Citigroup: Gives FLAT GLASS (06865) a "sell" rating with a target price of HK$10.

Citi released a research report stating that they will begin a 90-day upward catalytic observation on FLAT GLASS (06865). It is expected that the prices of Chinese CECEP Solar Energy glass will rise in the short term, and it is estimated that CECEP Solar Energy installations will accelerate before June 1st this year to ensure the maximum guaranteed purchase volume. Citi has set a target price of 10 Hong Kong dollars for FLAT GLASS and given it a "Sell" rating. The bank stated that the National Development and Reform Commission and the National Energy Administration of China jointly issued a notice on deepening the market-based reform of the new energy grid access price to promote the high-quality development of new energy. According to the new policy, starting from June 1st this year, the output of new renewable energy (wind power, CECEP Solar Energy) projects will participate in the market sales, and the grid access price will be determined by market transactions. Citi predicts that it will take time for CECEP Solar Energy glass production capacity to increase. Therefore, driven by the recent wave of CECEP Solar Energy installations, the prices of CECEP Solar Energy glass will rise, and the current downward potential of CECEP Solar Energy glass prices in terms of cash costs may be limited.