According to a report published by Citigroup, Xinyi Solar's net profit increased by 9.6% year-on-year to HK$4.187 billion last year, 8% higher than market expectations. Citi expects the company's effective glass production capacity to increase by 35.2% year-on-year this year. Although the average selling price has declined due to inventory pressure, management expects the gross margin of solar glass to rise year-on-year in the first quarter. The bank raised Xinyi Solar's net profit forecast for the 2024-2025 fiscal year by 4% to 7%, mainly because the sales forecast was raised, and the target price was raised by 4% to HK$5.8 from HK$5.6 to HK$5.8, maintaining a “buy” rating. It is expected that as monthly component production increases, the de-inventory of solar glass will accelerate. The stock's valuation is equivalent to predicting a price-earnings ratio of 6.6 times in 2024 and a market account ratio of 1 times this year at an all-time low. The dividend ratio of 7.3% is very attractive.