Kingwuu Finance | Yongxing Securities issued research reports stating that gcl tech (03800) released its third quarter 2024 business update, with an unaudited attributable loss of -1.492 billion yuan in the third quarter of 2024, and an unaudited attributable loss of approximately 2.971 billion yuan for the first three quarters of 2024. Cash costs continue to decrease, and the rebound in capacity utilization is expected to drive costs lower. The bank believes that after the implementation of carbon tariffs/carbon emission-related policies, the low-carbon advantages of granular silicon will be highlighted, and the product's competitive advantages will be further emphasized.

Due to the decline in polycrystalline silicon prices, the bank predicts that the company's revenues for 2024-2026 will be 17.057 billion yuan, 30.523 billion yuan, and 42.118 billion yuan, with a year-on-year change of -49%, +79%, and +38%, respectively. Net income attributable to owners is expected to be -2.921 billion yuan, 1.544 billion yuan, 4.326 billion yuan, with year-on-year changes of -216%, +153%, and +180%, respectively. The stock price on October 28 corresponds to PEs of 30 and 11 times for 2025 and 2026, respectively. Maintaining a "buy" rating. The bank is bullish on the company's continued reduction in granular silicon costs and quality improvement. With the gradual recovery of polycrystalline silicon prices, the company's profitability will be restored.