Xinyi Energy Holdings Limited (HK:3868)
:3868
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Xinyi Energy Holdings Limited
(3868)
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Rating:67Neutral
Price Target:
HK$1.50
▲(28.21% Upside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by solid underlying financial performance (strong margins, but slowed revenue, rising leverage, and uneven cash conversion). Technicals are a meaningful drag as the stock trades below key moving averages with negative MACD. Valuation is a key offset, supported by a low P/E and a relatively high dividend yield.
Positive Factors
High profitability and margins
Sustained high gross and operating margins and a strong net margin in 2025 indicate durable unit economics for utility-scale solar assets. This margin strength creates persistent cash generation capacity, cushions commodity and tariff swings, and supports reinvestment or distributions over the medium term.
Negative Factors
Rising leverage over time
Material increases in total debt and a rising debt-to-equity trend reduce financial flexibility and increase interest exposure. Higher leverage makes the company more vulnerable to generation variability, tariff pressure or higher rates, potentially constraining investment and elevating refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained high gross and operating margins and a strong net margin in 2025 indicate durable unit economics for utility-scale solar assets. This margin strength creates persistent cash generation capacity, cushions commodity and tariff swings, and supports reinvestment or distributions over the medium term.
Read all positive factors
Xinyi Energy Holdings Limited (3868) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$10.65B
Dividend Yield4.83%
Average Volume (3M)21.64M
Price to Earnings (P/E)3.8
Beta (1Y)0.97
Revenue Growth9.03%
EPS Growth35.92%
CountryHK
Employees414
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)N/A
Shares Outstanding8,519,712,000
10 Day Avg. Volume20,969,239
30 Day Avg. Volume21,638,263
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.63
Price to Sales (P/S)3.48
P/FCF Ratio12.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.50Price Target Upside28.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Xinyi Energy Holdings Limited Business Overview & Revenue Model
Company Description
Xinyi Energy Holdings Limited, an investment holding company, owns, operates, and manages solar farms in the People's Republic of China. The company operates solar farms with an installed capacity of 2,494 megawatts. It sells electricity to the St...
How the Company Makes Money
Xinyi Energy makes money mainly by generating electricity from its portfolio of solar PV power plants and selling that electricity under contracted or regulated arrangements in the markets where its plants operate. Its core revenue stream is power...
Xinyi Energy Holdings Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.66B | 2.60B | 2.52B | 2.32B | 2.30B |
| Gross Profit | 1.64B | 1.70B | 1.71B | 1.63B | 1.68B |
| EBITDA | 2.42B | 2.30B | 2.33B | 2.14B | 2.20B |
| Net Income | 1.10B | 841.52M | 992.99M | 971.45M | 1.23B |
Balance Sheet | |||||
| Total Assets | 24.97B | 23.06B | 21.13B | 19.94B | 21.20B |
| Cash, Cash Equivalents and Short-Term Investments | 1.07B | 422.88M | 702.95M | 1.79B | 1.10B |
| Total Debt | 10.27B | 8.84B | 7.04B | 5.65B | 5.60B |
| Total Liabilities | 10.22B | 9.75B | 7.83B | 8.18B | 8.64B |
| Stockholders Equity | 14.75B | 13.31B | 13.30B | 11.75B | 12.55B |
Cash Flow | |||||
| Free Cash Flow | 713.14M | -1.43B | -1.89B | 1.35B | 418.04M |
| Operating Cash Flow | 1.80B | 1.02B | 753.13M | 2.90B | 1.24B |
| Investing Cash Flow | -712.63M | -2.50B | -2.61B | -1.53B | -3.13B |
| Financing Cash Flow | -432.84M | 1.18B | 735.33M | -576.36M | 1.65B |
Xinyi Energy Holdings Limited Technical Analysis
Positive
1.17
Price Trends
1.24
Positive
1.22
Positive
1.24
Positive
Market Momentum
0.02
Negative
51.24
Neutral
67.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3868, the sentiment is Positive. The current price of 1.17 is below the 20-day moving average (MA) of 1.23, below the 50-day MA of 1.24, and below the 200-day MA of 1.24, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 67.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:3868.
Xinyi Energy Holdings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$10.65B | 3.82 | 7.71% | 4.83% | 9.03% | 35.92% | |
61 Neutral | HK$18.30B | 4.26 | 8.35% | 6.71% | 1.51% | -9.44% | |
58 Neutral | HK$123.44B | 8.07 | 5.62% | 5.33% | -13.95% | -25.30% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | HK$12.29B | 8.62 | 5.97% | 6.26% | -0.05% | -37.87% | |
46 Neutral | HK$121.98M | -0.09 | ― | ― | -21.67% | -18.64% | |
40 Underperform | HK$1.63B | -0.32 | -35.49% | ― | -4.27% | -174.28% |
* General Sector Average
HK:3868
Xinyi Energy Holdings Limited
1.23
0.33
36.82%
HK:0916
China Longyuan Power Group
6.77
0.43
6.83%
HK:1165
Shunfeng International Clean Energy
0.02
<0.01
41.18%
HK:0451
GCL New Energy Holdings
0.93
0.61
186.15%
HK:0579
Beijing Jingneng Clean Energy Co., Ltd. Class H
2.25
-0.10
-4.13%
HK:1798
China Datang Corp. Renewable Power Co. Ltd. Class H
1.73
-0.46
-21.08%
Xinyi Energy Holdings Limited Corporate Events
Xinyi Energy Sets 2026 AGM to Approve Dividend, Board Re‑elections and Share Buyback Mandate
Apr 30, 2026
Xinyi Energy Holdings Limited has called its annual general meeting for 29 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on a proposed final dividend of HK$0.036...
Xinyi Energy Grants 4 Million Share Options to Align Staff With Long-Term Growth
Mar 31, 2026
Xinyi Energy Holdings has granted 4 million share options to senior management and employees under its existing share option scheme, with each option exercisable at HK$1.26 for one company share. The grant, made on 31 March 2026, comes at a slight...
Xinyi Energy Lifts 2025 Profit and Dividend on Stable Revenue
Feb 27, 2026
Xinyi Energy Holdings reported stable revenue of RMB2.45 billion for 2025, up 0.5% year on year, while profit attributable to equity holders jumped 27.8% to RMB1.01 billion, driven by higher other income, a swing to net other gains, and lower fina...
Xinyi Energy Announces Final Dividend with Scrip Option for 2025
Feb 27, 2026
Xinyi Energy Holdings Limited has declared a final ordinary dividend of HKD 0.036 per share for the financial year ended 31 December 2025, with shareholders to approve the payout on 29 May 2026. The dividend will be paid in cash by default on 29 J...
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.