GCL TECH(03800) 光大证券·2024-10-28 13:13Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a net profit attributable to shareholders of -2.971 billion yuan for the first three quarters of 2024, with granular silicon production and shipment volumes of 198,300 tons and 207,300 tons, respectively [2][3]. - Despite a decrease in the selling price of granular silicon, the company has successfully reduced production cash costs through continuous technological improvements, achieving a cash cost of 33.18 yuan/kg in Q3 2024, down 5.71% quarter-on-quarter [3]. - The company has achieved a global record in carbon footprint management, with its granular silicon production emitting only 24.913 kg of CO2 equivalent per kg of product, benefiting from 100% clean energy usage [4]. - The company is expanding its overseas granular silicon production capacity and exploring new profit growth opportunities in silane gas, with a partnership established for developing a polysilicon production facility in the UAE [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a net profit of -2.971 billion yuan, with a granular silicon production volume of 198,300 tons and a shipment volume of 207,300 tons [2][3]. - In Q3 2024, the granular silicon production and shipment volumes were 62,000 tons and 80,900 tons, respectively, representing year-on-year growth of 15.67% and 19.67% [3]. - The company's revenue for 2024 is projected to be 35.93 billion yuan, with a net profit forecast of -2.158 billion yuan for 2024, followed by 1.441 billion yuan in 2025 and 2.689 billion yuan in 2026 [6][9]. Production and Cost Management - The company has focused on optimizing production processes, leading to a steady decline in cash production costs, which are expected to reach below 30 yuan/kg in the near future [3]. - The average selling price of granular silicon in Q3 2024 was 32.75 yuan/kg, reflecting a 7.80% decrease quarter-on-quarter [3]. Environmental and Technological Advancements - The company has received carbon footprint certification from ADEME, highlighting its commitment to sustainability and low carbon emissions in its production processes [4]. - The company is a leader in the research and production of high-purity silane gas, with its production capacity ranking first globally and meeting electronic-grade requirements [5].