Citi maintains a Buy rating on GCL TECH despite lowering its earnings forecasts due to weak polysilicon demand, which has led to lower selling prices and increased impairment losses. The firm believes that polysilicon prices have bottomed out and may rebound if energy consumption regulations tighten in the second half of 2026. GCL TECH is a leading player with the lowest production costs and minimal inventory pressure, making its current price-to-book ratio attractive.
