Xinyi Solar Holdings (0968) AI Stock Analysis

• Market Cap: HK$25.06B
• Dividend Yield: 14.49%
• Average Volume (3M): 65.55M
• Price to Earnings (P/E): 24.5
• Beta (1Y): 1.21
• Revenue Growth: -17.68%
• EPS Growth: -76.04%
• Country: HK
• Employees: 9,645
• Sector: Technology
• Sector Strength: 86
• Industry: Solar
• EPS (TTM): -0.11
• Shares Outstanding: 9,078,447,000
• 10 Day Avg. Volume: 104,589,694
• 30 Day Avg. Volume: 65,554,792
• PEG Ratio: -0.87
• Price to Book (P/B): 2.58
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -106.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$2.43
• Price Target Upside: -11.52% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 3

• Rating: 70 Neutral
• Price Target: HK$3.00 ▲(9.09%Upside)

Xinyi Solar Holdings shows strong valuation appeal due to its high dividend yield, contributing significantly to the overall score. Financial performance is stable but could improve with better cash flow management. Technical analysis indicates short-term strength, but caution is advised due to potential overbought conditions.

Xinyi Solar Holdings Business Overview & Revenue Model

Company Description

Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People's Republic of China, rest of Asia, North America, Europe, and internationally. It operates in two segments, Sales of Solar Glass and Solar Farm Business. The company offers photovoltaic power station, ultraclear patterned glasses, back glasses, and AR photovoltaic glasses. It also develops, operates, and manages solar farms; and provides engineering, procurement, and construction services. In addition, the company engages in the provision of solar power systems; and trading of solar glass products. Xinyi Solar Holdings Limited was founded in 2008 and is headquartered in Wuhu, the People's Republic of China.

How the Company Makes Money

Xinyi Solar Holdings makes money through the production and sale of solar glass products. The company's revenue model is primarily based on manufacturing and distributing ultra-clear photovoltaic raw glass and processed glass to a wide array of solar module manufacturers. Xinyi Solar benefits from economies of scale in production, enabling competitive pricing and high-quality offerings. A key revenue stream is the sale of these glass products to both domestic and international markets, leveraging significant partnerships with leading solar panel producers. Additionally, the company invests in solar farms, generating revenue through the sale of electricity generated from these renewable resources. Xinyi Solar's strategic positioning in the growing renewable energy sector and its robust manufacturing capabilities contribute significantly to its earnings.

Xinyi Solar Holdings Financial Statement Overview

Summary

Xinyi Solar Holdings demonstrates strong revenue growth, but profitability margins have faced pressure. Despite a stable balance sheet, increased leverage is a concern. Cash flow volatility presents risks, necessitating better cash management for sustainable growth. Overall, financial health is solid but could improve in profitability and cash flow stability.

Income Statement

Xinyi Solar Holdings has shown consistent revenue growth with a CAGR of approximately 15.2% over the past five years. Gross profit margin has decreased from 54.3% in 2020 to 31.5% in 2023, indicating increased cost pressures. Net profit margin also declined from 37% in 2020 to 15.7% in 2023. Nevertheless, the company maintains a healthy EBITDA margin reflecting operational resilience.

Balance Sheet

The company's debt-to-equity ratio has increased from 0.26 in 2020 to 0.36 in 2023, indicating higher leverage. Return on equity has decreased from 17.2% in 2020 to 13.1% in 2023. The equity ratio remains strong at 52.9% in 2023, suggesting a balanced asset structure.

Cash Flow

Free cash flow has been volatile, with a significant decline in 2021 and 2022. Operating cash flow to net income ratio was positive in 2020 but has faced challenges due to increased capital expenditures. The company needs to improve its cash management strategies to ensure sustainable growth.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	21.92B	26.63B	20.54B	16.06B	12.32B
Gross Profit	3.47B	7.09B	6.12B	7.52B	6.56B
EBITDA	4.26B	7.78B	6.90B	7.85B	6.82B
Net Income	1.01B	4.19B	3.82B	4.92B	4.56B
Balance Sheet
Total Assets	56.93B	60.43B	50.58B	49.07B	43.42B
Cash, Cash Equivalents and Short-Term Investments	1.08B	2.88B	5.37B	7.46B	9.29B
Total Debt	12.54B	11.51B	8.91B	8.85B	6.81B
Total Liabilities	22.52B	22.57B	15.34B	12.96B	11.19B
Stockholders Equity	29.05B	31.97B	29.75B	30.31B	26.52B
Cash Flow
Free Cash Flow	-3.69B	-4.10B	-723.25M	-1.15B	1.06B
Operating Cash Flow	1.31B	5.79B	5.92B	3.79B	4.35B
Investing Cash Flow	-4.01B	-10.40B	-5.52B	-4.91B	-2.36B
Financing Cash Flow	822.27M	2.19B	-1.99B	-805.82M	4.99B

Xinyi Solar Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.75
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0968, the sentiment is Positive. The current price of 2.75 is above the 20-day moving average (MA) of 2.46, above the 50-day MA of 2.49, and below the 200-day MA of 3.09, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 67.04 is Neutral, neither overbought nor oversold. The STOCH value of 86.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0968.

Xinyi Solar Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0968	70 Neutral	HK$25.06B	24.49	3.28%	14.49%	-17.68%	-76.04%
Sector *	69 Neutral	¥228.24B	14.40	7.64%	2.72%	9.13%	8.48%
CSSXF		$78.04M	―	-1.29%	―	―	―
GCPEF		$3.63B	―	-11.91%	―	―	―
1799	41 Neutral	HK$8.28B	―	-11.29%	―	-32.63%	-185.82%

Xinyi Solar Holdings Corporate Events

Xinyi Solar Holdings Updates Nomination Committee Terms

Xinyi Solar Holdings Limited has updated the terms of reference for its Nomination Committee, emphasizing a majority of independent non-executive directors and gender diversity. The Committee is tasked with reviewing the board’s structure and composition, identifying qualified board candidates, and assessing director independence, which is pivotal for maintaining corporate governance and aligning with strategic goals.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$4.90 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Completes First Tranche of Panda Bonds Issuance

Xinyi Solar Holdings Limited has successfully completed the issuance of the first tranche of Panda Bonds in China, raising RMB800 million with a coupon rate of 2.1% per annum for a three-year term. The proceeds will be used to replenish the working capital of the company’s subsidiaries, aiding in the expansion of funding sources and reducing capital costs by leveraging low interest rates in the Chinese market.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$4.90 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Announces Proposed PRC Listing of Solar Farm Projects

Xinyi Solar Holdings Limited and its subsidiary, Xinyi Energy Holdings Limited, have announced the proposed listing of selected solar farm projects in the PRC through a Solar Farm Infrastructure REIT. This strategic move involves selling selected solar farm assets to the REIT, aiming to enhance their market presence in the PRC. The listing is subject to regulatory approvals in both Hong Kong and the PRC, and it represents a significant transaction under the Hong Kong Listing Rules. The outcome of this listing could impact the company’s operations and its stakeholders, depending on market conditions and regulatory decisions.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$4.90 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Holdings Approves Key Resolutions at Annual General Meeting

Xinyi Solar Holdings Limited held its Annual General Meeting on 30 May 2025, where all proposed resolutions were approved by shareholders. Key resolutions included the re-election of directors, the appointment of Ernst & Young as auditors, and the granting of mandates to repurchase and issue shares. These approvals are likely to strengthen the company’s governance and operational capabilities, reinforcing its position in the solar industry.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$4.90 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Proposes Amendments to Constitutional Documents

Xinyi Solar Holdings Limited has announced proposed amendments to its constitutional documents to align with the latest legal and regulatory requirements in the Cayman Islands and Hong Kong. These changes include compliance with new electronic dissemination rules and the creation of treasury shares, pending approval at the upcoming annual general meeting. The amendments aim to enhance operational efficiency and ensure regulatory compliance, potentially impacting the company’s governance and shareholder engagement.

Xinyi Solar Holdings Announces Change of Auditor

Xinyi Solar Holdings Limited has announced a change in its auditing firm, with PricewaterhouseCoopers retiring due to unresolved remuneration issues. The company plans to appoint Ernst & Young as the new auditor, pending shareholder approval, citing their industry expertise and compliance with Hong Kong’s financial standards as key factors in the decision.