GCL TECH(03800) 第一财经·2025-03-30 02:03Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) is experiencing a significant increase in market share for granular silicon, reaching 25.7% in Q1 2025, up from 12.3% in the same quarter last year, indicating a strong recovery trajectory after previous losses [1][2]. Group 1: Market Position and Performance - The company's granular silicon market share has shown a steady increase over the past year, with quarterly shares of 12.3%, 13.2%, 15.2%, and 19.1% leading up to 25.7% in Q1 2025 [1][2]. - GCL-Poly's granular silicon production cost has decreased to 27.14 CNY/kg, while the selling price is 31.1 CNY/kg, reflecting improved profitability [1]. - The total production capacity for granular silicon in 2024 is reported at 480,000 tons, with an output of 269,200 tons, marking a 32% year-on-year increase [3]. Group 2: Financial Performance - In 2024, GCL-Poly reported revenues of approximately 15.1 billion CNY, a 55% decline year-on-year, with a net loss of about 4.75 billion CNY [3]. - The photovoltaic materials segment, which includes polysilicon, wafers, and industrial silicon, generated revenues of around 15 billion CNY but incurred a loss of approximately 5.3 billion CNY [3]. Group 3: Industry Insights and Future Outlook - The photovoltaic industry is undergoing a transformation, facing challenges such as severe homogenization and a lack of differentiated innovation, which is attributed to imitation practices [2]. - The company anticipates that the most challenging period for the photovoltaic industry has passed, with new technologies increasing demand for high-purity silicon materials [2].