Core Viewpoint - The leading solar glass company is expected to be a major beneficiary of supply-side reforms, with a slight increase in target price for Xinyi Solar (00968) from HKD 4 to HKD 4.1, while maintaining an "outperform" rating [1] Financial Performance - Xinyi Solar's revenue and net profit for the first half of the year decreased by 6.5% and 58.8% year-on-year, respectively, aligning with previous profit warnings [1] - The downward adjustments in net profit forecasts for 2025, 2026, and 2027 are 60.9%, 33.6%, and 22.6%, respectively, due to slower capacity expansion and reduced sales price expectations [1] Industry Dynamics - The weak solar glass prices are attributed to an imbalance between supply and demand, leading to a decline in inventory levels to below 30 days as companies begin to cool furnaces and delay capacity expansion following a surge in installations [1]
里昂：升信义光能(00968)目标价至4.1港元 料受惠供给侧改革