The Zhitong Finance App learned that Citi released a research report stating that it lowered the target price of Xinyi Glass (00868) from HK$10.3 to HK$8.1 to maintain a “neutral” rating. The bank revised the company's 2026-2028 revenue forecast by 1% to 2%, and lowered its gross margin forecast due to oversupply of float glass. Accordingly, the net profit forecast for each year 2026 to 2028 was lowered by 3% to 8%, to RMB 2,534 billion, RMB 2,934 billion and RMB 3.615 billion, respectively.

The bank pointed out that Xinyi Glass is in a transition phase, and the decline in the supply of new real estate properties in China continues to slow down its float glass and architectural glass business. Although the impact of rising costs on the first half of 2026 is limited, the bank expects that the related pressure will be more evident in the second half of the year, given the exhaustion of raw material stocks and the further increase in natural gas costs due to monopoly supply.

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