花旗：予协鑫科技(03800)目标价1.7港元 评级“买入”

Core Viewpoint - Citi maintains an optimistic outlook on GCL-Poly Energy (03800) due to its cost advantages in polysilicon production and expects the company to benefit from the "de-involution" supply-side reforms in China's photovoltaic industry [1] Group 1: Company Outlook - The current price-to-book (PB) ratio is below historical averages, indicating potential undervaluation [1] - The company is expected to see a turning point in its return on equity (ROE) by 2026 [1] Group 2: Investment Recommendation - Citi has assigned a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.7 [1]