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<Research>JPM Holds Constructive View on 'Anti-Involution' in PV Industry, Keeps Overweight on GCL TECH
Recommend 17 Positive 54 Negative 4 |
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Despite the recent launch of the polysilicon capacity acquisition platform, the CSI Photovoltaic Industry Index has cumulatively fallen by about 2.4% over the past two trading days, which may be caused by capital outflows as a result of "selling on news" and industry consolidation failing to reach the expected level, according to JPMorgan's research report. JPMorgan attributed the 11% drop in GCL TECH (03800.HK)'s stock price over the past two trading days to short-term pressure from capacity quota equalization. However, GCL TECH, as a cost leader, is believed to be able to enhance the broker's forecast for the return on equity benchmark and market share for FY27 by purchasing capacity quotas from smaller enterprises. Remaining constructive on the "anti-involution" campaign in the solar industry, JPMorgan kept an Overweight rating on DAQO New Energy (DQ.US) and GCL TECH, with target prices of USD38 and HKD1.7, respectively. AAStocks Financial News |
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