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Goldman Sachs Upgrades GCL Technology Holdings to Buy From Neutral; Price Target is HK$1.30

marketscreener

GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A

GCL TECH

Goldman Sachs

GCL Global

GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

Goldman Sachs Upgrades GCL Technology Holdings to Buy From Neutral; Price Target is HK$1.30

Goldman Sachs raised the target price for GCL TECH to 1.3 yuan, upgrading the rating from "Neutral" to "Buy." The report pointed out that although the stock price has fallen 28% since early February, the market has underestimated its long-term production growth potential. It is expected that the accelerated adoption of granular silicon downstream will improve the company's production and profit outlook, and the current stock price pullback provides an attractive entry point

AASTOCKS

Goldman Sachs raises GCL TECH's target price to 1.3 yuan and upgrades its rating to "Buy"

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Société Générale Securities released a research report, indicating that GCL TECH's revenue is expected to grow by 39.4% to RMB 8.69 billion in the second half of 2025, with an improved gross margin of 23.4%. The net loss is expected to narrow to RMB 1.09 billion, in line with expectations. Although the earnings forecasts for 2026 and 2027 have been lowered, and the target price has been adjusted from HKD 1.90 to HKD 1.80, the "outperform" rating has been reaffirmed

GCLSI

"Big Banks" - Societe Generale: GCL TECH's gross margin improved in the second half of last year, reiterating the "Outperform" rating

HSBC Global Research has lowered the target price for GCL TECH to HKD 1.6, maintaining a "Buy" rating. The report points out that GCL TECH has a cost advantage during the industry's downturn cycle, and its competitive advantage is becoming increasingly evident. Despite the decline in polysilicon prices, GCL TECH's total costs are close to breakeven, allowing it to maintain cash profitability. HSBC Research has also lowered its earnings forecasts for 2026 and 2027, to 51% and 27%, respectively

The Big Bank Research downgraded GCL TECH's target price to 1.6 yuan and maintained a "Buy" rating

GCL TECH announced its 2025 annual performance, with revenue of RMB 14.425 billion, a year-on-year decrease of 4.5%; gross profit was RMB 1.336 billion, an improvement from a gross loss of RMB 2.51 billion in the previous year. The loss narrowed from RMB 4.75 billion to RMB 2.868 billion, with a loss per share of 0.0996 yuan, and no final dividend was declared. Adjusted EBITDA was approximately RMB 2.8 billion, significantly turning positive compared to a loss of RMB 1.4 billion in 2024

"GCL TECH" narrowed its annual loss to RMB 2.868 billion, with adjusted EBITDA turning positive

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Reuters

Penghua SSE STAR New Energy ETF

GCLET

GCL NEWENERGY

Fisr Trust Nasdaq Clean Edge Smart Grid Infra

CATL

China Southern CSI SEEE CARBON NEUTRAL ETF

China Southern CSI New Energy ETF

Bosera CSI All Share Electric Utilities ETF

GF CSI All Share Power Public Service ETF

ChinaAMC Green Electricity ETF

E Fund CSI Green Power ETF

Investors bet Iran war will boost Chinese renewables demand

RAYS

600438

The main contract for polysilicon on the Guangqi Exchange hit the limit down, reported at 35,095 yuan/ton, with a current decline of 9%

Wallstreetcn

Invesco Solar ETF

Daqo New Energy

Global X Solar ETF

Tongwei Co.,Ltd

SOXX

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On March 19, the main contract for polysilicon at the Guangzhou Futures Exchange fell below 40,000 yuan/ton, closing at 38,550 yuan/ton, a decrease of 5.77%. This price is seen as the cash cost line for some companies in the polysilicon industry, indicating market pressure on high-cost production capacity. Spot market data shows that the average transaction price for N-type polysilicon feedstock is 43,200 yuan/ton, a month-on-month decline of 4.42%. Since entering March, the price of polysilicon feedstock has cumulatively dropped over 20%

iShares Semiconductor ETF

VanEck Semiconductor ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

SPDR S&P Semicon

The price of polysilicon futures has fallen below 40,000 yuan/ton

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JP Morgan's research report points out that the mainland solar industry has seen a negative turn against internal competition, with the spot price of polysilicon falling from over 50 yuan per kilogram in February to 48 yuan in early March. Due to the unclear definition of production costs in the Price Law, some manufacturers are depleting inventory at low prices under cash flow pressure. In terms of policy, the mainland's National Two Sessions has prioritized fair competition, which may curb overcapacity through capacity control and price enforcement. It is expected that polysilicon prices can stabilize in the medium term at 47 to 50 yuan per kilogram, but prices may further decline in the short term. The firm prefers Daqo Energy and GCL TECH

Daqo Energy

"Big Banks" JP Morgan: The negative turning point in the mainland photovoltaic industry against involution has appeared as expected, and regulatory authorities help stabilize mid-term prices

SOXL

GCL Technology Units Enter Wafer, Silicon Material Supply Deals With Affiliate

Direxion Semicon Bull 3X

GCL Technology Units Enter Wafer, Silicon Material Supply Deals With Affiliate

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JP Morgan's report points out that the space solar energy boom is rising in China's new energy sector, with an expected expansion of related manufacturing by 200 gigawatts. Related stocks have risen by 21% since November 2025. The market size of space solar energy is expected to be three times that of ground solar energy in 2025 by 2030, but its feasibility is in doubt. GCL TECH's rating has been upgraded to "Buy," while GOLDWIND and MYSE's ratings have been downgraded to "Sell."

Goldwind

GOLDWIND

MYSE

"Big Banks" JP Morgan: The space solar energy craze sweeps through China's new energy sector, GCL TECH rating "Overweight"

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GCL Group is reportedly considering issuing US dollar bonds. (Bloomberg)

Yinhua MSCI China A ETF

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HSBC's research report points out that the market in the Year of the Horse will focus on five major themes: solar energy and hydrogen energy, the 14th Five-Year Plan, power grids, and green fuels. Defensive industries still hold value, and nuclear energy is worth attention. The report mentions that specific equipment manufacturers in the solar energy supply chain and hydrogen producers will benefit from new demand. The target price for CIMC ENRIC has been raised to HKD 12.5, maintaining a "Buy" rating, while GCL TECH, HPEC, and CKI HOLDINGS have also been given "Buy" ratings

CIMC ENRIC

CKI HOLDINGS

HPEC

HSBC Research: Stock Selection in the Year of the Horse Focuses on Five Major Themes, Urges Buy on CIMC ENRIC, GCL TECH, CKI HOLDINGS, etc

Chinese energy company GCL is advancing the Knjaževac solar power plant project in eastern Serbia, one of the largest in the country. The Municipal Council has initiated a detailed regulation plan, with public discussions held in early February. Central Europe Energy Company, primarily owned by GCL, has signed a grid connection contract for the plant, which will have a capacity of 136 MW and an estimated investment of EUR 200 million. The plan will cover 267 hectares and is expected to be completed within 12 months, including a strategic environmental assessment.

Blank Green ENERGY NEWS

Chinese GCL takes another step in solar power project in Serbia

JP-GCL @EC2611A(27558.HK)

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Goldman Sachs Upgrades GCL Technology Holdings to Buy From Neutral; Price Target is HK$1.30

Goldman Sachs raises GCL TECH's target price to 1.3 yuan and upgrades its rating to "Buy"

"Big Banks" - Societe Generale: GCL TECH's gross margin improved in the second half of last year, reiterating the "Outperform" rating

The Big Bank Research downgraded GCL TECH's target price to 1.6 yuan and maintained a "Buy" rating

"GCL TECH" narrowed its annual loss to RMB 2.868 billion, with adjusted EBITDA turning positive