XINYI SOLAR (00968) saw its share price rise by 4.53% in afternoon trading, currently priced at HK$3.69, with a turnover of HK$115 million.

Earlier, CICC released a research report maintaining a Neutral rating on XINYI SOLAR (00968) and keeping its target price at HK$3.6. This target implies a price-to-earnings (P/E) ratio of 14.5x for 2026 and 12.3x for 2027, suggesting a potential upside of 1.4% from the current share price, which corresponds to P/E ratios of 14.2x for 2026 and 12.1x for 2027. The report introduced new revenue forecasts of RMB 21.293 billion for 2027 and a profit forecast of RMB 2.355 billion.

CICC noted that one of XINYI SOLAR's 1,200-ton production lines in Indonesia has recently commenced operations, with another line expected to start production soon, achieving full capacity and sales within the year. The company's overseas capacity now accounts for 24.7% of its total operational capacity. Based on overseas demand for modules and the supply of glass, CICC estimates that the company still needs to allocate 10-15% of its domestic production for export. Combined with shipments from its overseas capacity, CICC believes XINYI SOLAR's total overseas shipment proportion will exceed 35%. Given that profit margins for photovoltaic glass are generally higher overseas than domestically in the long term, the company's overall profit margin focus is expected to improve compared to last year.