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<Research>HSBC Research: XINYI GLASS (00868.HK) TP Lifted to $9.8 as Solid Auto Glass Biz Supports Valuation
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XINYI GLASS (00868.HK) announced its 2025 results, with a profit of RMB2.73 billion, down 19% YoY, in line with expectation, HSBC Global Research issued a research report saying. This decline was primarily due to the continuous decrease in China's property completion area, lower revenue from the decline in float glass prices and reduced profits from associates such as XINYI SOLAR (00968.HK). However, with sales growth on the addition of new output, the auto glass business remained strong, with revenue increasing by 8.8% YoY. The profitability of the segment continued to expand due to declining costs such as energy and soda ash prices. Given XINYI GLASS' cost advantages and product differentiation, HSBC Global Research anticipated the Group's results to outperform peers, while the continuously growing auto glass business should limit share price declines. Therefore, the broker lifted its target price from $7.7 to $9.8, with rating kept at Hold due to the Group's structurally solid profitability. AASTOCKS Financial News Website: www.aastocks.com |
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