Taiwanese mobile phone manufacturer HTC (2498.TPE) said on Monday it expects first-quarter revenues to decline and that it will target the low-cost smartphone market in China for the first time, Reuters reported. HTC predicted that first-quarter revenue will be US$1.69-2.03 billion, a decline from US$2.22 billion in the first quarter of 2012. The prediction falls short of the average analysts’ forecast of US$2.12 billion, according to a Thomson Reuters survey. The company also predicts a gross margin of 21-23% in the first quarter, compared to 23% in the fourth quarter of 2012. HTC said it will begin offering lower-cost smartphones in China priced from US$160-321 (RMB1,000-2,000).