金晶科技20260119

Company and Industry Summary Company: Jinjing Technology (金晶科技) Key Points Industry Overview - The float glass price is expected to rebound in 2026 due to low demand and anticipated cold repairs in high-energy-consuming production lines, although the demand for soda ash will face downward pressure from the cold repair requests in the construction and photovoltaic glass sectors [2][4] Financial Performance - The performance in 2025 is complex, with significant losses in architectural and photovoltaic glass impacting overall results. The soda ash business also performed poorly in the second half of the year, contributing to the decline in overall performance [3] Soda Ash Market Outlook - The soda ash market is expected to face challenges in 2026 due to negative pressure from the cold repair requests in the construction and photovoltaic glass sectors. The company is taking active measures to reduce costs to mitigate some of this pressure [6] Production and Sales - The company internally consumes about 30% of its soda ash, with the remaining 70% sold externally. However, due to production line shutdowns in Shandong, the self-consumption ratio may fall below 30% [7] - The company is currently formulating its production and sales budget for 2026, with expectations for optimistic growth compared to 2025, although specific production data is not yet available [13] Deep Processing Business - The deep processing business accounted for approximately 10 million square meters in 2025, with expectations for an increase in 2026. The company is positioning itself towards green building energy efficiency and green energy, aiming to develop deep processing business through adaptation to the downstream solar photovoltaic battery and energy-saving rack sectors [9] TCO Glass Production Capacity - The company has TCO production lines in Tengzhou and Zibo, each with a full capacity of about 15 million square meters. These lines can dynamically adjust product structures based on market conditions, producing raw sheets, architectural coatings, industrial coatings, or automotive coatings [11] PCO Product Development - The company's PCO shipments are primarily concentrated in the perovskite sector, with an estimated shipment volume of about 1 million square meters in 2025. The growth rate for 2026 is expected to be more optimistic than in 2025, although specific production data is not confirmed [5][10] Cost Control Measures - The company is negotiating gas prices to lower fuel costs and has implemented various solutions to address cost issues in the deck business. These measures have been gradually implemented since last year but are not yet fully realized [8] Overseas Operations - The company has an overseas production base in Malaysia, producing photovoltaic glass backsheets and architectural glass to serve the Southeast Asian market. This base collaborates with First Solar in the U.S. [14] Research and Development - Currently, the company does not directly participate in the research and development of perovskite photovoltaic routes for commercial aerospace applications. Some clients may be conducting related tests, but results have not been communicated back to the company [15] Equipment Localization - The localization rate of equipment for the PCO glass production line is high, with most core components being domestically sourced and assembled [19]