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[Brokerage Focus] Haitong International reduces target price of Xinte Energy (01799) by 28%, pointing out that the situation of industry oversupply still exists.
Haitong International's research report stated that xinte energy(01799) achieved revenue of 30.75 billion yuan in 2023, a decrease of 16.5% year-on-year, and a net income attributable to the parent of 4.35 billion yuan, a decrease of 67.4% year-on-year. In 2023, the company's comprehensive gross margin was 33.45%, a decrease of 21.84pct year-on-year, mainly due to the sharp decline in polysilicon prices. The Bank continues to point out that considering the oversupply situation in the industry, the low silicon material prices will continue to affect the company's profit level. The Bank predicts the company's net income attributable to the parent will be 17.03 (-70 in 2024-2026.
Haitong int'l: Maintains 'outperform' rating for Xinte Energy (01799), target price lowered to HKD 13.56.
Haitong Int'l expects Xinte Energy (01799) to have a net income attributable to shareholders of 1.703/2.11/2.454 billion yuan from 2024 to 2026.
Sinolink Securities: 'Destructive' innovation is the only way to break the current homogenization and internal loop of batteries and components.
In the context of severe product homogenization, differentiated products with significant cost-effectiveness advantages are almost the only way to break through the "crowding-out". By 2024, HJT and xBC technology industrialization have made rapid progress and are expected to lead the next cycle of battery technology iteration.
Hong Kong stocks anomaly | Xinte Energy (01799) fell more than 3%, expected to lose more than 78 million yuan in the first half of the year, and silicon material inventory remains high.
Xinte Energy (01799) fell more than 3%. At the time of publication, it fell 3.18%, to HKD 7.61, with a transaction amount of HKD 6.2359 million.
[Brokerage Focus] Guoyuan International holds a rating for Xinte Energy (01799), waiting for the price of silicon materials to cross the bottom of the cycle.
Jingu Financial News | Guoyuan International Development Research points out that Xinte Energy (01799) announced a preliminary assessment and is expected to lose 780 million yuan to 950 million yuan in the first half of 2024, while making a profit of 4.759 billion yuan in the same period last year. During the period, the company's sales volume of polysilicon increased by 50% year-on-year, and the production cost of polysilicon decreased by about 30% year-on-year. However, due to changes in market supply and demand, the average selling price of polysilicon decreased significantly compared to the same period in 2023. The company's power station construction and operation business is steadily advancing, and the shipment volume of key equipment such as power inverters has achieved a substantial increase compared to the same period in 2023, but the above-mentioned business growth does not contribute much to the profit.
State Development and Reform Commission: By 2025, the first batch of coal-fired power low-carbon renovation and construction projects will all start, and a batch of coal-fired low-carbon power generation technologies will be transformed and applied.
Officials of the National Development and Reform Commission answered questions from reporters regarding the "Action Plan for Low-Carbon Transformation and Construction of Coal-fired Power Plants (2024-2027)."
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