智通财经网·2025-10-28 02:45Core Viewpoint - The photovoltaic glass industry exhibits a steep cost curve, with leading companies demonstrating significant cost advantages over mid-tier firms. The gross margin difference between top-tier and mid-tier companies is estimated to be between 10% and 20% in 2024, indicating a higher cost disparity compared to the downstream photovoltaic module sector [1]. Group 1: Cost Structure Analysis - The cost structure of photovoltaic glass is influenced by several factors, including furnace size, technology, raw material costs, transportation costs, management and R&D expenses, and financial costs [1]. - Large furnaces optimize product output by reducing fuel consumption and increasing yield, leading to higher production efficiency and lower waste [1]. - Leading companies benefit from self-sourcing low-iron quartz sand and soda ash, as well as large-scale procurement, which contributes to their cost advantages [1]. Group 2: Current Market Dynamics - The advantage of furnace size among leading companies has diminished due to rapid technology diffusion and a recent trend of smaller furnaces being ignited, which has reduced the scale gap [2]. - The current average cost difference between leading and mid-tier companies is approximately 3.6 yuan per square meter, with a potential cost advantage of 2.4 yuan per square meter when excluding additional costs from capacity cold repairs [2]. - Future improvements in cost structures are anticipated as companies optimize personnel and equipment, potentially leading to a renewed expansion of cost advantages for leading firms [2].