智通财经网·2025-09-12 07:12Core Viewpoint - Guotai Junan expects GCL-Poly Energy (03800) to achieve net profits of 306 million and 1.37 billion yuan for the years 2026 and 2027 respectively, with EPS of 0.01 and 0.05 yuan per share, and BPS of 1.24 and 1.29 yuan per share [1] Financial Projections - The company is projected to have a cash cost for granular silicon of 27.07 yuan/kg in Q1 2025 and 25.31 yuan/kg in Q2 2025, indicating a continuous decline [1] - The report maintains a "Buy" rating for the company, assigning a 1.2x PB for 2025 based on comparable companies [1] Market Trends - The average price of N-type granular silicon increased from 33,500 yuan/ton on June 25 to 48,000 yuan/ton on September 3, marking a 43% increase [1] - The price of granular silicon is expected to rise due to regulatory measures aimed at stabilizing the photovoltaic industry and combating illegal practices such as selling below cost [1] Product Quality and Customer Demand - Continuous optimization of processes and technological advancements have led to improved quality of granular silicon products, enhancing customer adhesion to the company's products [1] - The transaction price of granular silicon is expected to surpass that of traditional N-type dense block materials by July 2025, reflecting the superior purity and stability of the company's products [1]