成本端抬升明显，光伏玻璃行业亏损加深

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints - The cost of the photovoltaic glass industry has increased significantly, leading to a deeper loss, with the current industry gross profit margin at approximately -20.74%. The competition among large manufacturers is intensifying, and the subsequent backward production capacity in the industry will be accelerated for clearance, and the price of photovoltaic glass faces a downward risk [1][2][5]. Summary by Directory 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the supply of domestic photovoltaic glass increased, with a large production line of 1,600 tons per day ignited. The current in - production capacity is 89,360 tons per day, and the capacity utilization rate is 66.33%. Large photovoltaic glass manufacturers will continue to put into operation large - scale kilns, indicating intensified market competition [5][10]. - Demand: In March, although the demand for photovoltaic glass has increased compared to February, downstream enterprises are mainly digesting pre - festival inventory, and the pre - export rush is almost over in March, resulting in a slow release of market orders [5][17]. - Inventory: As the supply - demand gap in the industry further widens, photovoltaic glass manufacturers continue to accumulate inventory. The market needs to adjust the supply downward, and the high inventory pressure may force some enterprises with excessive inventory to carry out cold repairs [5][20]. - Cost and Profit: Last week, the cost of photovoltaic glass increased significantly, and the loss deepened. The current industry gross profit margin is about -20.74% [5][22]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of March 13, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass is 10 yuan per square meter, remaining flat compared to last week; the mainstream price of 3.2mm coated glass is 16 yuan per square meter, also remaining flat compared to last week [6]. 2.2 Supply - side - Last week, the supply of domestic photovoltaic glass increased, with a 1,600 - ton - per - day large production line ignited. The current in - production capacity is 89,360 tons per day, and the capacity utilization rate is 66.33%. Large manufacturers will continue to put into operation large - scale kilns, intensifying market competition [10]. 2.3 Demand - side - In March, although the demand for photovoltaic glass has increased compared to February, downstream enterprises are mainly digesting pre - festival inventory, and the pre - export rush is almost over in March, resulting in a slow release of market orders [17]. 2.4 Inventory - side - As the supply - demand gap in the industry further widens, photovoltaic glass manufacturers continue to accumulate inventory. The market needs to adjust the supply downward, and the high inventory pressure may force some enterprises with excessive inventory to carry out cold repairs [20]. 2.5 Cost - profit side - Last week, the cost of photovoltaic glass increased significantly, and the loss deepened. The current industry gross profit margin is about -20.74% [22]. 2.6 Trade - side - In 2025, China's photovoltaic glass export volume increased by 28.4% compared to 2024. Currently, the export of photovoltaic glass remains prosperous, and the overseas installation demand is relatively strong [27].