光伏玻璃库存高企，供应仍需向下调节

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The photovoltaic glass industry is currently facing high inventory levels, with strong price - pressing intentions from downstream players and continuous supply - demand games. In the short term, if demand recovery falls short of expectations, there is a possibility of further price drops [3][6]. Summary by Relevant Catalogs 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the supply side of domestic photovoltaic glass remained stable with no production line changes. Due to industry losses, some manufacturers have postponed new capacity expansion. The current in - production capacity is 89,200 tons per day, and the capacity utilization rate is 66.22% [6][11]. - Demand: Downstream component enterprises have high inventory pressure, so the raw material end only maintains rigid - demand replenishment with cautious purchasing sentiment. Although recent transactions have slightly improved, the recovery of component production schedules is slow, and terminal orders are insufficient, resulting in lackluster short - term demand for photovoltaic glass [6][18]. - Inventory: Last week, photovoltaic glass manufacturers continued to accumulate inventory with a large increase, and the current inventory level has reached a new high. The market needs supply adjustment, and high inventory pressure may force some enterprises with excessive inventory to carry out cold repairs [6][22]. - Cost - profit: The overall loss of the photovoltaic glass industry is relatively deep, with a gross profit margin of about - 17.18% [2][6][24]. 2. Overview of Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of March 20, the mainstream price of domestic 2.0mm coated photovoltaic glass (panel) was 10 yuan per square meter, unchanged from last week. The mainstream price of 3.2mm coated glass was 16 yuan per square meter, also unchanged from last week [7]. 2.2 Supply Side - The supply side remained stable last week with no production line changes. Some manufacturers postponed new capacity due to losses. The in - production capacity is 89,200 tons per day, and the capacity utilization rate is 66.22% [11]. - There were several production line cold - repairs and ignitions in 2026, such as the cold - repairs of production lines of Tangshan Jinxin Solar Glass Co., Ltd. in January and March, and the ignitions of production lines of Anhui Follett Photovoltaic Glass Co., Ltd. and Wright (Nantong) Photovoltaic Glass Co., Ltd. in February and March respectively [19]. 2.3 Demand Side - Due to high inventory pressure of downstream component enterprises, raw material procurement is only for rigid demand with cautious sentiment. The short - term demand for photovoltaic glass is lackluster [18]. 2.4 Inventory Side - Photovoltaic glass manufacturers continued to accumulate inventory last week, and the high inventory level may force some enterprises to carry out cold repairs [22]. 2.5 Cost - profit Side - The overall loss of the photovoltaic glass industry is deep, with a gross profit margin of about - 17.18% [24]. 2.6 Trade Side - In 2025, China's photovoltaic glass export volume increased by 28.4% compared with 2024, and the export side remains prosperous with strong overseas installation demand [28].