Gelonghui, January 30 | Citigroup released a report saying that Nine Dragons Paper is expected to record a profit of between 200 million yuan and 400 million yuan for the six months ending the end of last year, turning a loss into a profit. The bank notes that in the fourth fiscal quarter, the average sales price per ton increased by 200 yuan quarterly, while the cost per ton increased by 50 yuan, driving a loss into a profit in the fourth fiscal quarter. Earnest's forecast appears to have been better than market expectations. Citi indicated that due to lower consumer trends than expected, the profit forecast for the 2024-2026 fiscal year was lowered by 44 to 59%, and the target price was reduced from HK$5 to HK$4.5. However, the stock fell sharply by 35% over the past three months, and its market-account ratio was 0.27 times, returning to the level at the time of the 2008 financial crisis. The rating was raised from “neutral” to “buy” due to cheap valuations.