According to a research report released by CMB International, although United Photovoltaics (00686-HK) projects tend to expand cautiously, the power generation capacity of a type of regional project, which accounts for 54.3% of the total installed capacity, will remain stable in 2016, so it still maintains a positive outlook for it. CMB International maintained its buying rating for United PV, but lowered its target price from HK$1.49 to HK$0.95 to reflect that United PV's installed capacity was lower than expected and that PV feed-in tariffs may still be further lowered in the future. According to the report, United PV released power generation data for the fourth quarter and full year of 2015. The power generation for the fourth quarter of 2015 was 248 gigawatt-hours, while the annual power generation capacity reached 938 gigawatt-hours, up 35% and 52% respectively over the same period last year, in line with expectations. According to the report, the expansion of joint photovoltaic projects is becoming more cautious. The company achieved only 439 megawatts of additional installed capacity in 2015, which is below the management target of 1 gigawatt. CMB International also adjusted United PV's profit forecast for 2015-17 from RMB 688 million, RMB 541 million, and RMB 560 million to RMB 614 million, RMB 328 million, and RMB 593 million. CMB International remains optimistic about United PV's development prospects, as the PV industry remains a cost-effective form of energy for the Chinese government to achieve its carbon intensity reduction goals. At the same time, it is believed that potential interest rate cuts in 2016 may be beneficial to the company's business development.