According to a report published by Lyon, the net profit of conch cement in the first quarter fell 48% year on year, in line with market expectations, mainly due to the high average price base of cement in the same period last year; the bank expects cement sales in the first quarter to rise 5% year on year, higher than the industry's average increase of 4.1%. The bank said that even if recent demand is weaker than expected, there may be no price war next quarter. On the contrary, the bank believes that profit margins may recover next quarter under slowing cost pressure. The bank said it lowered the company's profit forecast for 2023-25 by 1% to 3% to reflect weak demand for the next quarter. At the same time, it also lowered its target price from HK$31.1 to HK$28.1, maintaining its outperforming market rating.