Group 1 - The company has technological reserves for TCO glass [1]

格隆汇11月19日丨福莱特(601865.SH)在互动平台表示，我司拥有TCO玻璃的技术储备。 ...

耀皮玻璃 20251117 我们公司的 PCO 产品用于薄膜电池，这种电池最早由 First Solar 在 2000 年 左右研发，以碲化镉为主。此外，还有德国人发明的铜铟镓硒，但目前仍处于 研发阶段。我们的 PCO 产品主要供应给以碲化镉为基础的建筑光伏一体化项目， 因为这种材料在美观度和均匀性上表现优异，是美国市场上主打的一种建筑发 电用材料。 我们公司从 2023 年收购了旭硝子的大连产线后，迅速进入盈利状 态，并提供高品质浮法和镀膜产品。目前，我们主要出货量集中在碲化镉领域， 而钙钛矿方面也有一些客户进行研发，但尚未形成大规模量产。 钙钛矿技术的发展现状及其面临的问题是什么？ 摘要 浮法玻璃市场整体下行，但新能源汽车带动的汽车加工玻璃板块需求强 劲，预计 2024 下半年至 2025 年将持续增长，福耀占据市场主导地位， 公司市场份额有待提升。 光伏玻璃分为压延和 PCO 两种，压延光伏玻璃受压，但在工信部协调下 价格回稳。公司与晶晶合作生产的 PCO 产品主要供应给 First Solar 主 导的碲化镉薄膜电池建筑光伏一体化项目。 公司收购旭硝子大连产线后迅速盈利，提供高品质浮法和镀膜产品，主 ...

Core Viewpoint - The article emphasizes the rapid development and industrialization of perovskite solar cells, highlighting the lack of traditional silicon asset burdens and the focus on a "pure" perovskite route by emerging players in the photovoltaic industry [1] Group 1 - The Ministry of Industry and Information Technology has issued a document to accelerate the construction of perovskite pilot platforms, indicating that the industry is gradually implementing gigawatt-level (GW) production and accelerating industrial progress [1] - Companies focusing on perovskite technology are expected to benefit from the absence of traditional silicon asset burdens, allowing them to fully commit to the "pure" perovskite approach [1] - The core auxiliary materials for perovskite batteries require approximately 6 million square meters of TCO glass for 1 GW of perovskite shipments, and a specific company has achieved a breakthrough in domestic production [1] Group 2 - The upstream material system for perovskite technology is not yet unified, with various technical routes coexisting, which presents opportunities for companies that position themselves early to participate in the technological iteration of the industry chain [1]

Core Viewpoint - The report from Guosheng Securities highlights that Yaopi Glass has strong technical capabilities and is actively implementing a differentiated competition strategy, leading to a 28.7% year-on-year increase in net profit attributable to shareholders, reaching 120 million yuan in the first three quarters of 2025 despite overall industry pressure [1] Company Summary - Yaopi Glass is focusing on high-value-added products such as TCO glass and laminated skylights, which are driving sales growth [1] - The company has established a strong advantage in the high-end glass sector, particularly with TCO glass technology, which is leading in the domestic market [1] - The company is expected to benefit significantly from the industrialization process of perovskite batteries [1] - In the automotive glass sector, the company is anticipated to see simultaneous increases in market share and profit margins [1] - The initial coverage of the company has been rated as "Buy" [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has a strong technical foundation and focuses on high-end, differentiated products, particularly in the TCO glass sector, which is expected to benefit from the industrialization of perovskite solar cells [2][4]. - The automotive glass segment is poised for growth due to the increasing penetration of electric vehicles, which will enhance both market share and profit margins for the company [3][4]. - The company has successfully implemented a strategy of product differentiation and vertical integration, which has allowed it to maintain revenue stability despite industry pressures [18]. Summary by Sections Company Overview - Established in 1983, the company is a representative of high-quality glass in China, with main businesses in float glass, architectural glass, automotive glass, and specialty glass [14]. Float Glass - The float glass business is transitioning towards high-value, high-tech differentiated products, with a leading position in TCO glass, a key material for perovskite solar cells [2][35]. - The current price of TCO glass is approximately $10 per square meter, with a significant demand expected as production capacity increases [2]. Automotive Glass - The company is experiencing growth in the automotive glass segment, with a projected revenue of 1.01 billion yuan in the first half of 2025, a year-on-year increase of 16.2% [3][16]. - The gross margin for automotive glass is expected to improve, reaching 13.3% in the first half of 2025, up 1.4 percentage points year-on-year [3][16]. Architectural Processed Glass - The architectural processed glass segment is focusing on high-end markets, with revenue expected to decline by 17.0% year-on-year in the first half of 2025, but maintaining a stable gross margin of 15.4% [3][16]. Financial Forecast and Valuation - Revenue projections for the company are 5.56 billion yuan in 2025, 5.90 billion yuan in 2026, and 6.34 billion yuan in 2027, with net profits expected to grow significantly [4][5]. - The company is expected to achieve a net profit of 1.6 billion yuan in 2025, with a corresponding PE ratio of 50x [4][5].

Investment Rating - The report highlights a positive outlook for investment in Africa, particularly in Egypt, due to external support and potential for industrial development [1][10]. Core Insights - The report discusses the impact of US dollar interest rate changes on African economies, using Egypt as a case study, where economic growth has declined from 6.6% in FY 21/22 to 2.4% in FY 23/24 due to external pressures [1][10]. - Egypt's net international reserves reached a record high of $49.03 billion in July 2025, reflecting improvements in foreign exchange availability and investment attraction [1][10]. - The report emphasizes the need for African countries to develop local industries and supply chains to mitigate the negative impacts of external economic fluctuations [1][10]. Summary by Sections 1. Weekly Discussion - The report examines the growth potential in Africa amidst a backdrop of US dollar interest rate changes, focusing on Egypt's economic challenges and recovery efforts [1][10]. - It notes significant investments from the UAE and the World Bank to support Egypt's economy, totaling $35 billion and $6 billion respectively [1][10]. 2. Sectoral Linkages - Cement prices averaged 351 RMB/t, down 74 RMB/t year-on-year, with a national average shipment rate of 45.9% [2][13]. - Float glass prices decreased slightly to 1197.22 RMB/ton, with inventory levels showing a reduction [2][13]. - The report indicates a mixed performance across various materials, with cement and glass showing signs of price stabilization amidst fluctuating demand [2][13]. 3. Market Performance - The construction materials index increased by 1.51%, with glass manufacturing showing a notable rise of 4.41% [16]. - The report highlights the performance of specific companies in the construction materials sector, indicating a positive trend for certain stocks [16][18]. 4. Price Changes in Construction Materials - Cement prices showed a slight decline of 0.1% this week, with regional variations in price adjustments [24][25]. - Float glass prices remained stable, with some regions experiencing minor increases due to supply constraints [33][49]. - The report notes that the fiberglass market is stable, with prices holding steady and slight year-on-year increases observed [55].

Core Viewpoint - The recent "14th Five-Year Plan" emphasizes the importance of new energy as a pillar industry, positioning Jinjing Technology (600586.SH) as a leader in ultra-white glass, aligning with national urban renewal and dual carbon goals, and advancing its green building and energy strategies [1] Group 1: Company Performance and Developments - Jinjing Technology reported a revenue of 3.461 billion yuan for the first nine months of 2023 [1] - The company has established TCO glass production lines in Zibo and Tengzhou, with products already applied in leading domestic perovskite battery companies, capturing a significant market share [1] - The company is actively expanding its TCO sales team to enhance domestic and international customer outreach, with expectations for gradual sales growth as the domestic perovskite industry develops [1] Group 2: Market Trends and Projections - The TCO glass market in China is projected to reach 12 billion yuan in 2024 and 18 billion yuan in 2025, with a compound annual growth rate of approximately 16% [2] - The global TCO glass market is expected to grow from 67.6 million USD in 2025 to 208.2 million USD by 2032, with a compound annual growth rate of 17.43% from 2025 to 2032 [2] Group 3: Technological Advancements - Jinjing Technology announced a 495 million yuan investment plan for upgrading TCO coating processes, aiming for an annual production capacity of 20 million square meters of ultra-white TCO coated glass [2] - The company completed a 90-day cold repair and upgrade of its No. 5 ultra-white glass production line, which is the first of its kind in China, enhancing its production capabilities and expected optical transmittance from 91.5% to 92% [2] Group 4: Shareholder Engagement - Jinjing Technology plans to repurchase shares worth 100 million to 200 million yuan, having already repurchased 20.8 million shares, representing 1.47% of its total share capital [3] - The share repurchase reflects the company's confidence in its long-term value and commitment to protecting investor interests [3]

Core Viewpoint - Jin Jing Technology (金晶科技) is focusing on product differentiation and optimizing its product structure to adapt to market changes, while also reducing production costs and enhancing its position in the TCO glass market [1][2][3] Group 1: Financial Performance - For the first nine months of 2025, the company achieved a revenue of 3.461 billion yuan [1] - The company has repurchased 20.7979 million shares, accounting for 1.47% of its total share capital, with a total repurchase amount exceeding 100 million yuan [3] Group 2: Market Position and Strategy - Jin Jing Technology is a leading player in the ultra-white glass market in China, aligning its strategy with national urban renewal and dual carbon goals [1] - The company is advancing in the TCO glass segment, having broken the long-standing foreign technology monopoly, significantly increasing the domestic market share of core materials for perovskite batteries [1][2] Group 3: Production and Technological Advancements - The company is upgrading its TCO glass production line with an investment of 49.5 million yuan, aiming for an annual production capacity of 20 million square meters of TCO coated glass [2] - Recent upgrades to the No. 5 ultra-white glass production line are expected to enhance the light transmittance from 91.5% to 92%, improving the photovoltaic conversion rate of TCO conductive glass products [2] Group 4: Future Outlook - The TCO glass market in China is projected to reach 12 billion yuan in 2024 and 18 billion yuan in 2025, with a compound annual growth rate of approximately 16% [2] - The global TCO glass market is expected to grow from 676 million USD in 2025 to 2.082 billion USD by 2032, with a compound annual growth rate of 17.43% from 2025 to 2032 [2]

Group 1 - The core viewpoint of the articles emphasizes the importance of material innovation in driving green transformation, particularly in the photovoltaic industry, with perovskite solar cells being identified as a key development direction [1][3] - The domestic production rate of TCO (Transparent Conductive Oxide) glass, a crucial material for perovskite solar cells, has been increased to over 95% due to breakthroughs by Jinjing Technology, addressing a long-standing bottleneck in the industry [1][2] - Jinjing Technology has established a stable supply of TCO glass to major companies in the perovskite battery sector, capturing a significant market share in China [1][2] Group 2 - Jinjing Technology has initiated a production line renovation project with an investment of 49.5 million yuan, aiming to achieve an annual production capacity of 20 million square meters of TCO conductive film glass [2] - The TCO glass produced by Jinjing Technology has been applied in several landmark projects, showcasing its versatility across various scenarios such as building-integrated photovoltaics and ground-mounted power stations [2] - The market for TCO glass in China is projected to reach 18 billion yuan by 2025, with a compound annual growth rate of approximately 16%, while the global market is expected to exceed 2 billion USD by 2032 [3]