Investment Rating - The industry investment rating is "Positive" [14] Core Viewpoints - Since the end of September 2024, the price of float glass has reversed the downward trend observed earlier in the year, with a notable price increase of 5.71 CNY/ton on September 29, 2024, compared to September 27, 2024 [2] - The float glass price has seen a cumulative decline of 43.97% from February 29, 2024, when it was 2037.14 CNY/ton, to 1141.43 CNY/ton on September 27, 2024 [2] - The decline in float glass prices has been attributed to a significant drop in demand from the real estate sector, with a 24.4% year-on-year decrease in cumulative completed real estate area from January to September 2024 [3] - The report anticipates that the float glass industry will experience a new balance following supply-side optimization and policy support, with companies that possess quality assets and strong risk resilience expected to gain market share during this downturn [3] Summary by Sections Industry Overview - The float glass industry has 75 listed companies, with a total market capitalization of 747 billion CNY and a circulating market capitalization of 576.54 billion CNY [1] - The average price-to-earnings ratio for the industry is 40.86 [1] Price Trends - The float glass price has shown a significant recovery in recent weeks, with various regions following the lead of North China in raising prices [2] - The float glass production capacity utilization rate has decreased from a high of 85.48% earlier in 2024 to 78.24% by October 18, 2024, indicating a reduction in supply [2] Demand and Supply Dynamics - The report highlights that the demand for float glass is closely tied to the real estate market, which is currently experiencing a downturn [3] - The report suggests that ongoing policy measures aimed at stabilizing the real estate market will be crucial for the recovery of the float glass industry [3]
建筑建材：如何看待浮法玻璃价格的变化？
Dongxing Securities·2024-10-25 05:33