花旗将福莱特玻璃的评级由"沽售"上调至"中性"，因中国内地对太阳能产品的出口增值税退税率将自4 月起降至零，预期福莱特玻璃的太阳能玻璃需求在今年首季或因组件出口而增加。同时，该行开启为期 90日的正面催化剂观察，维持盈利预测及目标价11港元不变。 ...

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]

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 ...

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 due to investor optimism [1] Company Summary - Xinyi Solar's (00968) target price has been raised from HKD 4 to HKD 4.1, maintaining an "outperform" rating [1] - The company's net profit forecasts for 2025, 2026, and 2027 have been reduced by 60.9%, 33.6%, and 22.6% respectively, due to slower capacity expansion and downward adjustments in sales price expectations [1] - Xinyi Solar's revenue and net profit for the first half of the year fell by 6.5% and 58.8% year-on-year, aligning with previous profit warnings [1] Industry Summary - The weak solar glass prices are attributed to supply-demand imbalances, leading to a decline in industry inventory to below 30 days [1] - In response to weakened demand following a rush for installations, companies have begun to cool down furnaces and delay capacity expansions [1]

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]