Jingu Finance News | Yongxing Securities issued a research report stating that GCL Tech (03800) announced that in May 2024, its wholly-owned subsidiary, GCL Suzhou, and MDCPOWER, a wholly-owned subsidiary of Mubadala (a sovereign fund of the United Arab Emirates), reached a cooperation agreement to explore the cooperation in developing the first multi-crystalline silicon production facility in UAE. According to the cooperation agreement, the company will continue discussions with Mubadala on the cooperation project and sign an investment agreement with legal effect. The bank believes that UAE is actively transforming into clean energy, and GCL's cooperation with the sovereign fund of the UAE will also promote the development of the local photovoltaic industry chain in UAE from the material side.
The bank predicts that the company's revenue in 2024-2026 will be 27.817 billion yuan, 34.685 billion yuan, and 42.336 billion yuan, respectively, with a year-on-year change of -17%, +25%, and +22%. The net profit attributable to the parent is 2.663 billion yuan, 3.793 billion yuan, and 4.935 billion yuan, respectively, with a year-on-year change of +6%, +42%, and +30%. The current stock price corresponds to PEs of 15, 10, and 8 times. Maintained a "buy" rating.