GCL TECH(03800) 光大证券·2024-09-06 08:12Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company has experienced a significant decline in revenue and profitability due to a sharp drop in industry chain prices, with a 57.9% year-on-year decrease in photovoltaic materials revenue in 2024H1 [1][2]. - The company is expected to reduce its cash cost of granular silicon to below RMB 30/kg, which will enhance its competitive advantage [1]. - The company has established long-term supply agreements with leading silicon wafer manufacturers, indicating strong demand for its granular silicon products [1][2]. Summary by Relevant Sections Financial Performance - In 2024H1, the company achieved a revenue of RMB 8.863 billion, a decrease of 57.69% year-on-year, and a net profit attributable to shareholders of -RMB 1.48 billion, a decline of 126.81% [2]. - The company's polysilicon production reached 136,400 tons, a year-on-year increase of 22.8%, while granular silicon production increased by 65.6% [1]. Product Quality and Market Position - The quality of granular silicon has improved significantly, with 95% of products meeting the impurity content standard of ≤0.5 ppbw [1]. - The top three customers accounted for 62.2% of the company's granular silicon shipments, reflecting strong market recognition [1]. Future Growth Potential - The company is exploring overseas granular silicon production capacity, which could support its international transformation [2]. - The silane gas business is expected to become a new profit growth point, with the company holding a leading position in high-purity silane gas production [2].