Changes in Hong Kong stocks | Xinyi Solar (00968) fell more than 9% and was downgraded by Citi and Xiaoma, and the excess photovoltaic glass at target prices may continue

The Zhitong Finance App learned that Xinyi Solar (00968) fell more than 9% in the afternoon. As of press release, it was down 9.12% to HK$3.19, with a turnover of HK$326 million.

According to the news, Citi released a research report stating that considering the reduction in the average selling price (ASP) of solar glass, Xinyi Solar's profit forecast for 2024-26 was lowered by 30% to 47%, and the target price was lowered from HK$4.5 to HK$3.6 accordingly. The rating of solar glass was downgraded from “buy” to “neutral” based on expectations that the profitability of sales is weak and that the industry's excess situation may continue over the next six months. Motong Daikon downgraded Xinyi Solar Energy's rating to “neutral”, and the target price was lowered from HK$4 to HK$3.7. Following the bank's reduction in PV demand forecasts, there was a further trend in excess supply and demand for solar glass, which had an adverse impact on Xinyi Solar Energy.