该行认为，信义光能上半年收入及净利润分别同比跌6.5%及58.8%，与早前盈警一致，基于供需不平衡 引致太阳能玻璃价格疲弱。该行认为，在抢装潮后需求转弱的情况下，企业已开始对窑炉进行冷修并延 迟产能扩张，令行业库存回落至30天以下。 智通财经APP获悉，里昂发布研报称，太阳能玻璃龙头企业应该会是供给侧改革的主要受益者。基于投 资者对供给侧改革的憧憬，将信义光能(00968)目标价由4港元微升至4.1港元，重申"跑赢大市"评级，并 将2025、26及27年净利润预测分别下调60.9%、33.6%及22.6%，基于产能扩张减慢及销售价格预测被下 调。 ...

富瑞表示，信义光能是全球最大且成本最低的太阳能玻璃制造商之一，拥有30%的市场份额;又认为公 司将受益于太阳能的长期增长趋势，但未来两年行业产能增加将超过需求，信义光能正在加速自身产能 扩张，并优先考虑市场份额增长而非短期盈利能力。随着产能的推出，价格下调不可避免，富瑞认为这 将导致多年盈利下降。该行预期随着公司更多产能上线，价格将进一步下调。 智通财经APP获悉，富瑞发布研报称，更新信义光能(00968)2025、2026、2027财年收入及净利润预测， 至186.2亿、207.67亿、224.08亿元及11.88亿、20.23亿、27.51亿元人民币;并将信义光能的目标价从5.07 港元下调至每股4.59港元，采用2027财年每股盈余15倍市盈率，折现率10%。评级"买入"。 报告指，信义光能2025年上半年收入、净利润分别为109.32亿、7.46亿元人民币，分别同比减6.5%、 59%，符合其上半年业绩预告。毛利率年减8.6%至18.3%，较2024年下半年的3.3%有所回升。海外出货 量增加(特别是北美)有助于缓解太阳能玻璃价格疲软，因客户由于关税政策的不确定性加速订单。信义 光能管理层提及，太阳能 ...

里昂发布研报称，太阳能玻璃龙头企业应该会是供给侧改革的主要受益者。基于投资者对供给侧改革的 憧憬，将信义光能(00968)目标价由4港元微升至4.1港元，重申"跑赢大市"评级，并将2025、26及27年净 利润预测分别下调60.9%、33.6%及22.6%，基于产能扩张减慢及销售价格预测被下调。 该行认为，信义光能上半年收入及净利润分别同比跌6.5%及58.8%，与早前盈警一致，基于供需不平衡 引致太阳能玻璃价格疲弱。该行认为，在抢装潮后需求转弱的情况下，企业已开始对窑炉进行冷修并延 迟产能扩张，令行业库存回落至30天以下。 ...

报告指，信义光能2025年上半年收入、净利润分别为109.32亿、7.46亿元人民币，分别同比减6.5%、 59%，符合其上半年业绩预告。毛利率年减8.6%至18.3%，较2024年下半年的3.3%有所回升。海外出货 量增加(特别是北美)有助于缓解太阳能玻璃价格疲软，因客户由于关税政策的不确定性加速订单。信义 光能管理层提及，太阳能玻璃价格可能于2025年7月触底，行业正在削减供应，但信义光能在必要时也 准备好再次应对价格竞争。 富瑞表示，信义光能是全球最大且成本最低的太阳能玻璃制造商之一，拥有30%的市场份额;又认为公 司将受益于太阳能的长期增长趋势，但未来两年行业产能增加将超过需求，信义光能正在加速自身产能 扩张，并优先考虑市场份额增长而非短期盈利能力。随着产能的推出，价格下调不可避免，富瑞认为这 将导致多年盈利下降。该行预期随着公司更多产能上线，价格将进一步下调。 富瑞发布研报称，更新信义光能(00968)2025、2026、2027财年收入及净利润预测，至186.2亿、207.67 亿、224.08亿元及11.88亿、20.23亿、27.51亿元人民币;并将信义光能的目标价从5.07港元下调至每股 4 ...

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]

Group 1 - The core viewpoint of the report indicates that 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 earlier profit warnings due to weak solar glass prices caused by supply-demand imbalance [1] - The company has begun to cool down its furnaces and delay capacity expansion in response to weakened demand following a rush in installations, leading to a reduction in industry inventory to below 30 days [1] - The report suggests that leading companies in the solar glass sector are expected to be the main beneficiaries of supply-side reforms [1] Group 2 - Based on investor optimism regarding supply-side reforms, the target price for Xinyi Solar has been slightly raised from HKD 4 to HKD 4.1, while maintaining an "outperform" rating [1] - The net profit forecasts for 2025, 2026, and 2027 have been revised downwards by 60.9%, 33.6%, and 22.6%, respectively, due to slower capacity expansion and downward adjustments in sales price predictions [1]

高盛发表研究报告指，信义光能与福莱特玻璃发布的盈利预警均显著逊预期。虽然自4月起，所覆盖太 阳能玻璃股的股价有所上升，反映市场憧憬反内卷政策下供应收缩及提价，但该行认为行业的盈利下行 压力将在今年下半年至明年进一步加深。该行将今年第三季至明年的平均售价预测下调介乎9%至 20%，至每平方米10至11元，以反映下半年供需恶化及原材料价格持续通缩，并料第四季玻璃需求的回 调幅度会更深。基于有效产能减少、价格下降及成本上升的预测，该行将福莱特玻璃及信义光能2025至 26年的EBITDA预测分别下调58%及73%，2027至30年EBITDA预测平均下调2%。该行将福莱特玻璃H 股目标价由6.7港元微降至6.6港元，A股目标价由10.3元降至10.2元，信义光能目标价维持1.9港元，均维 持"沽售"评级不变。 ...

基于有效产能减少、价格下降及成本上升的预测，该行将福莱特玻璃及信义光能2025至26年的EBITDA 预测分别下调58%及73%，2027至30年EBITDA预测平均下调2%。该行将福莱特玻璃H股目标价由6.7港 元微降至6.6港元，A股目标价由10.3元降至10.2元，信义光能目标价维持1.9港元，均维持"沽售"评级不 变。 高盛发表研究报告指，信义光能与福莱特玻璃发布的盈利预警均显著逊预期。虽然自4月起，所覆盖太 阳能玻璃股的股价有所上升，反映市场憧憬反内卷政策下供应收缩及提价，但该行认为行业的盈利下行 压力将在今年下半年至明年进一步加深。该行将今年第三季至明年的平均售价预测下调介乎9%至 20%，至每平方米10至11元，以反映下半年供需恶化及原材料价格持续通缩，并料第四季玻璃需求的回 调幅度会更深。 ...

Core Viewpoint - Xinyi Solar's (00968) profit for the first half of the year fell by 58.8% year-on-year, aligning with expectations, while revenue decreased by 6.5% [1] Financial Performance - The profit margin for the solar glass business dropped to 11.4%, primarily due to low average prices and ongoing fixed cost pressures [1] - The company's effective annual melting capacity guidance was revised down from 9.08 million tons to 8.137 million tons, indicating a projected year-on-year decline of 10.3% [1] Market Outlook - The brokerage upgraded the rating for Xinyi Solar to "Buy" with a target price of HKD 3.6, citing potential for re-rating driven by policy stimulus and supply constraints [1] - The brokerage adjusted its earnings forecast down by 8% for this year, while increasing the earnings estimates for 2026 and 2027 by 2% and 5% respectively, reflecting the anticipated decline in sales this year and expected recovery in product prices next year [1] Key Catalysts - Market sentiment and policy support are believed to be critical catalysts for the stock's re-rating [1]

Group 1 - The core viewpoint of the report indicates that Xinyi Solar's profit for the first half of the year has decreased by 58.8% year-on-year, which aligns with expectations [1] - Revenue has declined by 6.5% year-on-year, and the profit margin for the solar glass business has dropped to 11.4%, primarily due to low average prices and ongoing fixed cost pressures [1] - The research report has upgraded the rating of Xinyi Solar to "Buy" with a target price of HKD 3.6, driven by policy stimulus and supply constraints that are expected to enhance the company's re-rating potential [1] Group 2 - Xinyi Solar's management has revised its effective annual melting capacity guidance down from 9.08 million tons to 8.137 million tons, anticipating a year-on-year decline of 10.3% [1] - The company is expected to maintain a conservative supply stance until the new production capacity in Indonesia comes online in the first quarter of next year [1] - The research firm has lowered its earnings forecast for this year by 8%, while increasing the earnings forecasts for 2026 and 2027 by 2% and 5% respectively, reflecting the anticipated decline in sales this year and expected recovery in product prices next year [1] - Market sentiment and policy support are believed to be key catalysts for the re-rating of the stock [1]