GCL TECH(03800) 证券时报网·2025-03-29 11:25Core Viewpoint - GCL-Poly Energy Holdings Limited reported a significant decline in revenue and net profit for the fiscal year 2024, primarily due to the downturn in the silicon material market, but showed resilience through improved production efficiency and market share in its core product, granular silicon [1][2]. Financial Performance - The company achieved revenue of approximately 15.1 billion yuan and a net loss attributable to shareholders of 4.75 billion yuan in the fiscal year 2024 [1]. - In Q2 2024, the company is expected to continue reducing losses on a quarterly basis, indicating a stabilization in its overall operational fundamentals [1]. Production and Market Position - The cash manufacturing cost of granular silicon reached a record low of 27.14 yuan/kg, with a non-tax selling price of 31.1 yuan/kg, showing a significant decrease in costs compared to previous quarters [1]. - The proportion of high-quality granular silicon products exceeded 95%, with a market share of 25.76% [1][2]. - The total production capacity for granular silicon in 2024 was 480,000 tons, with an output of 269,200 tons, representing a year-on-year growth of 32%, and shipments of 281,900 tons, up 45% year-on-year [1]. Research and Development - The company invested 1.102 billion yuan in R&D, accounting for approximately 7.3% of its revenue, with an increase of 1.7 percentage points in R&D expense ratio compared to the previous year [2]. - Significant advancements were made in the CCz technology, particularly in reducing oxygen impurity content, which is now comparable to RCz technology [2]. Intellectual Property and New Ventures - GCL-Poly has established a comprehensive intellectual property protection system, enhancing the barriers to entry in granular silicon production [3]. - The company has made breakthroughs in perovskite technology, achieving high conversion efficiencies and receiving global certification for large-size components [3]. - The company is also expanding into new energy materials, including silicon-carbon anodes, leveraging its production capabilities and technology [4]. Future Outlook - The company aims to enhance the efficiency of perovskite tandem components to 27% by the end of 2025, setting the stage for a new efficiency revolution in the photovoltaic sector [3]. - GCL-Poly plans to adapt its silicon gas production for both internal use and external sales, maintaining a leading position in the market [4].