According to the research report published by China International Capital Corporation, Xinyi Solar's performance in the first half of the year met expectations, with a year-on-year increase in revenue of 4.5% and a year-on-year increase in net profit of 41%. However, compared with the second half of last year, they fell by 12.4% and 29.8%, respectively. The company maintains a "neutral" rating and lowers the target price to HKD 4.8.

Considering weaker-than-expected market demand, China International Capital Corporation has lowered their net profit forecast for Xinyi Solar for the next two years by 18% and 23%, to 4.238 billion yuan and 4.989 billion yuan, respectively. China International Capital Corporation believes that as an industry leader, Xinyi Solar has the ability to cope with cyclical shocks, but considering the low valuation of the industry and the imbalance of supply and demand in the glass industry, the target price is lowered to HKD 4.8, corresponding to a forecast PE of 10 times and 8.6 times in the next two years.