GCL TECH(03800) 长江证券·2025-04-08 09:16Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 15.098 billion HKD for 2024, a decrease of 55% year-on-year, and a net profit attributable to shareholders of -4.75 billion HKD, indicating a shift from profit to loss [5][8]. - The company has optimized its cash cost for granular silicon to 33.52 HKD/kg in 2024, with further improvements expected as the cash cost was reduced to 27.14 HKD/kg in the first two months of 2025 [8]. - The company has a production capacity of 480,000 tons for granular silicon, with an output of 269,200 tons and a shipment volume of 282,000 tons in 2024 [8]. - The company’s silicon wafer sales volume was 33.525 GW in 2024, a decrease of 35.4% year-on-year, primarily due to industry price declines [8]. - The gross margin for the photovoltaic power station segment dropped to 16.9% in 2024 from 46.7% in 2023, impacting overall performance [8]. - Administrative expenses were reduced to 1.855 billion HKD in 2024, down 18.5% year-on-year, due to salary reductions and cost control measures [8]. - The company aims to achieve positive cash flow in Q1 2025 and anticipates a turnaround in performance, supported by cost control and a significant reduction in director salaries [8]. Summary by Sections Financial Performance - Revenue for 2024 was 15.098 billion HKD, a 55% decrease year-on-year [5][8]. - Net profit attributable to shareholders was -4.75 billion HKD, indicating a loss [5][8]. Production and Sales - Granular silicon production capacity is 480,000 tons, with 2024 output at 269,200 tons and shipments at 282,000 tons [8]. - Silicon wafer sales volume was 33.525 GW in 2024, down 35.4% year-on-year [8]. Cost Management - Cash cost for granular silicon was 33.52 HKD/kg in 2024, with further optimization to 27.14 HKD/kg in early 2025 [8]. - Administrative expenses decreased to 1.855 billion HKD in 2024, an 18.5% reduction [8]. Future Outlook - The company expects to achieve positive cash flow in Q1 2025 and aims for a performance turnaround [8].