Bank of America Securities published a research report stating that the average daily shipment volume of Nine Dragons Paper has been exceeding 60,000 tons since the Lunar New Year holiday, which is more than 20% higher than full load production, causing its inventory level to drop for three weeks. Due to steady demand, Jiuji announced a price increase of 30 to 50 yuan per ton starting in March. Bank of America is expected to help drive profit margins to continue to rise. The bank also indicated that the strong sales growth trend is expected to continue in the first half of the fiscal year, that is, from June to December of last year. Management revealed that sales are expected to reach 19.5 million tons in fiscal year 2024, which means that sales will increase by about 15% year-on-year in the second half of the fiscal year, that is, January to June of this year. Bank of America raised Nine Dragons Paper's net profit forecast for the 2024-2025 fiscal year by 70% and 59% to 30 yuan and 75 yuan. It is expected that with the use of production capacity in Guangxi, the net profit per ton will further increase by the end of the year, reaffirming the “neutral” rating, and raising the target price to HK$3.7.