2023: In line; Solar Glass Sales Volume Grew 49.3% Yoy
Xinyi Solar reported 2023 earnings of HK$4,187.1m, in line with our expectations. Riding on the solar module installation boom and capacity expansion in 2023, solar glass sales volume recorded a 49.3% yoy growth. Solar glass segment’s gross margin declined to 21.4% (-2.4ppt) amid lower ASP and higher soda ash/energy costs. Capacity expansion in China is slowing down while the company is exploring opportunities in overseas market. Maintain BUY. Target price: HK$5.50.
