Goldman Sachs published a research report indicating that XINYI SOLAR recently issued a profit warning, predicting that the net income for the fiscal year ending December 31, 2024, will decrease by 70% to 80% compared to 2023. This is mainly due to more production lines entering an intensive cold repair period last year, resulting in increased impairment of fixed assets, which dragged down the performance in the second half of last year. It is estimated that the net loss for the second half of last year will range between 0.6 billion to 1 billion yuan, lower than the previous net income forecast of 0.3 billion to 1 billion yuan by Goldman Sachs and market peers. Looking ahead, Goldman Sachs advises investors to pay attention to improvements in the company's fundamentals, including the production cut progress in the first quarter of this year and the potential seasonal demand recovery in the second quarter, which is believed to expedite inventory digestion, restoring the industry’s profitability to normal levels. Moreover, it is anticipated that XINYI SOLAR can capture more market share in the long run by leveraging its cost advantages and overseas deployment. Goldman Sachs has lowered the EBITDA forecast for XINYI SOLAR for 2024 to 2030 by 3% to 5%, and revised the target price from HKD 4 to HKD 3.9, maintaining a 'Buy' rating.