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Research Report

07/05/2021 15:38

{I-bank focus}Credit Suisse cuts Xinyi Solar to HK$19

[ET Net News Agency, 7 May 2021] Credit Suisse cut its target price for Xinyi Solar
(00968) to HK$19 from HK$20.5 and maintained its "outperform" rating.
The research house noted that Xinyi Solar and Flat Glass (06865), the two market share
leaders in the solar glass industry, have quoted Rmb23/sqm solar glass price (3.2mm) for
May delivery, in line with the industry price cut, suggesting 18% month-on-month drop
(versus Rmb28/sqm in early April).
Credit Suisse estimated the gross margin for 3.2mm glass could drop further from 36% in
early April to 22% in May (top-tier producers). Near-term pricing could stay unexciting on
mounting inventory pressure and relatively weak demand due to low module utilisation.
Credit Suisse cut its FY2021-23 EPS forecasts by 7-16% on lower glass ASP assumptions.

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