1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply of photovoltaic glass is expected to remain stable this week, but demand continues to shrink, component production is expected to decline significantly compared to May, and glass consumption may decrease significantly. With the industry's supply - demand gap further widening, the price in the new month is expected to be adjusted downward based on the settlement price in May [1][2][7]. 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [7][12]. - Demand: Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [7][23]. - Inventory: Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [7][30]. - Price: As the supply - demand gap widens, the price in the new month is expected to be adjusted based on the May settlement price [7]. 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of May 30, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 12.5 yuan/square meter, down from last week; the mainstream price of 3.2mm coated glass was 21.5 yuan/square meter, unchanged from last week [8]. 3.2.2 Supply - side - One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [12]. 3.2.3 Demand - side - Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [23]. 3.2.4 Inventory - side - Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [30]. 3.2.5 Cost - profit side - Recently, the gross profit margin of the photovoltaic glass industry has continued to decline and is currently around - 1.35% [32]. 3.2.6 Trade - side - From January to April 2025, China's photovoltaic glass export volume increased by 10.1% compared to the same period in 2024 [39].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [8]. Core Insights - The company has turned its performance around in Q1 2025, achieving profitability after a loss in previous periods. The Q1 2025 net profit reached 106 million yuan, a significant improvement of 136.72% quarter-on-quarter [5]. - The company faced challenges in 2024, with a revenue decline of 13.20% year-on-year, primarily due to industry supply-demand imbalances and falling prices in the photovoltaic glass market [5]. - The company is increasing its R&D investment, which reached 605 million yuan in 2024, representing 3.24% of revenue, up by 0.47 percentage points year-on-year. This investment aims to enhance product competitiveness and manufacturing efficiency [5]. - The company has a strong market position, with a production capacity of 19,400 tons per day and a market share exceeding 50% in the photovoltaic glass industry [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 18.683 billion yuan and a net profit of 1.007 billion yuan, reflecting a year-on-year decline of 63.52% [5][7]. - For Q1 2025, the company achieved revenue of 4.079 billion yuan, down 28.76% year-on-year but up 0.01% quarter-on-quarter [5]. R&D and Innovation - The company is focusing on R&D to optimize product formulations and production technologies, with a goal of producing lighter and more efficient photovoltaic glass [5]. Market Position and Cash Flow - The company reported a stable operating cash flow of 5.913 billion yuan in 2024, a year-on-year increase of 200.59%, and has maintained positive cash flow for seven consecutive quarters [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, but showed signs of margin recovery due to improved glass prices and cost control measures [1] Financial Performance - Q1 2025 revenue was 4.079 billion yuan, a year-on-year decrease of 29% and flat compared to the previous quarter [1] - Net profit attributable to shareholders was 106 million yuan, down 86% year-on-year but up 137% quarter-on-quarter [1] - Gross margin for Q1 was 11.72%, an increase of 8.84 percentage points from the previous quarter [1] Demand and Supply Outlook - Domestic demand is expected to recover as the rush for distributed installations slows down, with high component production in May but potential reductions in June [1] - The company maintains a leading position in the photovoltaic glass industry despite some capacity increases from smaller competitors [1] - The company anticipates further profit improvements in Q2 due to lower natural gas prices during the off-season [1] Strategic Initiatives - The company aims to expand its scale in photovoltaic glass production, enhance manufacturing processes, and optimize furnace technology to reduce energy consumption and improve product yield [1] - Internal management will be strengthened to enhance per capita efficiency, laying a solid foundation for future growth [1] Valuation - The projected net profit for 2025 is 1.4 billion yuan, corresponding to a PE ratio of 26 times for A-shares and 14 times for Hong Kong shares [2]

Core Viewpoint - The company held a performance briefing on May 21, 2025, to discuss its Q1 2025 financial results and engage with investors [1][2]. Group 1: Financial Performance - As of March 31, 2025, the company's comprehensive gross margin decreased from 21.46% to 11.72% compared to the same period last year [2]. - The net profit for the period was 106 million, marking a turnaround from previous losses [2]. Group 2: Future Growth Drivers - The company believes that the photovoltaic (PV) industry will continue to benefit from the global energy transition and will focus on the development of the photovoltaic glass sector [2]. - The company maintains a positive outlook on the future development of the photovoltaic industry, viewing it as a pillar of global energy transition [2]. Group 3: Industry Context - Investors were encouraged to refer to periodic reports released by other listed companies in the photovoltaic industry for a broader understanding of industry performance [2].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.079 billion CNY in Q1 2025, a year-on-year decrease of 29% and a quarter-on-quarter stability; the net profit attributable to shareholders was 106 million CNY, down 86% year-on-year but up 137% quarter-on-quarter [2][4]. - The gross margin for Q1 was 11.72%, which improved by 8.84 percentage points quarter-on-quarter, primarily due to a rise in glass prices influenced by domestic demand and enhanced cost control measures [7]. - The company is expected to maintain its leading position in the photovoltaic glass industry, with a projected net profit of 1.4 billion CNY for 2025, corresponding to a PE ratio of 26 times for A-shares and 14 times for Hong Kong shares [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.079 billion CNY, reflecting a 29% decline year-on-year and stable performance compared to the previous quarter; the net profit attributable to shareholders was 106 million CNY, marking an 86% decrease year-on-year but a 137% increase quarter-on-quarter [2][4]. Market Dynamics - The company’s gross margin improved due to a combination of rising glass prices from domestic demand and effective cost management strategies [7]. - The demand side is expected to see a revival as domestic installations slow down, with high production levels in May but potential reductions in June [7]. Competitive Position - The company maintains a significant cost advantage over smaller competitors, which is expected to enhance profitability as natural gas prices decrease in the off-season [7]. - The company aims to expand its scale in photovoltaic glass production and improve manufacturing processes to solidify its leading position in the industry [7].

周度报告——光伏玻璃 行业库存重回高位，光伏玻璃价格承压运行 [T报ab告le_日R期an：k] 2025 年 5 月 19 日 ★光伏玻璃基本面周度表现（截至 2025/5/16 当周）： 截至 5 月 16 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 13.5 元/平米，环比上周持平；3.2mm 镀膜主流价格为 21.5 元/平米，亦环比上周持平。 上周有一条光伏玻璃产线引头子出玻璃，实际产出上行。预计本 周仍有多条产线引头子出玻璃，行业实际供给仍在增加。目前暂 无新产线点火投产，基于未来需求端的降温趋势，预计行业短期 无新产线计划投产。 能 源 化 上周终端需求缩减较为明显，组件厂家排产持续下调，进而减少 对光伏玻璃的采购订单。预计本周这一情况将延续，组件厂排产 或继续下行，光伏玻璃需求维持弱势运行。 工 由于上周光伏玻璃需求端呈缩量态势而供给端继续上行，多数光 伏玻璃厂家库存继续上涨，目前行业库存已经重回高位。 ★ 供需分析： 随着行业供需差进一步扩大，光伏玻璃价格弱势运行。 ★ 风险提示： 组件厂家上调开工率。 | | | | 曹璐 | 资深分析师(化工) | | --- | --- | ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved a turnaround in Q1 2025, with a net profit of 1.1 billion yuan, reflecting a 136.7% increase quarter-on-quarter, despite a year-on-year decline of 86.0% [5][6]. - The company remains a leader in the photovoltaic glass industry, with a total production capacity of 19,400 t/d and a market share exceeding 50% when combined with its main competitor [6][7]. - The company is expected to face short-term pressure on downstream demand and product prices following a surge in installations, but it is projected to maintain its industry-leading position due to its scale, resources, and technology [7]. Financial Performance - For Q1 2025, the company reported revenues of 40.8 billion yuan, a year-on-year decrease of 28.8% but stable quarter-on-quarter [5]. - In 2024, the company is expected to generate revenues of 186.8 billion yuan, down 13.2% year-on-year, with a net profit of 10.1 billion yuan, reflecting a 63.5% decline [6][9]. - The company's gross margin for 2024 is projected to be 15.5%, down 6.3 percentage points year-on-year, primarily due to declining market prices for photovoltaic glass [6]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.44 yuan, 0.89 yuan, and 1.08 yuan, respectively [7][9]. - The price-to-earnings (P/E) ratios for the same years are estimated at 35.6, 17.4, and 14.4, respectively [7][9].

周度报告——光伏玻璃 5 月份新月价格较 4 月有一定幅度下滑，行业低价产品较前期有 所增多。随着后续供需差进一步扩大，光伏玻璃价格仍存在下行 风险。 供增需减背景下，光伏玻璃价格走弱 [T报ab告le_日R期an：k] 2025 年 5 月 12 日 ★光伏玻璃基本面周度表现（截至 2025/5/9 当周）： 截至 5 月 9 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格为 13.5 元/平米，环比上周下跌；3.2mm 镀膜主流价格为 21.5 元/ 平米，亦环比上周下跌。 五一假期期间有一条产线保窑，暂不出产品。预计本周有 1-2 条 前期新投产线将引头子出玻璃，行业产量呈上行趋势。目前来看， 短期内暂无企业存在新投产计划。 能 源 五一假期后组件端表现偏弱，随着光伏抢装需求快速退潮，5 月 组件排产计划迎来下调，行业进入深度调整期，对于光伏玻璃消 费相应减少。 化 工 进入 5 月份，随着光伏玻璃供给量回升至高位，而需求较 4 月整 体有所下滑，供需差进一步加大，行业库存开始呈上行趋势。预 计本周行业需求难有好转，且不排除组件端持续减产的可能，光 伏玻璃厂家走货压力或进一步加大。 ★ 供需分析： ...

Group 1: Business Operations and Collaborations - The company is a qualified supplier of solar tiles and energy-related products to Tesla, with ongoing normal cooperation [2] - The company is currently developing multifunctional lightweight automotive glass products, which are still in the R&D phase and not yet applied in vehicles [2][3] Group 2: Financial Performance - In 2024, the company reported a net loss of CNY 126.77 million, primarily due to supply-demand imbalances and price declines in the photovoltaic industry [4] - The company made provisions for credit and asset impairments totaling CNY 59.92 million [4] - In Q1 2025, the company achieved profitability, driven by significant growth in downstream demand influenced by new energy pricing policies [4] Group 3: Stock Performance and Market Strategy - The company is aware of its stock price performance and has previously completed a share buyback in May 2023, with future measures under evaluation based on operational and market conditions [5] - The stock price is influenced by macroeconomic factors, industry cycles, and investor sentiment, prompting the company to focus on sustainable operations and value creation for investors [5] Group 4: Growth Strategies and Market Outlook - The company aims to enhance profitability through a dual-drive strategy focusing on photovoltaic and consumer electronics glass, optimizing product structure, and expanding into emerging markets [3] - Plans include upgrading processes to reduce energy consumption and improve yield, as well as accelerating capacity expansion in western and overseas markets [3] - The company is optimistic about the long-term development of the photovoltaic industry amid global energy transition trends [5] Group 5: Technological Advancements - The company has developed and mass-produced 1.6mm photovoltaic glass and is recognized for its strong R&D capabilities, leading in the domestic market [6] - Innovations include the development of aesthetic BIPV glass and ITO conductive glass, ensuring the company remains at the forefront of technology in the industry [6] Group 6: International Expansion - The company plans to invest in a factory in Dubai, driven by the need to expand into overseas markets due to increased domestic competition and declining product prices [6] - This investment is expected to leverage local resources and reduce production costs while enhancing market share in international markets [6]

金十数据整理：每日期货市场要闻速递（5月8日） 1. 据Mysteel，限产消息对东北区域影响有限，吉林区域由于近年钢厂生产意愿持续低迷还处于减量状 态，故与限产难有关联；至于辽黑两地限产消息影响几何，也需等政策最终落地方能知晓。 2. 路透公布对USDA 5月供需报告中美国农作物产量的数据预测，分析师平均预计，美国2025/2026年度 大豆产量料为43.38亿蒲式耳，预估区间介于43-44亿蒲式耳，USDA农业展望论坛为43.7亿蒲式耳。 3. 巴西全国谷物出口商协会（Anec）预计，巴西5月大豆出口为1260万吨，去年同期为1347万吨；豆粕 出口预计为187万吨，去年同期为197万吨。 4. 阿联酋富查伊拉石油工业区最新数据显示，截至5月5日当周，阿联酋富查伊拉港的成品油总库存环比 上升了0.1%，达到2074.2万桶。其中，中质馏分油库存下降了20%，至173万桶，为七个月低点。 5. 据SMM了解，近期华南市场光伏玻璃企业部分报价下调至13元/平方米，主要原因为组件需求以及组 件价格的下降使组件企业对原料接受心态下降，原报价无接单，为促进接单，局部报价下调，预计后续 光伏玻璃市场或将出现普遍下调预 ...