GCL Tech: Pivot to Multi-Product New Energy Materials - LFP as Growth Engine

研报英文原文证据摘录

GCL Tech: Pivot to Multi-Product New Energy Materials - LFP as Growth Engine

J P M O R G A N Asia Pacific Equity Research

31 July 2026

GCL Tech Overweight

3800.HK, 3800 HK

Pivot to Multi-Product New Energy Materials - LFP as Price (30 Jul 26):HK$0.62

Growth Engine Price Target (Jun-27):HK$1.10

GCL Tech announced in mid-May 2026 a shift from being a granular silicon pure APAC Utilities & Renewables |

play to a global, multi-product new energy materials platform, with LFP cathodes Sustainable Investing

(via its lower-capex, more environmentally friendly physical iron oxide red Alan Hon AC

method) as the next growth engine and silicon–carbon anodes as a second growth (852) 2800-8573

curve, alongside plans to expand overseas through capital partnerships and new alan.hon@jpmorgan.com

operating entities. Management emphasized process-driven cost advantages (unit Daqi Jiao

capex ~Rmb8.5k/ton with potential to reach ~Rmb7k/ton) and a focus on higher (852) 2800-8595

energy-density 4th/4.5th-gen moving toward 5th-gen products (already in daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

customer testing), arguing high-end supply is tighter and offers better earnings Morgan Broking (Hong Kong) Limited

visibility than oversupplied low-end LFP. Capacity is scaling through an

administered 150k tpa (ton p.a.) facility (potentially injectable into the listed

entity) and a Sichuan 200k tpa project nearing operation, with a further 400k tpa

expansion possible. GCL Tech also remains constructive on silicon–carbon anodes

given their energy-density uplift versus graphite, and is expanding a pilot line (>1k

tpa). We maintain our OW rating on cost leadership and potential market share

gains.

Event Summary: Strategic transformation into GCL Tech announced in mid-May