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Xinyi Solar Holdings
(0968)
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Rating:52Neutral
Price Target:
HK$2.50
▲(7.76% Upside)
Action:Reiterated
Date:06/24/26
Overall score is held back primarily by weak technicals (price well below key moving averages and negative MACD). Financial performance is mixed with improved cash generation and modest revenue growth, but margins/returns remain depressed and leverage is higher than prior years. Valuation is neutral, with a moderate P/E and a modest dividend yield.
Positive Factors
Revenue and Gross Margin Recovery
The return to revenue growth alongside a meaningful gross-margin improvement indicates better operating conditions for solar glass. If sustained through industry demand and utilization, this can support stronger earnings quality over the next several quarters.
Negative Factors
Compressed Profitability and Returns
Persistently low net margin and ROE indicate that revenue is producing limited shareholder returns after costs and financing. The decline from earlier double-digit profitability suggests earnings power remains structurally impaired, not merely affected by one quarter.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Gross Margin Recovery
The return to revenue growth alongside a meaningful gross-margin improvement indicates better operating conditions for solar glass. If sustained through industry demand and utilization, this can support stronger earnings quality over the next several quarters.
Read all positive factors
Xinyi Solar Holdings (0968) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$19.80B
Dividend Yield0.47%
Average Volume (3M)75.33M
Price to Earnings (P/E)127.4
Beta (1Y)1.30
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees7,712
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.02
Shares Outstanding9,147,044,000
10 Day Avg. Volume99,185,771
30 Day Avg. Volume75,326,866
Financial Highlights & Ratios
PEG Ratio-3.27
Price to Book (P/B)0.81
Price to Sales (P/S)1.16
P/FCF Ratio7.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$3.08Price Target Upside32.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.03
Revenue Forecast (FY)HK$15.93B
Xinyi Solar Holdings Business Overview & Revenue Model
Company Description
Xinyi Solar Holdings Limited, an investment firm, specializes in the manufacturing and global distribution of solar glass products. Its market reach extends across the People's Republic of China, the wider Asian continent, North America, and Europ...
How the Company Makes Money
Xinyi Solar generally makes money through two main operating streams: (1) Solar glass manufacturing and sales, and (2) Solar power generation/project-related income.
1) Solar glass manufacturing and sales (core revenue stream)
- Product sales: Th...
Xinyi Solar Holdings Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.85B | 23.22B | 21.92B | 26.63B | 20.54B | 16.06B |
| Gross Profit | 3.79B | 4.96B | 3.47B | 7.09B | 6.12B | 7.52B |
| EBITDA | 4.98B | 6.34B | 4.26B | 7.78B | 6.90B | 7.85B |
| Net Income | 152.61M | 939.88M | 1.01B | 4.19B | 3.82B | 4.92B |
Balance Sheet | ||||||
| Total Assets | 65.27B | 63.39B | 60.58B | 60.43B | 50.58B | 49.07B |
| Cash, Cash Equivalents and Short-Term Investments | 6.92B | 5.99B | 1.03B | 2.88B | 5.37B | 7.89B |
| Total Debt | 15.44B | 15.60B | 12.54B | 11.51B | 8.91B | 8.85B |
| Total Liabilities | 25.18B | 24.48B | 22.52B | 22.57B | 15.34B | 12.96B |
| Stockholders Equity | 34.13B | 33.23B | 30.91B | 31.97B | 29.75B | 30.31B |
Cash Flow | ||||||
| Free Cash Flow | 3.24B | 3.42B | -3.69B | -4.10B | -723.25M | -1.15B |
| Operating Cash Flow | 5.96B | 6.16B | 1.31B | 5.79B | 5.92B | 3.79B |
| Investing Cash Flow | -1.37B | -1.92B | -4.01B | -10.40B | -5.52B | -4.91B |
| Financing Cash Flow | -1.16B | 282.05M | 822.27M | 2.19B | -1.99B | -805.82M |
Xinyi Solar Holdings Technical Analysis
Negative
2.32
Price Trends
2.20
Negative
2.47
Negative
2.86
Negative
Market Momentum
-0.02
Positive
42.42
Neutral
12.38
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0968, the sentiment is Negative. The current price of 2.32 is above the 20-day moving average (MA) of 2.31, above the 50-day MA of 2.20, and below the 200-day MA of 2.86, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.42 is Neutral, neither overbought nor oversold. The STOCH value of 12.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0968.
Xinyi Solar Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | HK$19.80B | 127.35 | 0.45% | 0.47% | ― | ― | |
49 Neutral | HK$24.80B | 63.30 | 1.61% | 2.56% | -4.78% | ― | |
42 Neutral | HK$484.05M | 8.10 | 1.20% | 11.80% | -19.48% | ― | |
42 Neutral | HK$24.08B | -6.23 | -8.23% | 3.70% | 24.57% | 44.61% | |
42 Neutral | HK$192.78M | -0.71 | -36.63% | 25.93% | -12.64% | -1.05% | |
42 Neutral | HK$63.60M | -1.27 | 18.47% | 0.49% | -0.32% | 5.56% |
* Technology Sector Average
HK:0968
Xinyi Solar Holdings
2.18
-1.45
-40.03%
HK:0750
China Singyes Solar Technologies Holdings
0.19
-0.12
-38.69%
HK:6865
Flat Glass Group Co
6.70
-5.13
-43.35%
HK:3800
GCL Technology Holdings Limited
0.74
-0.71
-48.96%
HK:0757
Solargiga Energy Holdings
0.06
-0.07
-54.20%
HK:0712
Comtec Solar Systems Group Ltd.
0.06
-0.08
-58.62%
Xinyi Solar Holdings Corporate Events
Xinyi Solar and Xinyi Energy Advance PRC Listing Plan for New Energy REIT
Aug 26, 2026
Xinyi Solar and its subsidiary Xinyi Energy plan to deepen their presence in infrastructure investment by establishing the Xinyi Energy New Energy REIT in the People’s Republic of China. The fund will hold selected solar farm projects curren...
Xinyi Solar Sets 2026 Board Line-Up and Committee Roles
Aug 14, 2026
Xinyi Solar Holdings has confirmed the composition of its board of directors effective from 1 September 2026, detailing a mix of non-executive, executive and independent non-executive directors led by Chairman Dr. Lee Yin Yee and Vice Chairman and...
Xinyi Solar Announces Senior Management Changes and Succession in Key Finance Roles
Aug 14, 2026
Xinyi Solar Holdings announced that executive director, financial controller and company secretary Mr. Chu Charn Fai will retire for personal reasons on 31 August 2026, and step down as an authorised representative. The board noted that Mr. Chu ha...
Xinyi Solar Declares Interim Cash Dividend for First Half of 2026
Jul 31, 2026
Xinyi Solar Holdings Limited has declared an interim ordinary cash dividend of HKD 0.0023 per share for the six months ended 30 June 2026, payable in Hong Kong dollars. The ex-dividend date is set for 13 August 2026, with the record date on 19 Aug...
Xinyi Solar’s Interim Profit Plunges as Revenue Falls and Margins Tighten
Jul 31, 2026
Xinyi Solar Holdings reported a sharp deterioration in interim results for the six months ended 30 June 2026, as revenue fell 22.9% year-on-year to RMB 8.43 billion and profit attributable to equity holders plunged 94.8% to RMB 39 million. The squ...
Xinyi Solar Sets Board Meeting to Approve Interim Results and Consider Dividend
Jul 21, 2026
Xinyi Solar Holdings Limited has scheduled a board meeting for 31 July 2026 to approve the interim results for the six months ended 30 June 2026 and to consider whether to recommend an interim dividend. The announcement signals an upcoming update ...
Xinyi Solar Warns of Sharp Profit Decline Amid Solar Market Downturn
Jul 17, 2026
Xinyi Solar Holdings has issued a negative profit alert for the six months ended 30 June 2026, warning that consolidated net profit is expected to fall sharply to no more than RMB50 million or potentially turn into a net loss of up to RMB50 millio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.