Jinwu Financial News | According to Yongxing Securities Research Report, GCL Technology (03800) achieved revenue of 8.863 billion yuan in the first half of the year, or -57.7% year-on-year; net profit to mother -1.48 billion yuan, or -126.8% year-on-year. In the first half of the year, the top three granular silicon customers shipped 0.0498 million tons, 0.0168 million tons, and 0.012 million tons respectively, accounting for 62.2% of total shipments. The company's nominal production capacity of 0.42 million tons of polysilicon has reached full production. The cost of granular silicon reached a new low, and the cash cost is expected to be reduced to less than 30 yuan/kg.

The bank mentioned that the company spent about 0.718 billion yuan on R&D in the first half of the year, and the R&D expenditure rate continued to rise. In the first half of the year, the R&D expenditure rate exceeded 8%, an increase of 3.8 pcts over the previous year. The bank believes that the company's continued high investment in R&D will continue to drive the upgrading of granular silicon quality and cost reduction, and will also drive continuous breakthroughs in leading technologies such as perovskite and CCZ.

Due to the drastic adjustment of polysilicon prices, the bank expects the company's revenue in 2024-2026 to be 17.16 billion yuan, 30.523 billion yuan, and 42.118 billion yuan, respectively, -49%, +78%, and +38% year-on-year respectively. Net profit attributable to mother was -1.915 billion yuan, 1.567 billion yuan, and 4.354 billion yuan, respectively -176%, +182%, and +178% year-on-year. On September 6, the stock price corresponding to 2025 and 2026 PE was 20 and 7 times, respectively. Maintain a “buy” rating. The bank is optimistic that the company's granular silicon costs will continue to decline and quality will improve. As polysilicon prices gradually recover, the company's profitability will be restored.