GCL-Poly Energy Holdings (3800) AI Stock Analysis

• Market Cap: $24.78B
• Dividend Yield: N/A
• Average Volume (3M): 231.40M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.06
• Revenue Growth: -56.32%
• EPS Growth: -272.70%
• Country: HK
• Employees: 9,305
• Sector: Technology
• Sector Strength: 82
• Industry: Solar
• EPS (TTM): -0.13
• Shares Outstanding: 28,480,818,000
• 10 Day Avg. Volume: 208,438,111
• 30 Day Avg. Volume: 231,395,837
• PEG Ratio: -0.39
• Price to Book (P/B): 0.22
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 2.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $1.33
• Price Target Upside: 53.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 51 Neutral
• Price Target: HK$1.00 ▲(14.94%Upside)

The overall stock score is primarily impacted by severe financial performance issues, including declining revenues and negative cash flow. Technical analysis provides a mixed picture, with short-term bullish signals countered by longer-term bearish trends. Valuation concerns due to a negative P/E ratio further weigh on the score.

Positive Factors

Product Quality and Market Demand

GCL Tech has shifted to 100% production of granular silicon, with a high percentage of its products applicable to N-type applications, ensuring strong sales orders amid the increasing penetration rate of N-type solar cells.

Production Efficiency

GCL Technology leads in polysilicon production using the fluidised bed reactor process, which consumes significantly less electricity, enabling lower production costs.

Negative Factors

Market Competition and Disruptions

Fluctuations in polysilicon prices, stiffening competition, technology disruptions, power supply disruptions, and trade friction are potential negative factors affecting earnings.

Share Placement

Share placement of 1.56bn new shares is out of market expectation, sending a pessimistic signal on the sector outlook to investors.

GCL-Poly Energy Holdings Business Overview & Revenue Model

Company Description

GCL-Poly Energy Holdings Limited (3800.HK) is a leading energy company listed on the Hong Kong Stock Exchange. The company is a major player in the renewable energy sector, primarily focusing on the production and supply of polysilicon and silicon wafers, which are critical raw materials for solar power products. Additionally, GCL-Poly is involved in the development and operation of solar farms, making significant contributions to clean energy generation and sustainability.

How the Company Makes Money

GCL-Poly Energy Holdings generates revenue through several key streams. The primary source of income is the manufacturing and sale of polysilicon and silicon wafers to solar product manufacturers. These materials are essential components in the production of photovoltaic cells, which are used in solar panels. The company benefits from economies of scale and technological expertise, allowing it to maintain competitive pricing. In addition to its manufacturing operations, GCL-Poly also earns revenue from its solar energy projects. By developing and operating solar farms, the company sells generated electricity to grid operators and other energy stakeholders, providing a steady stream of income. Moreover, strategic partnerships and joint ventures in the renewable energy space further bolster its financial performance by expanding its market reach and operational capabilities.

GCL-Poly Energy Holdings Financial Statement Overview

Summary

The company is experiencing severe financial distress. The income statement shows declining revenue and negative margins, indicating significant operational challenges. The balance sheet highlights issues with profitability and a low equity ratio, while cash flow problems are exacerbated by negative free cash flow and zero growth.

Income Statement

The company's income statement indicates significant challenges, with a noticeable decline in revenue from 2023 to 2024. Gross profit margins have turned negative, and net income has decreased substantially. EBIT and EBITDA margins have also turned negative, indicating operational difficulties. The revenue growth rate shows a steep decline, reflecting poor market conditions or strategic issues.

Balance Sheet

The balance sheet reveals a moderate level of financial stability. The debt-to-equity ratio has improved from previous years, suggesting better leverage management. However, the equity ratio remains relatively low, indicating potential risk. Return on equity has significantly declined due to the negative net income, raising concerns about profitability.

Cash Flow

Cash flow analysis highlights significant concerns. The operating cash flow has decreased, and free cash flow remains negative. The lack of free cash flow growth is alarming, and the cash flow to net income ratios are uncalculable due to zero values in 2024, highlighting cash management issues.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
15.10B	33.70B	35.93B	19.70B	14.62B
	Gross Profit
-2.51B	11.69B	17.50B	7.35B	3.70B
	EBIT
-5.90B	7.27B	19.10B	7.43B	2.44B
	EBITDA
-2.73B	8.07B	20.74B	8.46B	6.13B
	Net Income Common Stockholders
-4.75B	2.51B	16.03B	5.08B	-6.27B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
7.00B	8.52B	6.89B	7.13B	2.51B
	Total Assets
74.87B	82.77B	85.56B	64.10B	80.50B
	Total Debt
19.10B	15.50B	13.45B	12.60B	42.40B
	Net Debt
13.92B	8.68B	6.81B	5.90B	40.69B
	Total Liabilities
32.58B	34.45B	40.01B	31.80B	60.11B
	Stockholders Equity
37.18B	42.59B	42.68B	29.03B	16.59B
Cash Flow		Free Cash Flow
-7.53B	-16.07B	-8.06B	-4.10B	-568.91M
	Operating Cash Flow
-3.30B	-3.85B	7.87B	1.88B	1.59B
	Investing Cash Flow
-6.04B	-10.91B	-16.55B	742.87M	2.74B
	Financing Cash Flow
7.69B	14.96B	8.40B	2.42B	-4.16B

GCL-Poly Energy Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.87
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3800, the sentiment is Neutral. The current price of 0.87 is above the 20-day moving average (MA) of 0.85, above the 50-day MA of 0.83, and below the 200-day MA of 1.13, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.06 is Neutral, neither overbought nor oversold. The STOCH value of 47.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:3800.

GCL-Poly Energy Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$11.95B	9.93	-7.21%	4.85%	7.32%	-8.25%
0968	59 Neutral	$22.24B	21.74	3.28%	16.33%	-17.68%	-76.04%
3800	51 Neutral	$24.78B	―	-11.91%	―	-56.32%	-272.70%
0750	45 Neutral	$655.48M	―	-1.29%	―	0.82%	-154.84%
1799	41 Neutral	HK$6.78B	―	-11.29%	―	-32.63%	-185.82%
0757	40 Underperform	$235.99M	―	-21.37%	―	-49.43%	-295.51%
0438	32 Underperform	HK$379.09M	―	-22.96%	―	2.57%	-58.71%

GCL-Poly Energy Holdings Corporate Events

GCL Technology Holdings Successfully Passes All AGM Resolutions

GCL Technology Holdings Limited announced the successful passing of all resolutions at its Annual General Meeting held on May 30, 2025. The resolutions included the re-election of several directors, the approval of financial statements, and the authorization for the board to manage share allotments and buybacks. This outcome reflects strong shareholder support and positions the company to continue its strategic initiatives with a stable leadership team.

The most recent analyst rating on (HK:3800) stock is a Hold with a HK$1.20 price target. To see the full list of analyst forecasts on GCL-Poly Energy Holdings stock, see the HK:3800 Stock Forecast page.

GCL Technology Holdings Announces 2025 Annual General Meeting Agenda

GCL Technology Holdings Limited has announced its upcoming annual general meeting scheduled for May 30, 2025, in Suzhou, China. The meeting will address several key business items, including the consideration of the company’s audited financial statements for 2024, re-election of directors, and authorization of director remuneration. Additionally, the meeting will consider resolutions to authorize the board to issue additional shares, with specific conditions and limitations outlined.

GCL Technology Enhances Share Award Scheme with New Purchase

GCL Technology Holdings Limited announced a voluntary share purchase under its share award scheme, acquiring 30 million shares to benefit eligible persons. This move, representing approximately 0.11% of the total shares in issue, reflects the company’s commitment to rewarding its stakeholders and could potentially enhance its market positioning by aligning the interests of its employees with those of the shareholders.

GCL Technology Reports Strong Q1 2025 Performance in Solar Materials

GCL Technology Holdings Limited announced its unaudited financial results for the solar material business segment for the first quarter of 2025, reporting an EBITDA of approximately RMB0.505 billion. The company maintained industry-leading production costs and selling prices for granular silicon, while adhering to industry regulations to stabilize market prices, contributing to a healthy industrial ecosystem.

GCL Technology Holdings Reports Significant Financial Losses for 2024

GCL Technology Holdings Limited reported a significant downturn in its financial performance for the year ending December 31, 2024. The company experienced a 55.2% decrease in revenue compared to 2023, resulting in a gross loss of RMB 2,510.1 million. The net loss attributable to the company’s owners was RMB 4,750.4 million, a stark contrast to the previous year’s profit. This decline is attributed to increased costs, reduced sales, and significant impairment losses. The results indicate a challenging year for GCL Tech, potentially impacting its market position and stakeholder confidence.

GCL Technology Issues Profit Warning and Announces Cost-Cutting Measures

GCL Technology Holdings Limited has issued a profit warning for the year ending December 31, 2024, expecting a loss of approximately RMB4.8 billion, compared to a profit of RMB2.5 billion in 2023. This downturn is attributed to a decrease in the average selling price of its products, disposal losses, and equipment impairments. Despite these challenges, the company reports progress in its solar material business segment, with improved cost control and reduced losses. Additionally, the board has approved a voluntary reduction in executive directors’ remuneration to mitigate expenses, reflecting their commitment to navigating the current challenging business environment.