BOCOM INTL: GCL TECH (03800) valuation attractive, rating upgraded to "buy"

BOCOM INTL released a research report stating that the low-carbon advantage of GCL TECH's granular silicon has not yet been reflected in the selling price, but with the release of the "Low-carbon Evaluation Requirements for Export Products of Photovoltaic Modules (Draft for Solicitation of Comments)" and the implementation of the EU carbon tariffs in 2026, it is expected that the discount of granular silicon compared to rod silicon will gradually turn into a premium, and the profit advantage will significantly expand. The bank believes that after the recent stock price correction, the stock valuation is attractive, and it will raise the rating to "buy".