GCL TECH(03800) 甬兴证券·2024-05-14 10:02Investment Rating - The report maintains a "Buy" rating for the company [5][7][13] Core Views - The company's revenue for Q1 2024 was approximately 5.47 billion yuan, with a net profit attributable to shareholders of about 33 million yuan [3] - The decline in profitability is primarily attributed to the downward trend in silicon material and wafer prices, which have significantly decreased compared to Q1 2023 and Q4 2023 [4] - The price difference between granular silicon and rod silicon has narrowed, indicating strong downstream recognition of granular silicon [4] - The company continues to invest heavily in R&D, with over 400 million yuan spent in Q1 2024, leading to significant improvements in product quality [4] Financial Summary - Projected revenues for 2024-2026 are 27.82 billion yuan, 34.68 billion yuan, and 42.34 billion yuan, representing year-on-year changes of -17%, +25%, and +22% respectively [5] - Net profit attributable to shareholders is expected to be 2.66 billion yuan, 3.79 billion yuan, and 4.93 billion yuan for the same period, with year-on-year growth rates of +6%, +42%, and +30% respectively [5] - The current price-to-earnings (PE) ratios are projected to be 14, 10, and 8 times for 2024, 2025, and 2026 respectively [5]