Northeast Securities has initiated coverage on GCL TECH (03800), assigning a "Buy" rating. The company recently disclosed updates on its photovoltaic materials segment, reporting an unaudited profit of approximately RMB 960 million (including a post-tax gain of RMB 640 million from the sale of an associate) for Q3, marking a turnaround from losses. The unaudited adjusted EBITDA for the photovoltaic materials business in Q3 stood at RMB 1.41 billion, also reflecting a recovery to profitability, broadly in line with market expectations. The report highlights that GCL TECH is poised to accelerate its earnings inflection amid an anti-involution backdrop, with a target price set at HK$1.5.