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<Research>BNP Paribas: GCL TECH (03800.HK) Rating Reiterated at Outperform as 2H25 Gross Margin Improves
Recommend 25 Positive 52 Negative 15 |
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GCL TECH (03800.HK)'s 2H25 revenue grew by 39.4% YoY to RMB8.69 billion, while gross margin turned positive to 23.4%, compared to -12.2% in 1H25, BNP Paribas issued a research report saying. Net loss narrowed to RMB1.09 billion, in line with the expectations of the market and the broker. BNP Paribas believed that GCL TECH still holds an advantage among its polysilicon peers. The broker saw limited downside room for polysilicon prices and continued market consolidation, and anticipated that GCL TECH's new business will provide multiple catalysts. BNP Paribas lowered its 2026/ 2027 earnings forecasts, and accordingly cut its target price from $1.9 to $1.8, with rating reiterated at Outperform. Auto-translated by AI AASTOCKS Financial News |
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