Yamato released a report indicating that Xinyi Energy announced last year's results at the end of last month, and its net profit could increase by 20% year-on-year to HK$418 million. The final interest rate is HK2.6 cents per share, which means that the total dividend for the whole year is HK6 cents per share, a contraction of 60% year-on-year. According to the report, Xinyi Energy's dividend fell far short of market expectations, but a dividend ratio of 50% and a dividend ratio of 5.5% (based on the February 28 closing price) were acceptable. Management expects the dividend payout ratio to be more or less stable this year. According to the report, maintaining a dividend ratio of about 50% for the company this year and next two years is positive. The dividend payout is expected to be between 7.3 and 7.7 HK cents per share this year and next, which means that the predicted dividend rate is between 6.4% and 6.8%.

As solar module costs and loan expenses fall, Daiwa expects Xinyi Energy's production capacity to increase by 22% year-on-year this year, which is equivalent to an additional 800MW of production capacity. As the company transfers more HKD bonds to RMB this year, it is expected that its borrowing interest rate (cost) peaked at 5.3% last year. The bank anticipates that the company's financial cost growth this year and next will increase by 44% and 34% year-on-year in 2022 and 2023, respectively, and slow down 9% and 13% from now to next two years. Considering the company's new dividend policy, the bank lowered its dividend payout forecast for this year and next two years by 5% to 37%, the target price was lowered from HK$1.75 to HK$1.1, and the rating was raised from “sell” to “hold”.