Xinte Energy (01799) fell by more than 3%. As of press release, it was down 3.26% to HK$8.89, with a turnover of HK$11.377,700.
The Zhitong Finance App learned that Xinte Energy (01799) fell by more than 3%. As of press release, it fell 3.26% to HK$8.89, with a turnover of HK$11.377,700.
According to the news, according to Mysteel Photovoltaics, the polysilicon market continued to decline, and prices loosened and declined. The market transaction atmosphere is poor, and downstream companies are less motivated to sign orders. Only some companies have been overhauled. The overall impact on supply and demand is not significant, and supply continues to increase. Current prices have fallen below some companies' cash costs. In the short term, the pressure to ship silicon materials is high, the inventory level has risen, and there is still room for price drops in the future. Prices will continue to hover at the bottom until there is no significant improvement in the downstream and terminal markets.
According to a report published by HSBC Research, the recent sharp drop in polysilicon prices has exceeded this forecast. The bank believes that the current low price may continue until supply is cut more drastically. The bank lowered the target price of Xinte Energy from HK$10.2 to HK$7.9 and downgraded the rating to “reduced holdings”. In addition, Xinte Energy achieved revenue of RMB 5.601 billion in the first quarter, a year-on-year decrease of 44.5%; operating costs of RMB 4.29 billion. Net profit attributable to shareholders was 359 million yuan, down 89.6% year on year.