Morgan Stanley: XINYI SOLAR's net profit last year was below expectations, but recurring net profit exceeded expectations after excluding impairments
Morgan Stanley released a report indicating that XINYI SOLAR (00968.HK) had a net profit of RMB 845 million last year, a year-on-year decrease of 16%, which was below expectations, primarily due to a RMB 2.3 billion impairment expense included in the 2025 performance. Excluding this item, the recurring profit was approximately RMB 2.1 billion, exceeding the bank's expectations, with a gross profit margin returning to 21.4%. The bank set a target price of HKD 3.4 and rated it as "Overweight."
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