Core Viewpoint - Jefferies' research report indicates that Xinyi Solar's revenue and net profit for the first half of 2025 are projected to be 10.932 billion and 746 million respectively, reflecting year-on-year declines of 6.5% and 59%, which aligns with the company's half-year performance forecast [1] Financial Performance - Revenue for the first half of 2025 is expected to be 10.932 billion, a decrease of 6.5% year-on-year [1] - Net profit for the same period is projected at 746 million, down 59% year-on-year [1] - Gross margin has decreased by 8.6% to 18.3%, although it shows recovery compared to the 3.3% in the second half of 2024 [1] Market Dynamics - Increased overseas shipments, particularly to North America, are helping to alleviate the weak pricing of solar glass, as customers accelerate orders due to uncertainties in tariff policies [1] - Management has indicated that solar glass prices may have bottomed out in July, and the industry is reducing supply; however, the company is prepared to respond to price competition if necessary [1] Forecast Updates - Jefferies has updated its revenue and net profit forecasts for Xinyi Solar for the fiscal years 2025, 2026, and 2027 to 18.62 billion, 20.767 billion, and 22.408 billion, and 1.188 billion, 2.023 billion, and 2.751 billion respectively [1] - The target price has been revised down from 5.07 HKD to 4.59 HKD, while maintaining a "Buy" rating [1]
大行评级｜杰富瑞：下调信义光能目标价至4.59港元 评级“买入”