Xinyi Solar Energy (00968) fell more than 9% in the afternoon, as of the time of publication, it dropped by 9.12% to 3.19 Hong Kong dollars, with a turnover of 0.326 billion Hong Kong dollars.
According to the website of WiseFinance APP, Xinyi Solar Energy (00968) fell more than 9% in the afternoon, dropping by 9.12% to 3.19 Hong Kong dollars as of the time of publication, with a turnover of 0.326 billion Hong Kong dollars.
On the news front, Citigroup issued research reports stating that considering the decrease in the average selling price (ASP) of solar glass, it has lowered Xinyi Solar Energy's profit forecast for 2024 to 2026 by 30% to 47%, with the target price correspondingly reduced from 4.5 Hong Kong dollars to 3.6 Hong Kong dollars. Based on the expected weak profitability of solar glass sales and the possibility of industry oversupply continuing in the next six months, its rating was downgraded from "buy" to "neutral." Morgan Stanley also downgraded Xinyi Solar Energy's rating to "neutral," reducing the target price from 4 Hong Kong dollars to 3.7 Hong Kong dollars, indicating that the firm is lowering its photovoltaic demand forecast, further skewing the supply and demand for solar glass towards oversupply, which has had an adverse effect on Xinyi Solar Energy.
