Flat Company has been deeply engaged in photovoltaic glass industry for many years. Founded in 1998, the company is mainly engaged in the design, development and production of photovoltaic glass, mainly ultra-white photovoltaic embossed glass, mostly used in the production of crystalline silicon photovoltaic cells. The company started with glass products and formally entered the field of photovoltaic glass in 2006, breaking the monopoly of overseas giants on ultra-white embossed glass. In 2011, the company laid out the Anhui base, and at the same time, the float glass production line in Jiaxing was ignited and put into production. The Company was listed on the Main Board of the Hong Kong Stock Exchange in 2015 and listed on the A-share market in 2019. In 2021, the daily melting volume of the company's photovoltaic glass has exceeded 10,000 tons.
As one of the earliest enterprises entering the photovoltaic glass industry in China, the company has won a number of awards related to photovoltaic glass technology. The company has established long-term and stable cooperative relations with downstream manufacturers, and its main customers include Longji Green Energy, Jingke Energy, Dongfang Risheng, Jingao Technology and other world-renowned component factories. The global PV glass market is expected to reach 91 billion yuan in 2023 due to the rapid growth of
PV demand. According to CPIA data and calculation, it is estimated that the new installed capacity in the world will be 350, 420 and 500GW respectively in 2023-2025. With the increase of penetration rate of double glass modules, the demand for PV glass will further increase. According to CPIA data and forecast, the penetration rate of double glass modules will increase to 45.60%, 52.54% and 57.01% respectively in 2023-2025. As of June 28, 2023, the price of photovoltaic glass has dropped to a historic low, the average price of 3.2mm photovoltaic glass is 26 yuan per square meter, and the average price of 2.0mm glass is 18.5 yuan per square meter. Therefore, we conservatively assume 2023-2025. The price of photovoltaic glass is maintained at the current price. It is estimated that the total demand for photovoltaic glass in 2023-2025 will be 2674, 3108 and 36.23 million tons, and the corresponding market space will be 910, 1067 and 125.1 billion yuan.
The photovoltaic glass industry has formed a duopoly pattern, and Flat ranks in the first echelon . Benefiting from the rapid development of photovoltaic power generation , China's photovoltaic glass industry has grown rapidly, with the main participants including Xinyi Solar Energy, Follett, Rainbow New Energy, Tangshan Jinxin, Nanbo and other enterprises, among which Xinyi Solar Energy and Follett are in the first echelon of the industry, accounting for more than 50% of the total market share. Form a duopoly situation. According to the data of China Business Intelligence Network, the company's market share is expected to be 20.3% in 2022, the second largest in the world.
The policy regulates the rhythm of capacity release, and the supply pattern is expected to be optimized. On July 2, 2021, the Ministry of Industry and Information Technology issued the Measures for the Implementation of Capacity Replacement in the Cement and Glass Industry, which will be implemented from August 2022. The Measures stipulate that "photovoltaic rolled glass projects may not formulate capacity replacement schemes, but should establish an early warning mechanism for capacity risk, and stipulate that new projects should be commissioned by provincial industrial and information authorities to hold hearings by national industry organizations or intermediaries to demonstrate the necessity, technological advancement, energy consumption level and environmental protection level of project construction." After the project is completed and put into operation, the enterprise promises not to produce building glass. The implementation of the hearing and access policy will accelerate the pace of tightening the expansion of photovoltaic glass production capacity. With the further development of the photovoltaic industry in the future , small and medium-sized enterprises with small scale, poor brand and weak financing ability will face the risk of capacity elimination, and it is difficult to compete with the first-line leading enterprises. The overall
supply is excessive, and the leading companies have obvious advantages and are expected to obtain excess profits . According to the data of the Ministry of Industry and Information Technology, there are 40 domestic photovoltaic rolled glass production enterprises in 2022, with a production capacity of 84000 tons per day, totaling 442 production lines in 128 kilns. The total output of photovoltaic glass in the year was 6.062 million tons, an increase of 53.6% over the same period last year. According to SMM data, it is estimated that the new production capacity of photovoltaic glass will reach 63,800 tons per day in 2023, and the corresponding nominal annual production capacity in 2023 will be about 53.9616 million tons. Influenced
by the quality of refractory materials, furnace structure, masonry quality and other factors, the age of most domestic photovoltaic glass furnaces is about 8-10 years, and the subsequent cold repair and technical transformation are needed. Considering that some kilns have entered the period of cold repair and technical renovation (such as the first phase of Hefei kiln of Rainbow New Energy has been shut down in 2023, the cold repair and technical renovation project of Fulaite Jiafu Glass), and some new production capacity still needs to climb, it is conservatively estimated that the utilization rate of production capacity is 75%, 365 days of full-load operation, assuming that the yield of photovoltaic glass is 78%. The actual annual effective production capacity in 2023 is 31.5675 million tons. Compared with the demand of 26 million 740 thousand and 200 tons of photovoltaic glass in 2023, the supply is still excessive. Under the overall excess supply, leading companies are expected to obtain excess profits through low cost.
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