According to a report published by CICC, Xinyi Glass's revenue last year increased 4% year-on-year to HK$26.8 billion; net profit increased 5% year-on-year to HK$5.4 billion; of these, holding shares in Xinyi Solar Energy and others received investment income of about HK$1 billion. The company's performance last year fell short of expectations, mainly due to the fact that soda ash prices remained high in the second half of last year, and the degree of profit margin recovery was slightly lower than expected. According to the report, considering that the industry's resumption of production has exceeded expectations and there is a risk of falling demand for completion, the profit forecast per share for this year was lowered by 38% to HK$1.27, and a forecast of HK$1.07 for next year was introduced. The current stock price corresponds to forecasting price-earnings ratios of 6 times and 7 times for this year and next, respectively. Maintaining the “outperforming industry” rating, the target price was lowered by 36% to HK$10.3, corresponding to forecasted price-earnings ratios of 8 times and 10 times for this year and next, respectively.