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Xinyi Energy Holdings Limited
(3868)
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Rating:67Neutral
Price Target:
HK$0.97
▼(-17.44% Downside)
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 / Margins
Very high gross and operating margins with a strong 2025 net margin indicate durable unit economics for utility-scale solar. High margins provide operating leverage, buffer against commodity and tariff volatility, and support reinvestment and dividend capacity over the medium term.
Negative Factors
Rising Leverage
Material growth in debt and a rising debt/equity trend reduce financial flexibility and increase interest burden sensitivity. Higher leverage makes the company more vulnerable to generation shortfalls or rate increases, and limits strategic optionality for acquisitions or aggressive capex.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability / Margins
Very high gross and operating margins with a strong 2025 net margin indicate durable unit economics for utility-scale solar. High margins provide operating leverage, buffer against commodity and tariff volatility, and support reinvestment and dividend capacity over the medium term.
Read all positive factors
Xinyi Energy Holdings Limited (3868) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.58B
Dividend Yield4.83%
Average Volume (3M)21.64M
Price to Earnings (P/E)6.8
Beta (1Y)1.03
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$1.54Price Target Upside31.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Xinyi Energy Holdings Limited Business Overview & Revenue Model
Company Description
Xinyi Energy Holdings Limited operates as an investment holding enterprise primarily focused on the ownership, operation, and management of solar power facilities. These photovoltaic (PV) farms, situated across the People's Republic of China, coll...
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 | 9.22B | 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
Negative
1.17
Price Trends
1.13
Negative
1.17
Negative
1.19
Negative
Market Momentum
-0.07
Positive
19.57
Positive
8.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3868, the sentiment is Negative. The current price of 1.17 is above the 20-day moving average (MA) of 1.03, above the 50-day MA of 1.13, and below the 200-day MA of 1.19, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 19.57 is Positive, neither overbought nor oversold. The STOCH value of 8.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$7.58B | 6.80 | 7.71% | 4.83% | 9.03% | 35.92% | |
61 Neutral | HK$14.84B | 4.32 | 8.35% | 6.71% | 1.51% | -9.44% | |
58 Neutral | HK$107.67B | 8.55 | 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$9.02B | 6.59 | 5.97% | 6.26% | -0.05% | -37.87% | |
46 Neutral | HK$121.98M | -0.25 | ― | ― | ― | ― | |
43 Neutral | HK$1.52B | -0.86 | -35.49% | ― | -4.27% | -174.28% |
* General Sector Average
HK:3868
Xinyi Energy Holdings Limited
0.89
-0.20
-18.35%
HK:0916
China Longyuan Power Group
5.00
-1.89
-27.41%
HK:1165
Shunfeng International Clean Energy
0.02
<0.01
50.00%
HK:0451
GCL New Energy Holdings
0.86
0.46
115.00%
HK:0579
Beijing Jingneng Clean Energy Co., Ltd. Class H
1.80
-0.31
-14.73%
HK:1798
China Datang Corp. Renewable Power Co. Ltd. Class H
1.24
-1.11
-47.14%
Xinyi Energy Holdings Limited Corporate Events
Xinyi Energy Sets Terms for 2025 Final Scrip Dividend Scheme
Jun 8, 2026
Xinyi Energy Holdings Limited has confirmed the terms of its scrip dividend scheme linked to the final dividend for the year ended 31 December 2025, offering shareholders a choice between cash and new shares. The final dividend of HK$0.036 per sha...
Xinyi Energy Updates Final Dividend Terms and Scrip Option for 2025 Payout
Jun 8, 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, following shareholder approval on 29 May 2026. The dividend will be paid in cash by default in Hong Kong dol...
Xinyi Energy Wins Strong Shareholder Backing at 2026 AGM
May 29, 2026
Xinyi Energy Holdings Limited reported the results of its annual general meeting held on 29 May 2026 in Hong Kong, where all resolutions were approved by shareholders through poll voting. Investors supported the receipt of the 2025 audited financi...
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...
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.