Recently, Xinyi Glass issued a profit warning for the first half of the year, and the company's net profit for the first half of the year is expected to decrease by 35% to 45%, that is, from HK $3.305 billion to HK $2.148 billion to HK $1.818 billion. This was mainly due to the pressure on glass demand in the construction market and the decline in sales prices. As well as the overall average cost of energy and raw materials.
Recently, the glass industry of cold repair has gradually resumed production, and the industry inventory has increased. By the end of June, the daily output of float glass in China was 165,400 tons, and the total inventory of float glass sample enterprises in China was 55.739 million heavy boxes. The industry is still showing a small accumulation state, only the Northeast region increased the volume of East China and North China, and the region is in a state of destocking. Demand is sluggish, coupled with the accumulation of stocks, short-term prices are weak downward.
When entering the peak season, the downstream orders will improve and the social inventory will be consumed to a low level. It is predicted that there will be periodic replenishment in the glass market, and the price of float glass is expected to rebound. Recently, Xinyi Glass (Chongqing) Co., Ltd. signed the Asset Transfer Contract with Chongqing Yuhu Glass Co., Ltd. to obtain the production capacity index of 1400 tons of flat glass with a total daily melting capacity. At the same time, according to the agreement with Yongchuan District Government, Xinyi Group will invest about 200 million US dollars in Yongchuan District to transform the existing float production line and build a new Low-E coated glass production line. The leading enterprises have obvious advantages in expansion, and the profit of float glass is expected to improve in the second half of the year.
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