Core Viewpoint - The report from CMB International indicates an upward revision of Xinyi Energy's target price by 9.4%, from HKD 1.17 to HKD 1.28, while downgrading the rating to "Neutral" due to limited valuation attractiveness after a recent stock price surge [1] Financial Performance - For the first half of 2025, the company is expected to achieve a profit of RMB 450 million, representing a year-on-year increase of 23.4% [1] - The increase in profit is attributed to stronger sunlight and a growth in utilization hours exceeding 3%, despite a 12% decline in average electricity prices, which was below expectations [1] Debt Management - The company has fully converted its HKD borrowings to RMB borrowings in the first half of the year, resulting in a decrease in the average borrowing rate by 0.62 percentage points to 2.88% [1] Market Risks - The report anticipates an increase in short-term electricity supply risks due to a surge in photovoltaic installations [1]
交银国际：上调信义能源目标价至1.28港元 下调评级至“中性”