On August 3, XINYI SOLAR rose 5.68% in regular trading, trading at HKD 2.34/share, with turnover of HKD 38.26 million. The stock gained momentum following a confluence of positive catalysts including its interim results release and a broker upgrade.

The company reported interim revenue of RMB 8.43 billion, with net profit attributable to shareholders of RMB 39 million, down 94.8% year-over-year, which institutions assessed as in line with expectations. The solar glass segment generated RMB 7.163 billion in revenue, with gross margin declining to 3.3%. Management plans to ignite 1,250 tons/day of new capacity in Indonesia in H2, where overseas profit margins are superior to domestic operations, positioning for margin improvement.

Goldman Sachs recently upgraded XINYI SOLAR to a Buy rating with a target price of HKD 2.8, noting that leading PV glass manufacturers initiated concentrated cold repairs of approximately 5,800 tons/day capacity in July. The bank expects glass prices to rise 9% in H2 versus Q2, with active supply-side contraction driving a third-quarter inflection point for the industry.

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