GLONGHUB, August 15 | Citibank released a report lowering Hong Kong and China Smart Energy's net profit forecast for 2024 to 2025 by 20.8% and 16.4%, respectively, to HK$1,385 billion and HK$1,585 billion to reflect the management's lower guidance on gross margin, new home access and solar capacity. The target price was lowered from HK$4.5 to HK$4.2, maintaining the “buy” rating. According to Citibank, the company's recurring operating profit in the first half of the year fell 3% year-on-year to HK$835 million, affected by the devaluation of RMB against the Hong Kong dollar, but in RMB terms, it rose 4% to 742 million yuan. It believes that the market expects the company's net profit to increase by 4% this year, and its performance in the first half of the year is roughly in line with expectations. Currently, its net profit is expected to reach HK$1,822 million this year.