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CICC starts Xinyi Solar (00968) at HK$4.69
CICC Research initiated coverage on Xinyi Solar
Holdings (00968) with a "buy" rating and a target price of HK$4.69.
  The research house expects PV glass demand to see a 21% CAGR in 2017-20 as bifacial
dual-glass modules may be the next technical breakthrough bringing solar costs down. CICC
forecast dual glass module penetration will rise from 5% to 35% by 2020.
  Moreover, the glass sector is undergoing supply reform as the government has started to
phase out production facilities through changing the emission rights supervision system. 
As of mid-January, 40% of glass companies still do not have permits and risk being shut
down. 

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