Photovoltaic glass stocks continued to decline. As of press release, Xinyi Solar (00968) fell 4.89% to HK$4.47; Xinyi Glass (00868) fell 3.01% to HK$9.01; and Follett Glass (06865) fell 3.03% to HK$12.78.
The Zhitong Finance App learned that photovoltaic glass stocks continued to decline. As of press release, Xinyi Solar (00968) fell 4.89% to HK$4.47; Xinyi Glass (00868) fell 3.01% to HK$9.01; and Follett Glass (06865) fell 3.03% to HK$12.78.
According to the news, Lyon published a research report saying that in the first half of this year, it was predicted that due to policy tightening and delays in the commencement of furnace construction, there was an oversupply or not as expected. By the third quarter, the price of photovoltaic glass had rebounded, but inventories were unable to keep up. The bank said that with the growth expectations of the photovoltaic industry slowing down, the best investment window for photovoltaic glass shares has passed.
The bank said that based on future weakening glass prices, Xinyi Solar's net profit forecast for 2024 to 2025 was lowered accordingly, and the target price was lowered from HK$9.5 to HK$5.2, downgrading Xinyi Solar's investment rating from “buy” to “outperform the market.” The bank also lowered Follett Glass's profit forecasts for the 2024 and 2025 fiscal years, drastically lowering the target price from HK$26.9 to HK$14.8, and downgrading the rating from “buying” to “losing out on the market” in one fell swoop.