GCL Technology (03800) rose more than 4%. As of press release, it had risen 4.35% to HK$1.44, with a turnover of HK$90.235,500.
The Zhitong Finance App learned that GCL Technology (03800) rose by more than 4%. As of press release, it had risen 4.35% to HK$1.44, with a turnover of HK$90.235,500.
According to the news, GCL Technology announced that it will carry out a share repurchase cancellation or dividend payment plan for the three-year period 2024-2026, including: the company will carry out share repurchase cancellation with a total cost of not less than 680 million yuan during the 2024 fiscal year; during the share repurchase cancellation or dividend payment period, the total amount of share repurchase cancellation and/or dividend payments of no more than 60% of the total net profit for the three fiscal years 2023-2025; and the total amount of share repurchases and cancellations and/or dividend payments carried out will be no less than RMB 2.5 billion.
According to the BOC International Development Research Report, GCL Technology achieved net profit of 2.51 billion yuan last year, slightly higher than the median performance forecast of 2.45 billion yuan. The bank believes that the cost of the company's granular silicon is the lowest in the industry. Since last year, electricity prices in the country's main polysilicon production areas have risen markedly, and the cost advantage of granular silicon with lower electricity consumption has expanded. As quality improves, sales discounts on granular silicon compared to N-type rod-shaped silicon are also expected to narrow. At the same time, businesses such as perovskite are expected to become a new growth point. The company announced the 2024-26 repurchase/dividend plan, which is beneficial to the valuation increase.