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]

Group 1 - The core viewpoint of the report is optimistic about GCL-Poly Energy Holdings Limited (03800) due to its cost advantages in polysilicon production and expected benefits from the "de-involution" supply-side reforms in China's photovoltaic industry [1] - 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 - Citigroup has assigned a "Buy" rating to the company with a target price of HKD 1.7 [1]