Zheng Quan Shi Bao Wang·2025-07-13 11:33Group 1: Industry Outlook - The analyst from Goldman Sachs expresses a pessimistic view on the photovoltaic glass industry, predicting a 40% year-on-year decline in global photovoltaic module demand from June to December 2025, averaging 34 GW per month [2] - The industry needs to reduce production by 30% to achieve monthly supply-demand balance, given the ongoing inventory pressure and the need for significant production cuts [2] - The average furnace age in the industry is decreasing, making it more challenging to execute a new round of production cuts compared to the previous year [2] Group 2: Company Performance - Company Fuyat is the second-largest photovoltaic glass manufacturer globally, with a production volume of 1.287 billion square meters and a capacity utilization rate of 91.47% as of the end of 2024 [3] - In 2024, the company experienced a 63.52% year-on-year decline in net profit, marking its worst performance since going public, with a further 86.03% decline in profit in Q1 of this year [3] - Despite pressures, the company has not announced plans to halt production capacity but has been adjusting operations by repairing older furnaces since the second half of last year [3][4] Group 3: Future Capacity and Investments - The company has significant new capacity in the pipeline, with a total production capacity of 19,400 tons per day as of the end of last year [4] - Ongoing projects in Anhui and Nantong are set to commence operations based on market conditions, and the company plans to invest in photovoltaic glass furnaces in Indonesia to meet regional demand [4] - The total investment for the under-construction production lines is 9.668 billion yuan, with a designed capacity of 4 million tons per year, expected to be operational between 2025 and 2027 [4]