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<Research>HSBC Global Research Adjusts TPs for Solar Stocks, Prefers GCL TECH/ FLAT GLASS
Recommend 50 Positive 128 Negative 27 |
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HSBC Global Research issued a report updating its expectations for China's supply-side policies. For the solar industry, the broker estimated that the likelihood of a strong supply reduction policy led by the Chinese government being implemented in the near future is low. Currently, the government seems more inclined to let the industry drop supply on its own and introduce price controls, rather than issuing direct production cut orders. However, the government may intervene to promote energy efficiency improvements. Looking ahead to 2025, the broker anticipated the market, even without policy-driven momentum, to gradually self-adjust in terms of supply and pricing. Given the forecast of a 10% YoY growth in global solar demand next year (with China remaining flat), certain segments of the supply chain are expected to pick up more quickly. It is estimated that solar polysilicon and glass companies will lead the market recovery next year, while solar module companies will remain at a disadvantage. Believing that the worst for the solar industry has largely passed, the broker preferred GCL TECH (03800.HK) and FLAT GLASS (06865.HK) for their leadership in the market. HSBC Global Research's investment ratings and target prices for solar stocks: Stock | Investment Rating | Target Price GCL TECH (03800.HK) | Buy | $1.7 → $1.9 XINTE ENERGY (01799.HK) | Buy | $11.3 → $11 FLAT GLASS (06865.HK) | Buy | $16.8 → $16.7 XINYI SOLAR (00968.HK) | Hold | $3.5 → $3.4 XINYI ENERGY (03868.HK) | Hold | $0.9 AAStocks Financial News |
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