GCL TECH(03800) 华夏时报·2025-04-03 14:01Core Viewpoint - GCL-Poly Energy Technology Co., Ltd. (GCL-Poly) has reported a significant decline in its 2024 financial performance, with revenue dropping by 55.2% year-on-year, leading to substantial losses in both gross profit and net profit [2][3]. Financial Performance - The company's total revenue for 2024 was approximately 15.1 billion yuan, down from 33.7 billion yuan in 2023 [2]. - Gross profit turned into a loss of about 2.5 billion yuan, compared to a profit of 11.69 billion yuan in 2023, marking a decline of 121.5% [2]. - The net profit attributable to shareholders shifted from a profit of 2.51 billion yuan in 2023 to a loss of approximately 4.75 billion yuan in 2024 [2]. - The gross margin plummeted from 34.7% in 2023 to -16.6% in 2024 [2]. Business Segments - GCL-Poly's main business segments include photovoltaic materials and photovoltaic power station operations [3]. - Revenue from the photovoltaic materials segment was about 14.96 billion yuan in 2024, a decrease of 55.3% from 33.49 billion yuan in 2023 [3]. - The photovoltaic materials segment reported a loss of 5.35 billion yuan in 2024, down from a profit of 3.2 billion yuan in 2023, with a gross margin decline from 34.6% to -16.9% [3]. - The photovoltaic power station segment generated approximately 140 million yuan in revenue, a 35% decline year-on-year, with losses of 267 million yuan in 2024 compared to a profit of 56 million yuan in 2023 [3]. Debt and Cash Flow - Total liabilities stood at 32.58 billion yuan, with short-term interest-bearing debt increasing significantly from 5.91 billion yuan at the end of 2023 to 10.69 billion yuan at the end of 2024 [4]. - The company anticipates positive cash flow starting in the first quarter of the current year, with expectations of profitability by the third quarter [4]. Management and Compensation - Executive directors voluntarily reduced their total annual compensation from 188 million yuan to approximately 16.4 million yuan for 2024, a reduction of over 90% [5]. - The company maintains that this reduction will not affect the stability of the core management team, as it is part of a flexible compensation system [5]. Strategic Outlook - GCL-Poly is optimistic about future performance, citing a potential recovery in silicon prices and a significant reduction in industry inventory levels [4]. - The company is pursuing dual strategies: strict operational management for its main business and incubation of technology ventures like Xinhua Semiconductor and GCL-Optoelectronics [7][8]. - Xinhua Semiconductor is progressing towards an IPO, while GCL-Optoelectronics is also expected to enter the capital market soon [8]. Industry Context - The broader "GCL system" is facing challenges, with other subsidiaries also reporting declines in performance, including GCL New Energy and GCL Integrated [9].