Gelonghui, December 25 | CITIC Securities released a research report stating that GCL Technology was given the “increase in holdings” rating for the first time, and is expected to return net profit of 73.32/40.80/4.778 billion yuan in 2023-2025. Considering that it is currently the only industrialized manufacturer of granular silicon in the world, as the penetration rate of new products continues to increase, the company's silicon business is expected to expand rapidly, with a target price of HK$1.55. Since 2023, the introduction of new silicon production capacity has accelerated, the industry's supply and demand pattern has rapidly reversed, the continuous decline in silicon prices has accelerated the gradual elimination of high-cost production capacity, and the combination of low energy consumption and high quality has promoted a continuous increase in the penetration rate of granular silicon. The company's modular production capacity expansion is expected to drive the production and sales of granular silicon to boom.