The Zhitong Finance App learned that Xinyi Energy (03868) fell more than 6% in the intraday period. As of press release, it fell 3.67% to HK$1.05, with a turnover of HK$6.234,300.
According to the news, Xinyi Energy announced that for the year ended December 31, 2023, the company's revenue was HK$2,517.4 billion, up 8.7% year on year; the profit due to shareholders of the company was HK$993 million, up 2.2% year on year. According to BOC International, the company's performance fell short of expectations, mainly because electricity sales fell short of expectations due to factors such as weather and light abandonment.
The bank pointed out that the company abandoned light for the first time last year, and the light abandonment rate reached 2.5%. The bank expects to continue to rise in the future, or close to 5%. Since the second half of last year, many provinces have introduced policies to increase the market-based trading ratio of new energy sources. The bank anticipates that future stock projects will risk falling electricity prices. Although the sharp drop in component prices is beneficial to increasing the yield of the company's new projects, the profit uncertainty of the company's stock projects is high and will continue to suppress valuations, while the current high dividend rate will support the stock price and maintain “neutrality.”