Information

Analysis of the photovoltaic glass industry chain: The necessary configuration of photovoltaic modules is undergoing structural changes. Photovoltaic glass is one of the indispensable configurations for photovoltaic modules. Single-glass modules are still the mainstream of photovoltaic modules, but the advantages of double-sided double-glass modules are gradually appearing, and the penetration rate continues to rise. Ultra-white glass is the only choice for photovoltaic original films, and ultra-white quartz sand is scarce. The photovoltaic glass process technology is relatively stable, and rolling is the main process of photovoltaic glass, and the float glass process is beginning to show its substitution.

The development history of domestic photovoltaic glass: from import substitution to global leadership, the industry has always maintained a high degree of concentration. The domestic photovoltaic glass industry has gone through three stages: the first stage (2000-2005): the budding stage, the stage where foreign-funded enterprises dominate; the second stage (2006-2012): the initial stage, the large development of foreign photovoltaic demand brings including photovoltaic glass The major expansion stage of the domestic module manufacturing end; the third stage (2013-present): the growth period, the domestic photovoltaic demand is increasing, and the photovoltaic module manufacturing leads the world. The industry has always maintained a high degree of concentration. At present, Flat Glass and Xinyi Glass account for 52% of the total production capacity, showing a duopoly pattern. Looking forward, we believe that the second-strong pattern is still likely to usher in changes, with production lines and technical advantages The share of traditional glass companies is expected to increase.

Analysis of the core competitive elements of photovoltaic glass companies. 1. Technology and scale: The overall production capacity is large, the share is high, and the bargaining power is naturally stronger; the single-line scale continues to expand, and the photovoltaic industry is still in a period of rapid product and technology iteration, requiring photovoltaic glass companies to have strong R&D and financial strength. 2. Resources and layout: On the one hand, ultra-white silica sand is scarce and concentrated; on the other hand, downstream module factories are more concentrated. Photovoltaic glass occupies the main weight of photovoltaic modules and is easily damaged, which requires logistics and transportation. Layout close to downstream customers can easily reduce logistics and packaging costs. 3. Operation and management: The expense ratios of different photovoltaic glass companies are very different, indicating that the management capabilities and operational efficiency of different companies are very different.

Future Outlook: Cycle and structural opportunities coexist. Internet access at a low price and policy support, the proportion of dual-glass modules has increased, and sustained and rapid growth in demand is expected. The capacity replacement policy and the scarcity constraints of ultra-white silica sand, barriers to ultra-white float conversion, and large-size silicon wafers, the supply release speed is not so fast.

Investment Advice. From the perspective of demand, the photovoltaic glass industry is in a growth stage, and demand is expected to continue to grow rapidly in the next 2-3 years. From the perspective of the supply side, although the current high price of photovoltaic glass stimulates the enthusiasm of enterprises to expand production, the capacity replacement policy and the scarcity constraint of ultra-white silica sand (focus on capacity policy changes), the barriers to ultra-white float conversion, and large silicon wafers Factors such as size will restrict the time and space for new supply. The new supply in the next year will not be as large as expected. From a structural point of view, the photovoltaic glass industry has always been highly concentrated and presents a duopoly pattern. However, as the replacement of ultra-white float glass appears and traditional high-quality float glass enters, the future pattern is still variable. Technology and scale, resources and layout, operation and management are the core competitive elements of photovoltaic glass enterprises.