Investment Ratings - The report maintains a "Sell" rating on Flat A/H, Xinyi Solar, and Tongwei, while it has a "Buy" rating on Longi [10][11][19]. Core Insights - The recent rally in share prices for Solar Glass and Poly is seen as an overreaction to supply-side policy expectations, with a noted average increase of 17% from June 30 to July 2 [1][2]. - There is an anticipated decline in demand for solar modules, with projections indicating a year-over-year decrease of 57% in China and 40% globally for the second half of 2025 [2]. - The report highlights the need for significant production cuts in the glass segment to balance supply and demand, estimating that a 30% cut is necessary given the current oversupply situation [5][6]. Summary by Key Sub-segments Poly - Poly inventory reached 140GW by the end of June, equating to four months of average demand, indicating significant oversupply [5]. - The report anticipates a 15% decline in poly prices in the second half of 2025 to 2026, driven by excess capacity [20]. Glass - A 30% production cut is deemed necessary to align supply with demand, with current monthly supply at 50GW against an average demand of 34GW [6]. - The report suggests that the industry may face prolonged margin pressure due to challenges in executing production cuts [6]. Module - Increased inventory pressure is expected to enhance the bargaining power of module manufacturers, leading to price discounts of 5%-10% on contracts for Poly and Glass [6]. - Longi is expected to maintain a relatively resilient profitability outlook due to anticipated upstream price cuts [7]. Company-Specific Insights Longi - Longi is rated "Buy" due to its potential EBITDA inflection in the second half of 2025 and superior mid-cycle return on equity (ROE) compared to peers [7][10]. - The 12-month target price for Longi is set at Rmb19.8, indicating a potential upside of 27.2% from the current price [10]. Xinyi Solar - Xinyi Solar is rated "Sell" due to a deteriorating industry landscape and structural margin pressures, with a target price of HK$1.9, reflecting a downside of 31.2% [11][12]. Flat A/H - Flat A/H is also rated "Sell," with a target price of Rmb10.3, indicating a downside of 39.1% [15][16]. Tongwei - Tongwei is rated "Sell" due to its high exposure to the Poly segment and anticipated structural margin pressures, with a target price of Rmb13, suggesting a downside of 27% [19][23].

Global Research ab 30 June 2025 First Read China Solar Industry People's Daily reiterates efforts to curb excess competition People's Daily of China advocates tackling involution competition On 29 Jun, People's Daily of China published commentary about reining in involution- style competition, especially in the solar, EV, and battery sector. It attributed the involution-style competition mainly to oversupply, lack of high market entry standards, and support from local government. Measures to address excess ...

Investment Rating - The investment rating for Xinyi Solar is Neutral, with a target price of HK$2.30, indicating an expected share price return of -7.6% and an expected total return of -5.7% [4]. Core Insights - The solar glass industry is experiencing a significant supply cut of approximately 30% by PRC solar glass makers in July due to weak demand, high inventory levels, and low prices [1][2]. - Xinyi Solar's current solar glass capacity is fully utilized, and the company has no concrete plans for output cuts, depending instead on market demand [1][7]. - The average market prices for solar glass have dropped significantly, with 2.0mm and 3.2mm solar glass prices decreasing by 21.4% and 17.6% respectively in May-June [3]. - Xinyi Solar's net profit is forecasted to decline by 70% year-on-year to Rmb550 million in 1H25E, primarily due to price cuts, although a recovery is expected in the second half of the year [1][9]. Summary by Sections Industry Overview - The solar glass production cut began in June, with a total daily capacity reduction of 6,870 tons, representing 7.0% of China's total operational capacity [2]. - The average inventory period for solar glass has increased from 27.0 days to 32.4 days as of June 26 [6]. Company Performance - Xinyi Solar's operational daily capacity remains at 23,200 tons, accounting for 22% of global solar glass capacity, and it may consider output reductions in 2H25E if demand weakens further [7]. - The company has seen improved demand for its solar glass produced in Malaysia, with prices approximately 30% higher than domestic sales [8]. Financial Forecast - The financial forecast for Xinyi Solar indicates a net profit of Rmb866 million for 2025E, with a projected P/E ratio of 23.8x and a P/B ratio of 0.7x [4][9]. - The expected diluted EPS for 2025E is Rmb0.095, reflecting a decline of 15.3% year-on-year [9].

NORWALK, Conn., July 3, 2025 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced a leadership transition within its North America operations. Mr. Cameron "Mac" Moore, Executive Vice President - North America, has departed the Company, and Mr. M. Jahangir Alam has been appointed as his successor, effective immediately.About M. Jahangir AlamM. Jahangir Alam is a seasoned leader in the North Am ...

Robinhood’s @BaijuBhatt has a new mission: solar power from space.Bhatt joined @EquityPod to break down his plans for $60M startup Aetherflux, why beaming energy from orbit isn’t sci-fi, and what it takes to build in deep tech.Catch the latest episode on right here: https://t.co/M2FsYDpOMd ...

The Chinese government vowed to increase oversight of the nation’s beleaguered solar industry https://t.co/W5JHualtGd ...

Core Viewpoint - Skycorp Solar Group Limited has authorized a $150 million investment framework to pursue solar photovoltaic (PV) power plant acquisitions and development projects, marking a significant step in its strategic expansion into renewable energy infrastructure [1][4]. Company Strategy - The company aims to transition from component manufacturing to full-scale renewable energy solutions, emphasizing its commitment to the global energy transition [4]. - The CEO highlighted the combination of technological expertise and disciplined financial oversight as key to successful future acquisitions [4]. Investment Framework - The investment framework is set at $150 million, which will be utilized for acquiring and developing solar PV power plants [1]. - All capital expenditures and fund allocations will be conducted cautiously and incrementally to align with the company's strategic priorities and financial capabilities [4]. Due Diligence Process - The company will conduct comprehensive due diligence on potential power plant targets, focusing on legal ownership, regulatory compliance, and asset quality to mitigate transactional risks [3]. Company Background - Skycorp Solar Group Limited specializes in manufacturing and selling solar cables and connectors, with operations managed through subsidiaries, including Ningbo Skycorp Solar Co., Ltd. in China [5]. - The company's mission is to become a green energy solutions provider by leveraging its expertise in solar technologies and expanding its offerings for enterprise customers [6].

The One Big Beautiful Bill will kill wind and solar power tax credits—and pit humans against AI in a battle for scarce electricity. https://t.co/uXvREBzCuQ https://t.co/uXvREBzCuQ ...

Robinhood’s @BaijuBhatt has a new mission: solar power from space.Bhatt joined @EquityPod to break down his plans for $60M startup Aetherflux, why beaming energy from orbit isn’t sci-fi, and what it takes to build in deep tech.Catch the latest episode on right here: https://t.co/M2FsYDpOMd ...

The One Big Beautiful Bill will kill wind and solar power tax credits—and pit humans against AI in a battle for scarce electricity. (Photo: Charlie Riedel via Associated Press) https://t.co/5k3ltisrs5 https://t.co/5whJlbsPh5 ...