end of 2023[8] - Non-current assets increased to HKD 42,057.17 million from HKD 40,611.36 million at the end of 2023[7] - Current assets totaled HKD 20,407.85 million, up from HKD 19,821.63 million at the end of 2023[7] - Total liabilities increased to HKD 24,971.37 million from HKD 22,574.59 million at the end of 2023[8] - The company's total equity attributable to equity holders increased from HKD 29,748,412 thousand on January 1, 2023, to HKD 31,827,411 thousand on June 30, 2024, representing a growth of approximately 6.9%[9] - The company's borrowings increased to HKD 4,913,988 thousand in the six months ended June 30, 2024, up from HKD 3,575,927 thousand in the previous year, representing an increase of approximately 37.4%[15] - Total borrowings increased to HKD 11,155,364,000 as of June 30, 2024, from HKD 10,502,857,000, reflecting a growth of 6.2%[56] - The company's total liabilities, including trade payables and other payables, amounted to HKD 8,015,884,000 as of June 30, 2024, compared to HKD 8,307,187,000 as of December 31, 2023[52] Cash Flow and Investments - The cash generated from operating activities for the six months ended June 30, 2024, was HKD 2,057,602 thousand, a decrease from HKD 2,612,152 thousand in the prior year, reflecting a decline of approximately 21%[13] - The net cash used in investing activities for the six months ended June 30, 2024, was HKD 2,998,032 thousand, compared to HKD 4,602,425 thousand in the same period of 2023, showing a reduction of about 35%[13] - The company reported a decrease in cash and cash equivalents from HKD 3,951,921 thousand at the end of June 2023 to HKD 2,028,561 thousand at the end of June 2024, a decline of approximately 48.7%[15] - The net cash generated from operating activities was HKD 1,254.8 million, a decrease from HKD 2,189.0 million in the first half of 2023, primarily due to increased working capital requirements[114] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share, compared to HKD 0.075 per share in the previous year[2] - The board declared an interim dividend of HKD 0.10 per share for the first half of 2024, an increase from HKD 0.075 per share in the same period of 2023[136] Market and Industry Trends - The solar industry continues to face challenges such as cyclical supply-demand imbalances and high-interest environments, yet the potential for growth remains strong due to competitive solar energy pricing[73] - In the first half of 2024, China's new photovoltaic installations reached 102.48 GW, a 30.7% increase compared to the first half of 2023[79] - The global photovoltaic market saw a significant increase in installations, with at least 407.3 GW to 446 GW of photovoltaic systems deployed in 2023, marking a growth rate of over 120% in China[77][78] - The company noted that the decline in solar component prices since mid-2023 has led to explosive growth in global photovoltaic installations, enhancing investment returns for solar projects[75] - The average selling price of solar products has decreased, but production efficiency improvements and lower raw material costs have offset this decline[72] - The company anticipates that the solar industry will maintain high growth levels in 2024, despite challenges related to grid capacity and power consumption issues[79][80] Production and Capacity - The total daily melting capacity of the company's solar glass production lines was 29,000 tons as of June 30, 2024, with 27,000 tons being operational capacity, reflecting increases of 4.7% and 23.9% compared to December 31, 2023, and June 30, 2023, respectively[84] - The company plans to add six new production lines with a total daily melting capacity of 6,400 tons, increasing total daily melting capacity from 25,800 tons at the end of 2023 to 32,200 tons by the end of 2024[119] - The company is actively expanding overseas production capacity to meet global demand, with three new production bases under construction in Yunnan, Jiangxi, and Indonesia[120] Research and Development - Research and development expenses for the six months ended June 30, 2024, were HKD 326,606 thousand, compared to HKD 317,379 thousand in 2023, indicating a slight increase of approximately 2.4%[33] Corporate Governance - The company has adhered to the listing rules and corporate governance code during the first half of 2024, with a noted exception regarding the separation of roles for the Chairman and CEO[139] - Mr. Li Shengpo has been appointed as the CEO, while also serving as Vice Chairman, which the board believes will facilitate efficient execution of business strategies[139] - The mid-term performance for the first half of 2024 has been reviewed by the board's audit committee, consisting of independent non-executive directors[142] - The interim report for the first half of 2024 will be published in accordance with the listing rules and relevant legal regulations[143]

交银国际研究 公司更新 | 收盘价 | | | | 2024 年 7 月 2 日 | |-------------|----|----|----|-------------------------------| | 港元 3.93 | | | | | 新能源 信义光能 (968 HK) 光伏玻璃供过于求加剧,多晶硅投产陷入两难,维持中性 需求疲软、供给持续增加,光伏玻璃供过于求加剧:5 月美国取消对进口 双面组件的 201 关税豁免,并开展对东南亚 4 国光伏组件的双反调查,导 致东南亚组件尤其是双玻组件对美出货锐减,由于库存压力,组件环节 5- 6 月持续减产。上半年光伏玻璃日熔量增加 1.8 万吨至 12.3 万吨,其中 3-5 月投产加速,6 月有所放缓。由于供给持续增长和需求下降,光伏玻璃 4 月下旬以来持续累库且近期加速,6 月底行业库存天数增至 29 天以上(公 司约 20 天),导致 2.0/3.2 毫米玻璃每平米价格由 4 月的 18.25/26.25 元 (人民币,下同)下跌 13.7%/6.7%至 6 月底的 15.75/24.5 元,7 月或将继 续下跌。尽管东南亚组件产能对玻璃需求减弱 ...

（於開曼群島註冊成立的有限公司） 股份代號：00968 引領綠色新能源 信義光能 年報 2023 目 錄 1 信義光能控股有限公 司 I 二零二三 年年報 2 公司資料 4 主席報告 11 管理層討論及分析 20 董事及高級管理層履歷 24 企業管治報告 36 董事會報告 70 獨立核數師報告 76 綜合收益表 77 綜合全面收益表 78 綜合資產負債表 80 綜合權益變動表 82 綜合現金流量表 83 綜合財務報表附註 192 財務概要 公司資料 執行董事 李聖潑先生（銅紫荊星章） （副主席） （於二零二三年七月三十一日調任且獲委任為行政總裁 並自二零二四年四月一日起生效） 李友情先生 （行政總裁（直至二零二四年三月三十一日）） 李文演先生 朱燦輝先生（於二零二三年六月二日獲委任） 陳曦先生（於二零二三年六月二日退任） 非執行董事 李賢義博士（銀紫荊星章） （主席） ø~ （於二零二三年七月三十一日調任） 丹斯里拿督董清世 P.S.M, D.M.S.M（太平紳士） （副主席） ø< 獨立非執行董事 盧溫勝先生#+< 簡亦霆先生#ø< 梁仲萍女士*ø< 公司秘書 朱燦輝先生 註冊辦事處 Cricket Squ ...