Ge Long Hui·2025-07-29 10:48Core Viewpoint - The report from CICC indicates that Fulete has significant advantages in capacity, cost, and profit, highlighting its alpha attributes. The industry is at the bottom of the cycle, and a new round of photovoltaic glass cycle is expected to begin in 2025, with the sector's ROE level outperforming the photovoltaic industry as a whole [1] Industry Summary - 2025 is anticipated to mark the beginning of a new cycle, following a period of demand growth, capacity increase, and rising prices and profits. Currently, there is a decline in demand, leading to a second round of capacity clearance under profit pressure, signaling the end of the current cycle [1] - After this cycle, it is expected that leading companies will return to reasonable profit levels, achieving a net profit of approximately 1-1.5 yuan per square meter, while second-tier companies may transition from cash cost losses to breakeven [1] Company Summary - The photovoltaic glass sector is projected to maintain an ROE of 4.58% in 2024, outperforming other segments of the photovoltaic industry. The glass sector is considered to have strong risk resistance and long-term investment value [1] - The company is given an "outperforming industry" rating, with a target price of 18.51 yuan for A-shares [1]