6月国家能源局将新能源利用率目标由95%下调至90%，同时上半年内地光伏新增装置年增31%，该行预计公司存量项目收入仍有继续下降风险。Bocom Intl announced that the decline in their performance was primarily due to an increase in abandonment rate, market electricity proportion, and income tax rate.
According to the report released by Bocom Intl on the Zhitong Finance APP, Xinyi Energy's target price has been slightly lowered by 13.8% from HKD 1.16 to HKD 1 per share. The profit forecasts for 2024-2026 have been decreased by 27%, 27%, and 29% respectively. The company's "neutral" rating has been maintained by the bank.
The bank pointed out that the company's net profit attributable to the parent in the first half of the year was HKD 0.395 billion, a year-on-year decrease of 30.4%, which was in the middle of the expected range, but lower than the bank's expectations. The decline in performance was mainly due to an increase in abandonment rate, market electricity proportion, and income tax rate. Due to the decrease in revenue from existing projects, the gross margin decreased by 6 percentage points to 64.2%.
In June, the National Energy Administration lowered the target for new energy utilization rate from 95% to 90%, while the mainland's photovoltaic newly installed capacity increased by 31% year-on-year in the first half of the year. The bank predicts that there is still a risk of a continued decline in revenue from existing projects.
