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Hong Kong stocks closed (01.06) | The Hang Seng Index fell by 0.36% while Cryptos Concept stocks strengthened across the board. Consumer and Mainland Real Estate stocks generally declined.
After a slight rise at the opening of the Hong Kong stock market's three major Indexes, they fell. During the session, there was a brief surge, with the Hang Seng Index rising nearly 1%, but it soon retreated into decline, with the losses increasing in the afternoon.
Hong Kong stock anomaly | XINYI SOLAR (00968) rebounds by over 4%. Asset impairment drags down performance in the second half of the year. Institutions say a turning point in Photovoltaic Glass prices is expected.
XINYI SOLAR (00968) rebounded over 4%, as of the time of reporting, it rose 3.34%, trading at 3.09 HKD, with a transaction amount of 73.6032 million HKD.
Sinolink: A turning point in Photovoltaic Glass inventory has emerged, pay attention to the downstream component factory restocking demand after the Spring Festival.
The inventory turning point in the Photovoltaic Glass Industry has been observed, expecting a price turning point, and focusing on the demand for downstream component manufacturers to restock after the Spring Festival.
[Brokerage Focus] Sinolink maintains a Buy rating on XINYI SOLAR (00968), stating that its performance decline is mainly due to pressure on prices and profitability, while also accounting for inventory impairment provisions.
Jingwu Financial News | Sinolink's research report indicates that XINYI SOLAR (00968) experienced a decline in performance mainly due to pressure on prices and profits, along with the impairment of glass production lines and inventory. In the second half of the year, the prices of Photovoltaic Glass products continued to fall. According to Zhaochuang News, the average price of 2.0mm Photovoltaic Glass in the second half is 12.9 yuan/sq.m (13.7/12.0 yuan/sq.m in the third/fourth quarters), compared to 17.0 yuan/sq.m in the first half; it is estimated that the company has been in a loss state for Photovoltaic Glass since August, with losses continuing to deepen. Against this backdrop of profit pressure, the company began cold repairs on existing kilns from July, with 2,100/2,900 tons per day repaired in the third/fourth quarters respectively.
CITIC Securities: XINYI SOLAR (00968) may fall short of domestic investors' expectations for asset impairment and inventory reduction.
XINYI SOLAR expects its net profit in 2024 to decrease by 70-80% to 0.77-1.15 billion yuan.
Hong Kong stocks are showing unusual movements | Photovoltaic stocks recovered in the morning session. Currently, the silicon wafer supply side is tight, and this week the silicon wafer prices have begun to rise.
In the early trading hours, solar stocks warmed up. As of the time of writing, FLAT GLASS (06865) rose by 4.1%, reporting at 11.4 Hong Kong dollars; GCL TECH (03800) rose by 2.83%, reporting at 1.09 Hong Kong dollars; XINYI SOLAR (00968) rose by 2.71%, reporting at 3.03 Hong Kong dollars; GCL NEWENERGY (00451) rose by 1.04%, reporting at 0.485 Hong Kong dollars.
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