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<Research>CLSA View on Solar Industry Intact; XINYI SOLAR, GCL TECH Key Beneficiaries
Recommend 62 Positive 120 Negative 37 |
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CLSA’s research report wrote that the recent momentum in solar stocks stemmed from some positive signals on the supply side policies. This included a meeting held by Chinese President Xi Jinping on July 1, underscoring the legal governance of enterprises to prevent low-price disorderly competition, guiding companies to improve product quality, and promoting the orderly exit of outdated production capacity; as well as standardizing government procurement and bidding. CLSA stated that its view on solar sector remained unchanged. It maintained a cautious stance towards solar demand, with the supply side still awaiting more catalysts or supply-side policies to aid the industry's recovery. The broker expected key measures related to energy consumption control, conversion efficiency, and production quotas to be moderately relaxed. In the solar industry, CLSA believed that polysilicon material leader GCL TECH (03800.HK) and solar glass leader XINYI SOLAR (00968.HK), along with FLAT GLASS (06865.HK), will become the key beneficiaries of solar supply-side policies due to higher industry integration and steeper cost curves. CLSA's target prices and ratings for the aforementioned companies: XINYI SOLAR (00968.HK) | HKD4 | Outperform | Update Date: December 10, 2024 FLAT GLASS (06865.HK) | HKD10 | Outperform | Update Date: April 30, 2025 GCL TECH (03800.HK) | HKD1.3 | Outperform | Update Date: March 31, 2025 AASTOCKS Financial News Website: www.aastocks.com |
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