Financial Performance - For the three months ending March 31, 2025, the group achieved operating revenue of RMB 3,198.89 million[3] - The operating cost for the same period was RMB 3,006.23 million, resulting in a net loss attributable to shareholders of RMB 263.01 million[3] Assets - As of March 31, 2025, the total assets of the group amounted to RMB 82,298.15 million[3]

Group 1 - The core viewpoint of the article highlights that Xin Special Energy Co., Ltd. has applied for a patent related to a two-step method for preparing perovskite solar cells, which aims to improve the efficiency and performance of these cells by reducing unreacted metal halide phases and inhibiting moisture damage [1][3] Group 2 - Xin Special Energy Co., Ltd. was established in 2008 and is located in Urumqi City, primarily engaged in the non-metallic mineral products industry [2] - The company has a registered capital of 143 million RMB and has made investments in 20 enterprises, participated in 2,192 bidding projects, and holds 701 patents [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.28, indicating a potential upside of 27.4% from the current price of HKD 4.93 [1][12][18]. Core Insights - The company's performance met expectations, with a recovery in polysilicon prices, although the stock price has dropped significantly, making valuations attractive [2][7]. - The company reported a loss of RMB 39.1 billion for 2024, slightly better than the forecast median, with the polysilicon segment contributing a loss of approximately RMB 50 billion [7][8]. - The report highlights a significant increase in operating costs and a decline in average selling prices for polysilicon, which fell by 60% year-on-year to RMB 38,400 per ton [7][9]. Financial Overview - Revenue for 2023 is projected at RMB 30,752 million, with a decline to RMB 21,213 million in 2024, representing a year-on-year decrease of 31% [3][14]. - Net profit is expected to drop from RMB 4,345 million in 2023 to a loss of RMB 3,957 million in 2024, with a gradual recovery anticipated in subsequent years [3][14]. - The company’s earnings per share (EPS) is forecasted to be RMB 3.04 in 2023, dropping to a loss of RMB 2.77 in 2024, before recovering to RMB 1.09 by 2027 [3][14]. Segment Performance - The polysilicon segment is expected to produce 19.9 million tons in 2024, with a sales volume of 19.9 million tons, maintaining a production/sales rate of 100.2% [9][10]. - The average selling price for polysilicon is projected to decline further in 2025, with a forecasted price of RMB 37,000 per ton [9][10]. - The report anticipates that the company's gross margin from polysilicon will remain negative in 2025, with a recovery expected in subsequent years as production costs decrease [9][10]. Valuation Methodology - The target price of HKD 6.28 is derived from a sum-of-the-parts valuation, with the polysilicon segment valued at RMB 14 billion and the non-polysilicon segments valued at RMB 70 billion based on a 5x earnings multiple [10][12]. - The report notes that the current price-to-book ratio is only 0.20, indicating that the stock is undervalued compared to its historical averages [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.28, indicating a potential upside of 27.4% from the current price of HKD 4.93 [1][12][13]. Core Insights - The company's performance met expectations, with a recovery in polysilicon prices, although the stock price has dropped significantly, making valuations attractive [2][7]. - The company reported a loss of RMB 39.1 billion for 2024, slightly better than the forecast median, with the polysilicon segment contributing a loss of approximately RMB 50 billion [7]. - The report highlights a significant increase in operational costs and a decline in average selling prices for polysilicon, which fell by 60% year-on-year to RMB 38,400 per ton [7][9]. Financial Overview - Revenue for 2023 is projected at RMB 30,752 million, with a decline to RMB 21,213 million in 2024, representing a year-on-year decrease of 31% [3][14]. - Net profit is expected to drop from RMB 4,345 million in 2023 to a loss of RMB 3,957 million in 2024, with a gradual recovery anticipated in subsequent years [3][14]. - The company’s polysilicon production is forecasted to be 19.9 million tons in 2024, with a sales volume of 19.9 million tons, reflecting a slight decrease in sales [9][14]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the non-polysilicon segments at RMB 70 billion, leading to a total valuation of RMB 84 billion [10][12]. - The estimated value per share from the non-polysilicon segments is HKD 5.24, while the total target price is set at HKD 6.28 [10][12]. Market Performance - The stock has experienced a year-to-date decline of 34.18%, with a 52-week high of HKD 10.92 and a low of HKD 4.93 [6][12]. - The current price-to-book ratio is 0.20, indicating that the stock is trading at a significant discount to its book value [7][12].

Financial Performance - For the year ended December 31, 2024, the group's revenue was RMB 21,212.98 million, a decrease of 31.02% compared to the same period last year[4]. - The total loss for the year ended December 31, 2024, was RMB 4,079.37 million, compared to a profit of RMB 6,104.68 million in the same period last year[4]. - The net loss attributable to shareholders for the year ended December 31, 2024, was RMB 3,904.88 million, down from a net profit of RMB 4,345.03 million in the previous year[4]. - Basic loss per share for the year ended December 31, 2024, was RMB 2.73, compared to basic earnings per share of RMB 3.04 in the same period last year[4]. - The company reported a net profit for 2024 was a loss of approximately ¥4.04 billion, compared to a profit of ¥5.12 billion in 2023, representing a significant decline[11]. - The company’s total comprehensive income for 2024 was approximately -¥4.18 billion, a stark contrast to a total of approximately ¥5.12 billion in 2023[13]. - The company reported a significant decline in profitability within the photovoltaic industry due to supply-demand imbalances and cost-price inversions[43]. Assets and Liabilities - The total current assets as of December 31, 2024, were RMB 28,632.84 million, down from RMB 31,520.39 million as of December 31, 2023[5]. - The total non-current assets as of December 31, 2024, were RMB 53,047.75 million, compared to RMB 54,409.06 million as of December 31, 2023[6]. - Total liabilities as of December 31, 2024, amounted to RMB 46,386.86 million, an increase from RMB 44,697.60 million as of December 31, 2023[8]. - The total equity attributable to shareholders as of December 31, 2024, was RMB 32,793.34 million, down from RMB 36,413.04 million as of December 31, 2023[9]. - The total assets of the company are reported at 81,680,586,196.76, with liabilities totaling 46,386,860,952.15[19]. Cash Flow and Dividends - The cash and cash equivalents as of December 31, 2024, were RMB 11,663.08 million, a decrease from RMB 13,501.47 million as of December 31, 2023[5]. - The board recommended not to declare a final dividend for the year ended December 31, 2024[4]. - The net cash flow from operating activities was RMB 1,754.58 million, a decrease of RMB 12,616.91 million or 87.79% year-on-year[78]. Revenue Segments - The polysilicon segment generated revenue of RMB 7,750.01 million, down RMB 11,768.12 million or 60.29% from RMB 19,518.13 million year-on-year, attributed to the decline in polysilicon prices[64]. - The wind and photovoltaic power station construction segment reported revenue of RMB 7,457.20 million, an increase of RMB 1,189.16 million or 18.97% from RMB 6,268.05 million, driven by enhanced market development efforts[64]. - The wind and photovoltaic power station operation segment achieved revenue of RMB 2,349.70 million, up RMB 136.70 million or 6.18% from RMB 2,213.00 million, due to increased operational scale and corresponding power generation[64]. - The electrical equipment segment realized revenue of RMB 3,052.97 million, an increase of RMB 959.28 million or 45.82% from RMB 2,093.68 million, mainly due to a significant rise in sales of inverters and SVG equipment[64]. Costs and Expenses - Total operating costs for 2024 were approximately ¥22.86 billion, slightly down from ¥23.31 billion in 2023, indicating a reduction of 1.9%[10]. - The company incurred total costs of RMB 19,851.62 million, a decrease of RMB 782.17 million or 3.79% from RMB 20,633.80 million in the previous year[65]. - Selling expenses increased to RMB 685.61 million, up RMB 117.98 million or 20.78% from the previous year[68]. - Management expenses rose to RMB 1,178.30 million, an increase of RMB 190.59 million or 19.30% year-on-year[69]. - R&D expenses were RMB 367.03 million, up RMB 93.00 million or 33.94% compared to the previous year[70]. Market and Industry Trends - The average price of dense polysilicon dropped from RMB 58,100 per ton at the beginning of January 2024 to RMB 36,500 per ton by the end of December 2024, indicating a significant price decline[49]. - In 2024, China's newly installed photovoltaic capacity was about 277 GW, a year-on-year increase of approximately 28%[50]. - The cumulative installed capacity of renewable energy generation in China reached 1,450 GW by the end of 2024, surpassing that of thermal power for the first time[50]. - The transition to a market-based pricing mechanism for renewable energy starting June 1, 2025, introduces uncertainty in electricity pricing, potentially impacting revenue from power generation[110]. Strategic Initiatives - The company plans to invest in a 3GW renewable energy project in 2025-2026 to reduce electricity costs and enhance its green product manufacturing capabilities[119]. - The company is focusing on technological innovations in polysilicon production to reduce costs and improve product quality, increasing the proportion of electronic grade products[57]. - The company aims to enhance its production technology and reduce costs while improving product quality to maintain competitiveness in the polysilicon market[108]. - The company plans to strengthen its team for developing and operating renewable energy resources to control costs and improve revenue from electricity market transactions[111]. Governance and Compliance - The company has adhered to all applicable provisions of the Corporate Governance Code as of December 31, 2024, and will continue to review and enhance its governance practices[122]. - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and the audited consolidated financial statements prepared in accordance with Chinese accounting standards[126].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 7.66, indicating a potential upside of 18.9% from the current price of HKD 6.44 [1][4][12]. Core Insights - The company is facing significant challenges, including a large impairment leading to a larger-than-expected loss. The average selling price of polysilicon has dropped significantly, impacting revenue projections [2][7]. - The report highlights strong financial support from the controlling shareholder, which is expected to help the company navigate through the current downturn in the market [7]. - The company has adjusted its earnings forecasts for 2024-2026, reflecting anticipated losses in 2024 but a potential recovery in 2026 [7][9]. Financial Overview - Revenue is projected to decline from RMB 37,541 million in 2022 to RMB 20,788 million in 2024, with a further drop to RMB 17,657 million in 2025 before recovering to RMB 23,255 million in 2026 [3][15]. - Net profit is expected to turn negative in 2024, with a forecasted loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, and a return to profit in 2026 with RMB 1,534 million [3][15]. - The average selling price of polysilicon is expected to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below cash costs [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the power station and inverter segments at RMB 88 billion, leading to a total valuation of RMB 102 billion [9]. - The target price of HKD 7.66 corresponds to a price-to-earnings ratio of 6.6 times for 2026, with the power station segment contributing approximately HKD 6.62 per share [7][9]. Market Performance - The company's stock has seen a year-to-date decline of 14.02%, with a 52-week high of HKD 11.66 and a low of HKD 6.30 [6]. - The average trading volume is reported at 3.98 million shares per day, indicating active trading interest [6]. Future Outlook - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which could lead to improved financial performance in 2026 [7]. - The company is expected to reduce production to mitigate losses, with a forecasted output of 10,000 tons in 2025 [7][8].

Investment Rating - The report assigns a "Buy" rating for the company, New Special Energy (1799 HK), with a target price of HKD 7.66, indicating a potential upside of 18.9% from the current price of HKD 6.44 [1][4][12]. Core Insights - The company is facing significant challenges, including a large impairment leading to a larger-than-expected loss. The average selling price of polysilicon has dropped significantly, impacting revenue projections for 2024 and 2025 [2][7]. - The report highlights that the controlling shareholder, TBEA, is providing substantial financial support to help the company navigate through the current downturn in the market [7]. - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which may improve the company's financial outlook in 2026 [7][9]. Financial Overview - Revenue is projected to decline from RMB 37,541 million in 2022 to RMB 20,788 million in 2024, with a further drop to RMB 17,657 million in 2025 before recovering to RMB 23,255 million in 2026 [3][15]. - Net profit is expected to turn negative in 2024 with a loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, before returning to profitability with a net profit of RMB 1,534 million in 2026 [3][15]. - The average selling price of polysilicon is forecasted to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below the cash cost of production [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation approach, estimating the value of the power station and inverter segments at RMB 88 billion based on a 5.5x P/E ratio for 2025, while the polysilicon segment is valued at RMB 14 billion based on a capacity valuation of RMB 0.5 billion per ton [9][7]. - The total valuation amounts to RMB 102 billion, leading to a revised target price of HKD 7.66, which corresponds to a P/E ratio of 6.6x for 2026 [9][7].

Investment Rating - The report downgrades the investment rating to "Hold" with a target price of HKD 7.5, based on a valuation of 0.6x 2025 PS, corresponding to an estimated market capitalization of HKD 10.8 billion [2][4]. Core Views - The company issued a profit warning, projecting a net loss attributable to the parent company between RMB 3.8 billion and RMB 4.1 billion for 2024, compared to a net profit of RMB 4.345 billion in 2023. The primary reason for the loss is the recent slight increase in silicon material prices, which are expected to rise modestly due to short-term demand [1][2]. - The report emphasizes the need to monitor the production schedules and inventory levels of manufacturers closely, as the silicon material prices have shown a recent uptick [1][2]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 19.855 billion, RMB 16.526 billion, and RMB 19.492 billion, respectively, indicating a significant decline in revenue from 2023 [2][3]. - The net profit attributable to the parent company is expected to be a loss of RMB 4.044 billion in 2024, a loss of RMB 2.325 billion in 2025, and a loss of RMB 802 million in 2026 [2][3]. - The company's earnings per share (EPS) are projected to be -2.83 yuan in 2024, -1.63 yuan in 2025, and -0.56 yuan in 2026 [3][10]. - The report highlights a significant drop in revenue and net profit margins, with a forecasted revenue decline of 35% in 2024 and a further 17% in 2025 [3][10]. Market Conditions - The report notes that the silicon material prices have recently increased to USD 4.94/kg as of March 5, 2025, and suggests that the market should be closely monitored for further developments [1][2]. - The report indicates that the average selling price of silicon material is expected to drop significantly in 2024, with a projected average price of USD 5.45/kg, down from USD 14/kg in 2023 [1][10].

Investment Rating - The report downgrades the investment rating to "Hold" with a target price of HKD 7.5, based on a valuation of 0.6x 2025 PS, corresponding to an estimated market capitalization of HKD 10.8 billion [2][4]. Core Views - The company issued a profit warning, projecting a net loss attributable to the parent company between RMB 3.8 billion and RMB 4.1 billion for 2024, compared to a net profit of RMB 4.345 billion in 2023. The primary reason for the loss is the recent slight increase in silicon material prices, which may see a modest rise due to short-term demand [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 19.9 billion, RMB 16.5 billion, and RMB 19.5 billion, respectively, with net losses expected to be RMB 4 billion, RMB 2.3 billion, and RMB 800 million [2]. Financial Summary - **Revenue**: The company reported revenues of RMB 37.54 billion in 2022, which decreased to RMB 30.75 billion in 2023, and is expected to decline further to RMB 19.86 billion in 2024, with a projected recovery to RMB 19.49 billion in 2026 [3][8]. - **Net Profit**: The net profit attributable to the parent company was RMB 13.4 billion in 2022, dropping to RMB 4.35 billion in 2023, and is expected to turn into losses of RMB 4.04 billion in 2024, with gradual improvements in subsequent years [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to decline from RMB 9.37 in 2022 to RMB 3.04 in 2023, and further to -RMB 2.83 in 2024, with a gradual recovery expected thereafter [3][10]. Market Conditions - The report highlights that the silicon material prices have seen a slight increase, with the photovoltaic-grade polysilicon price rising to USD 4.94/kg as of March 5, 2025. However, the overall market remains cautious due to high inventory levels [1][2]. - The company is advised to monitor production schedules and inventory levels closely, as the silicon material prices are expected to fluctuate based on market demand [1].

Core Viewpoint - The financing winter for photovoltaic companies continues, highlighted by Xinte Energy's withdrawal of its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Summary - Xinte Energy planned to raise 8.8 billion yuan for a project aimed at producing 200,000 tons of high-end electronic-grade polysilicon, with a total investment of 17.59 billion yuan located in Xinjiang [2] - In the first half of the year, Xinte Energy's operating performance significantly declined due to a sharp drop in polysilicon market prices, reporting revenue of 11.74 billion yuan, a decrease of 33.23% year-on-year, and a net loss of 888 million yuan compared to a profit of 4.76 billion yuan in the same period last year [3] - Xinte Energy is a leading polysilicon manufacturer, having undergone nearly two and a half years of review processes before withdrawing its IPO application [4] - The company is expanding its polysilicon production capacity to meet growing market demand, with a new project expected to increase its capacity to 400,000 tons per year [6] Industry Summary - The current polysilicon price has reached a low point, with companies' future strategies closely tied to price movements [5] - The extent and duration of the decline in polysilicon prices have exceeded industry expectations, leading to significant losses for companies [7] - On the same day Xinte Energy withdrew its IPO, leading polysilicon producers Tongwei Co. and Daqo New Energy announced production cuts to mitigate losses and reduce operational costs [8] - Xinte Energy's polysilicon production capacity was fully released in the first half of 2024, achieving a production volume of 146,500 tons and sales of 136,800 tons, representing year-on-year increases of 92.55% and 58.86%, respectively [11]