float glass is under pressure, and the profit of its own soda ash is considerable
. The company is one of the leading enterprises in the glass and soda ash industry, and has the advantage of large-scale operation. At present, the company has formed a mine /soda ash-glass-glass deep processing industry chain. With the increasing proportion of photovoltaic glass, energy-saving glass and deep processing products, the independent and controllable production capacity of soda ash ore will make the company's cost advantage more obvious. The turning point of the real estate
boom is now, and the performance of float glass is expected to rebound. Affected by the downward trend of the real estate cycle, the company's glass revenue in 2022 was 4.322 billion yuan, down 12.2% year-on-year; gross profit rate was 6.76%, down 34.77 PCT year-on-year. With the resumption of production after the year, the downward interest rate of the first set of real estate loans, the intensive introduction and role of a series of real estate policies, real estate transactions and completed areas will be repaired in the short term. Real estate related demand accounts for more than 70% of the total demand for glass, and float glass is also expected to be further repaired. At present, the price of 4.5/5mm float flat glass has risen by about 13.23% compared with the low point at the end of 2022. The company's float glass is expected to benefit from the warming of the real estate industry and the improvement of the supply and demand pattern, and its performance is expected to rebound from the bottom.
Its own soda ash alleviates the cost pressure and contributes considerable profits. Since 2007, the company began to lay out the upstream soda ash business, and the subsidiary Shandong Haitian Biochemical Co., Ltd. is the main body of business operation, with annual production and sales of about 1.35 million tons. Affected by the continuous growth of downstream demand, the overall market price of soda ash in 2022 is at a high level, and the annual average price has reached a record high. On the premise of balanced production and marketing, the company optimizes customer channels and structure, strives to increase the proportion of terminal customer sales, and the annual terminal customer sales increased to nearly 2/3. In 2022, the company's soda ash revenue was 4.16 billion yuan, an increase of 33.4% over the previous year, and the gross profit rate was 20.88%, an increase of 2.6 PCT over the previous year. Soda ash business accounted for 55.8%/69.8% of the company's annual revenue/gross profit, providing the company with huge profits. The company's own soda ash business will effectively hedge upstream price fluctuations, reduce the production cost of glass products, and smooth the company's performance.
Low-E energy-saving glass meets the downstream demand, and the company's production capacity continues to expand
. Low-E energy-saving glass meets the downstream demand and opens up the market space. China's demand for real estate accounts for about 75% of the total demand for glass. At present, the increase of glass demand mainly comes from the increase of unit consumption ratio and the transformation of old houses, which reflects the improvement of people's requirements for reducing energy consumption, quality of life and beauty. The company's focus on the layout of energy-saving Low-E energy-saving glass conforms to this trend. Low-E energy-saving glass not only reduces indoor heat loss and responds to the national "double carbon" call, but also has blue, green, gray basic tones and special colors such as rose gold and silver, enriching the colors of buildings and automobiles. Therefore, Low-E energy-saving glass is gradually increasing its penetration rate in architectural glass, and has broad development space in the future. According to Reports & Data, the global Low-E glass market is expected to reach $21.31 billion in 2030, with a CAGR of 6.1%.
The company positively laid out Low-E energy-saving glass, and its production capacity continued to expand. In 2010, the company entered the energy-saving glass business through the acquisition of Jinjing energy-saving deep processing production line, covering Low-E energy-saving glass, hollow glass and other products. In 2014, the company set up Shandong Jinjing Pittsburgh Automotive Glass Co., Ltd., whose production line with a capacity of 2 million sets of automotive glass was put into operation in 2016. By the end of 2022, the company's annual production capacity of Low-E energy-saving glass has reached 20 million square meters, and the main operators are Jinjing Science and Technology Headquarters, Tengzhou Jinjing, etc.
Ultra-white float glass technology experience, ultra-white rolled glass into the Longji supply chain
company ultra-white float glass technology experience, leading the market share in the industry. In 2003, the company introduced ultra-white glass production technology by signing the Technology Introduction Agreement with PPG Company of the United States. In 2005, China's first ultra-white float glass production line was launched and formally put into operation by the company, with a production capacity of 600t/d. At present, the total production capacity of ultra-white float glass is 2600t/d, with a market share of 21%. It has also undertaken high-end construction projects such as Beijing Yintai Center, International Trade Phase III, Bird's Nest and Water Cube.
The company's ultra-white rolled glass production capacity was gradually released and entered the Longji supply chain. At present, the company's 600t/d ultra-white rolled glass is put into production in Ningxia base, and in February 2021, it signed a major industrial supporting agreement with Longji. At the same time, the company plans to expand the production line of 2 * 1200t/d capacity in Ningxia base and build the production line of 1000t/d capacity in Malaysia base. Relying on the raw material cost advantage close to the sand source and the transportation cost advantage close to the customer production base, the company's products are favored by the downstream.
TCO glass
, namely transparent conductive oxide coated glass, is prepared by uniformly coating a transparent conductive oxide film on the surface of flat glass. TCO glass is widely used in solar cells, displays, building integrated photovoltaic and other fields because of its high visible light transmittance (Tavg > 80%), good electrical conductivity (R < 10-3Ω · cm), good chemical stability and many other advantages. The technical barriers of
TCO glass preparation are relatively high, and only a few enterprises in the industry, such as Asahi Glass, can achieve mass production of TCO glass. In 2021, the company completed the research and development of ultra-white TCO coated glass substrates, and successively developed 3.2mm and 2.65mm TCO glass products on high transmittance substrates. In May 2022, the company's TCO glass production line with independent intellectual property rights was put into operation, which is the first TCO glass production line in China. In September
2022, the company announced that it would invest 450 million yuan to transform the second line of the original float glass production line in Tengzhou into 600T/D TCO glass production line, with a construction period of about 8 months. The company independently develops coating equipment, in which parts are purchased from outside and TCO coating is carried out by on-line FTO coating process.
The products are of excellent quality and have been supplied to leading solar cell enterprises at home and abroad. TCO glass products are mainly used in cadmium telluride, perovskite and other emerging solar cell technology fields. The company's TCO glass products have been supplied to First Solar, a leading international thin film battery company. In 2022, the production capacity of First Solar will be 9.8G W. According to the company's management plan, the production capacity of First Solar will reach 21.4G W in 2026. CAGR will reach 21.6% in the next five years. In October
2022, the company signed a strategic cooperation agreement with Fiber Nano Optoelectronics, a leading company in perovskite batteries. For every additional 1G W of perovskite battery capacity planning in the future, the company needs to support TCO glass production capacity of not less than 5 million square meters per year. At the beginning of
2022, the large-scale production line of 100MW calcium ore invested by Fiber Nano Optoelectronics was completed and put into operation. At present, Fiber Nano Optoelectronics is planning the construction of GW production line, which is expected to be put into operation in 2023.
With the continuous expansion of downstream solar cell enterprises, the demand for TCO glass will continue to increase, and the company's TCO glass shipments are expected to grow at a high speed. The company's TCO glass business has a strong first-mover advantage in China. Due to the high barrier of TCO glass technology, it will be difficult for a large number of competitors to pour into the industry in the short term, and the company's market share is expected to further grow.
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