Xinyi Solar Holdings Full Year 2023 Earnings: Beats Expectations

Xinyi Solar Holdings (HKG:968) Full Year 2023 Results

Key Financial Results

• Revenue: HK$26.6b (up 30% from FY 2022).
• Net income: HK$4.19b (up 9.6% from FY 2022).
• Profit margin: 16% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses.
• EPS: HK$0.47 (up from HK$0.43 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Xinyi Solar Holdings Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.9%.

The primary driver behind last 12 months revenue was the Sales of Solar Glass segment contributing a total revenue of HK$23.5b (88% of total revenue). Notably, cost of sales worth HK$19.5b amounted to 73% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling HK$1.90b were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how 968's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong.

Performance of the Hong Kong Semiconductor industry.

The company's shares are up 7.0% from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Xinyi Solar Holdings.

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