＜Research＞M Stanley: XINYI SOLAR 1H Profit Roughly In Line; Pressure on Fundamentals Persists in 2H

　　Morgan Stanley issued a research report, stating that XINYI SOLAR (00968.HK) -0.200 (-5.089%) Short selling $31.91M; Ratio 25.540% had earlier issued a positive profit alert, expecting a net profit of $1.9-2 billion in 1H24, an increment of 35-45% YoY, which is roughly in line with street consensus.

　　Morgan Stanley mentioned that the fundamentals of the company remain under pressure. Since mid-May, due to feeble demand at home and abroad, demand from module producers has continued to decline. At the same time, the increase in production capacity that has been put into operation this year has led to a continuous increase in glass supply.

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　　This mismatched supply-demand has prompted a material pile-up in inventory to around 1 month. Weak industry fundamentals will likely continue to push down solar glass price in near term, denting the company's 2H24 earnings.

　　Morgan Stanley gave XINYI SOLAR a target price of $5.8 and a rating of Overweight.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 12:25.)

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