大行评级｜瑞银：首予协鑫科技“买入”评级 可受惠于反内卷政策下的供应削减

Core Viewpoint - UBS has initiated a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, highlighting the company's potential benefits from supply reductions under anti-competition policies and its competitive advantages in production costs and energy efficiency [1] Company Summary - GCL-Poly's market share in granular silicon has increased from 12% at the beginning of 2024 to 25.8% in the first quarter of this year, with over 40% of its customers being first and second-tier enterprises [1] - The company is expected to demonstrate significant excess return capabilities during the industry consolidation period, supported by continuous improvements in product quality and purity [1] - GCL-Poly's solid technological research and development is anticipated to enable it to outperform its peers in the long term [1]