Group 1 - The core viewpoint of the report is that Xinyi Solar (00968) maintains a target price of HKD 4.4 and an "outperform" rating, with stock price influenced by policy but requiring time for fundamental improvement [1] - The company’s core profit forecasts for fiscal years 2025 and 2026 have been raised by 3.4% and 5.8% respectively [1] - For the first half of 2025, the company reported a net profit of RMB 746 million, a year-on-year decrease of 59%, primarily due to a 10.1 percentage point drop in the gross margin of photovoltaic glass sales [1] Group 2 - The company holds a cautious outlook for the second half of the year, adjusting its effective annual melting capacity target for fiscal year 2025 from 9.1 million tons to 8.14 million tons due to declining ASP of 2.0mm photovoltaic glass [2] - A rush installation is expected in the first half of 2025, followed by weakened demand in the second half due to renewable energy price reforms and industry inventory buildup [2] - Major photovoltaic glass companies are likely to reduce production plans in the coming month due to supply-side reforms and new pricing laws, which may improve short-term profitability [2]
建银国际：料信义光能(00968)下半年或看政策 维持目标价4.4港元 评级“跑赢大市”