Zhi Tong Cai Jing·2025-10-30 09:47Core Viewpoint - Northeast Securities initiates coverage on GCL-Poly Energy (03800) with a "Buy" rating, highlighting the company's recent progress in its photovoltaic materials segment and its potential for performance improvement [1] Financial Performance - In Q3, GCL-Poly's photovoltaic materials segment reported an unaudited profit of approximately 960 million RMB, marking a turnaround from previous losses [1] - The profit includes a post-tax gain of about 640 million RMB from the sale of an associate company [1] - The adjusted EBITDA for the photovoltaic materials segment in Q3 was approximately 1.41 billion RMB, also indicating a return to profitability, aligning with market expectations [1] Market Outlook - The report suggests that under the backdrop of reduced competition, GCL-Poly is expected to accelerate its performance turnaround [1] - A target price of 1.5 HKD is set for the company, reflecting positive market sentiment [1]