Goldman Sachs lifted its target price for Xinyi Solar (00968) to HK$25 from HK$17.1 and maintained its "buy" rating.
The research house likes Xinyi's rapid capacity expansion plan and leading market share. According to management, the company is going to add four 1,000-ton daily melting capacity lines in Wuhu in 2021 and four in Zhangjiagang in 2022. In addition, Xinyi is at the planning stage to add 12 1,000-ton daily melting capacity lines in Wuhu Jiangbei, and another four in Beihai.
The company's current market share of the domestic market is around 35%, and management targets to expand this to 40-45% in the long term. Goldman lowered its 2020-22 EPS estimates by 0.6%/4%/1.8% to reflect moderate solar glass ASP.
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