【券商聚焦】天风证券:光伏行业需求持续高景气 浮法龙头具备较好中长期投资价值

[Broker Focus] Tianfeng Securities: Demand in the photovoltaic industry continues to be high, and the leading float has good medium- to long-term investment value

金吾資訊 ·  11/06/2023 13:23

Jinwu Financial News | According to Tianfeng Securities Research Report, the price of photovoltaic glass has declined, and transactions are average. As of November 2, the mainstream order price for 2.0mm coated panels was 18.5 yuan/square meter, down 1.33% from last week, and 1.27 percentage points narrower than last week; the mainstream order price for 3.2mm original film was 19 yuan/square meter, down 3.80% from last week, changing from a steady to a decline from last week; and the mainstream order price for 3.2mm coating was 26.5-27 yuan/square meter, down 1.83% from last week, up 0.92 percentage points from last week.

Float prices have fallen, and profits have declined. As of November 2, the average price of domestic float glass was 2100.38 yuan/ton, down 39.35 yuan/ton from last week's average price (2139.73 yuan/ton), a decrease of 1.84%, an increase over last week. On the supply side, the weekly production capacity was a total of 172,500 tons of melting per day. In terms of inventory, the total inventory of production enterprises in key monitoring provinces was 41 million weight boxes, an increase of 810,000 weight boxes compared to last Thursday's inventory, an increase of 2.02%. Profit situation: Pipeline gas fuel glass has gross profit of 651.67 yuan/ton this week, an increase of 4.68 yuan/ton from last week, an increase of 0.72%; the gross profit of fuel glass in North China is 456.64 yuan/ton this week, an increase of 5.15 yuan/ton; petroleum coke is fuel glass's gross profit of 491.54 yuan/ton this week, down 19.2 yuan/ton from last week.

The bank gave investment suggestions, 1) Float glass: As downstream demand improves, considering the profit and valuation of the float business of leading companies in a balanced state, and the additional growth brought by the new business, the bank believes that the current float leader already has good medium- to long-term investment value, and continues to recommend Kibin Group, CSG A, and Xinyi Glass (00868) (all of which have a certain production capacity of energy-saving glass for buildings). 2) Photovoltaic glass: Demand in the photovoltaic industry continues to be high. Highly elastic varieties are recommended, TCO glass, Jinjing Technology, and differentiated thin glass Amaten; continue to be optimistic about leading companies Xinyi Solar (00968) (joint coverage with Dianxin), Follett (joint coverage with Dianxin); 3) New glass materials: UTG original films break through foreign monopolies, and production and sales are expected to grow rapidly after domestic replacement. Kaisheng Technology (joint coverage with the electronics group), and pharmaceutical glass is recommended. Leading company Shandong Pharmaceutical Co., Ltd. (Joint coverage with Pharmaceutical Group).

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