Glass supporting ship height of the hottest photov

Photovoltaic industry: glass supporting ship height

during the year, photovoltaic production-oriented company 1 fell to a loss of 290million in 2015. After years of development, the profitability of Yuansi was generally suppressed by prices, and it was difficult to achieve a high performance growth rate. Auxiliary materials and equipment enterprises with both scale growth and import substitution space were the main focus of photovoltaic investment during the year. The gross profit rate of photovoltaic glass is higher than that of photovoltaic product manufacturing industry chain, and also higher than that of ordinary glass. Therefore, we believe that the photovoltaic glass business of relevant enterprises is expected to maintain a high growth rate and gross profit rate level in two years, while at the photovoltaic parity after three to five years, we can obtain a high growth rate and relatively stable gross profit rate

ultra white calendered glass is applied to component packaging, with an average annual growth of about 30%. The function of ultra white calendered glass is packaging, which can be used in crystalline silicon and thin film batteries. At present, the light transmittance of packaged glass is about 92%, which can be increased to 94~95% by coating antireflection, and the efficiency of components can be increased by about 0.5% after application. Therefore, we believe that the development of packaged glass will be inclined to antireflection

the demand of the photovoltaic industry is affected by the policy in the short term and has certain fluctuations, but in the long run, the average annual growth rate of 30% can be guaranteed; When the parity is corrected, it needs to use the level bar, and the demand explosion can be expected. Therefore, we are optimistic about the packaging glass market for a long time

ultra white float glass has high barriers. Look at architecture in the short term and film in the long term. Ultra white float glass is the original piece of TCO conductive glass, with high process barriers. Only a few domestic enterprises can produce it

since the global market for thin-film batteries is only about 3gw, and it is at a disadvantage in the current competition in crystalline silicon, the potential for the rise in demand for ultra white float glass in the short term is still in the construction field. At present, the application scale of construction and thin-film batteries has not been expanded significantly, but the application potential is huge, and we are optimistic about the market scale in the later stage

supply and demand forecast: worry free in the year and fierce competition in the later stage. In 2010, China's domestic demand for packaged glass was 100million square meters, and the supply and demand were in balance. There are many domestic enterprises that can produce solar calendered glass. According to our incomplete statistics, the formed production capacity is more than 200million square meters/year, and most large companies have large-scale production expansion plans. We believe that the price level of packaged glass will be maintained around 50-60 yuan/square meter this year, and the gross profit rate will be about 30%. However, there may be a decline in price in 2012, resulting in a decrease in the gross profit rate

investment suggestions: gross profit rate in the short term and scale in the medium and long term. During the year, we are still optimistic about the price and profitability of ultra white calendered glass. In the long run, due to low technological barriers and rapid expansion of production, there will be a sharp increase in supply in the next few years, and the profitability will be compressed; On the other hand, the price of photovoltaic modules tends to decline for a long time, and the maximum gross profit test frequency of 5 Hz of cover glass and other supporting products will also be reduced. We are optimistic about the performance growth of photovoltaic glass business for a long time. The later development will depend on the high growth rate of photovoltaic industry, and the decline of gross profit rate will be offset by the expansion of scale. It is suggested to pay attention to the photovoltaic glass leader CSG a [15.94 -0.25% stock bar] (000012), the ultra white float glass core technology enterprise Jinjing technology [15.30 1.12% stock bar] (600586), and Topri Xinneng [14.02 -0.71% stock bar] (002218), which has the advantages of energy, materials and transportation