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Summary
[El vidrio fotovoltaico se convierte en una nueva pista, nuevos y viejos competidores compiten en el mismo escenario]The popularity of the photovoltaic glass market still continues. Since the Ministry of Industry and Information Technology published restrictions on the replacement of photovoltaic glass capacity in mid-December of last year, the leaders Flat (A + H) and Xinyi Solar The range of (H) has an increase maximum of more than 80%. At the same time, the expansion of photovoltaic glass is still full of momentum. In addition to the leaders, Rainbow New Energy (00438.HK) and Fuyao Glass have entered the game. (Times of values)
The photovoltaic glass market boom is still continuing. Since the Ministry of Industry and Information Technology launched photovoltaic glass in mid-December last yearReplacement capacityFrom the restriction, the leaderFlat(A + H) andXinyi SolarThe largest increase in the range of (H) exceeds 80%. At the same time, the expansion of photovoltaic glass is still full of momentum, in addition to the leader,Rainbow New Energy(00438.HK) 、Fuyao glassWait for it to enter.
Rainbow New EnergyThe recently revealed total investment plan for photovoltaic glass exceeds 10 billion yuan. If all of them are put into production, it will be enough to shake up the current duopoly pattern. However, for these new entrants, although they welcome major manufacturers, they are also confident of maintaining their current status One interviewee told reporters that the major manufacturers are more expensive than the second and third tier.company15% -20% advantage, meanwhile, technology accumulation,productperformance,clientFactors such as those that set the threshold for new entrants.
Expansion door open
At the end of last year, the 10.6 billion CLP Rainbow high-permeability and ultra-thin photovoltaic glass project signing event was held in Shangrao city, Jiangxi province. The project plans to build 10 photovoltaic glass furnaces and supporting processing production lines to produce and operate ultra-thin, high-permeability photovoltaic glass products. Achievable years after full productionMain business incomeNot less than 11.1 billion yuan, and the annual productive taxes not less than 250 million yuan.
CLP Rainbow’s investment has caused a great sensation in the industry, as based on the scale of the project, it is likely to exceedXinyi SolarversusFlat, Ranking first in the industry. More than 10 days after the aforementioned contract, the project implementation issue has also been clarified.
On the night of January 11Rainbow New EnergyadSaid,the companyA cooperation agreement was reached with the Shangrao City Council for the construction of the ultra-thin and high transmittance photovoltaic glass project Rainbow Shangrao. The project is planned to be carried out in three phases, investing in the construction of 10 photovoltaic glass furnaces ultra-thin and high-permeability and support processing production lines. In the first phase, it is planned to build three production lines. The company is actively planning the construction of the projectjobs。
Rainbow New Energy affirmed that the construction of the project conforms to national regulationsindustryPolitics and businessIndustrial distributionThe planning can effectively meet the growing demand of the photovoltaic glass market.The project implementation and the scope of production capacity will further expand the scale of the company’s photovoltaic glass production capacity and strengthen the world’s top three.Business developmentThe main advantage of the company and consolidate the strength of enterprises to participate in international competition.
Rainbow New Energy is a holding subsidiary of CLP Rainbow. The aforementioned project will only be invested by the project company established by Rainbow New Energy. Currently, the company is actively managing the relevant procedures for the construction of the project, seeking preferential policies to ensure the smooth execution of the project.
It is worth mentioning that because Rainbow New Energy did not fully raise 2.3 billion yuan in the previous placement, the company decided to change the use of proceeds from the placement. The company reduced the photovoltaic module project by 2GW, and the 1.28 billion yuan raised was still mainly invested. Photovoltaic glass, Yan’an Photovoltaic Glass project, and Hefei Photovoltaic Glass Phase II project will invest 500 million yuan each, with the remainder complementing working capital.
Rainbow New Energy is a long-time player in the photovoltaic glass industry. Of course, there are also new players in this industry, such asFuyao glass. Recently,Fuyao glassThe announcement stated that the H shares allotment will be launched, and the total amount of the allotment will not exceed 20% of the total number of issued H shares of the company. One of the purposes of the funds raised is to expand the photovoltaic glass market, showing the company’s determination to enter the photovoltaic glass market.
Guosen ValuesHe noted that 2020 will be affected by the epidemic,Fuyao glassU.SfactoryTo digest excess float glass production capacity and improveinterest rate, Zeng ToujianSolar energyBackplane production line. but,Solar energyBackplane, float glass and photovoltaic glass are manufacturedArtThe raw materials and performance requirements are quite different, and entering the photovoltaic glass industry still requires more investment in R&D and technology accumulation. This financing will benefitFuyao glassStrengthening the technological advancement of photovoltaic glass R&D and production will help the company achieve cross-border development.
but,Fuyao glassFuyao’s placement announcement has yet to make plans for the expansion of photovoltaic glass. Industry experts predict that Fuyao Glass could beshareholderMore information was given at the conference.
Industry landscape adds variables
Rainbow New Energy and Fuyao Glass represent two kinds of companies, one has some accumulation in the photovoltaic glass industry, and the other is mainly made from float glass in the past, but now it is trying to enter the photovoltaic glass industry. Recently, the expansion of the photovoltaic glass industry has accelerated significantly, which is related to the “Implementation measures for capacity replacement in the cement glass industry (Revised project)” issued by the Ministry of Industry and Technology of the Information in December of last year.
The “Revised Draft” mentioned that the photovoltaic laminated glass project does not need to formulate a capacity replacement plan, but the new project should entrust a national industrial organization or intermediary agency with conducting a hearing to demonstrate the need for the construction of the project, technological advance, level of energy consumption and level of environmental protection, etc., and announce project information Once the project is completed and put into production, the company will fulfill its promise not to produce architectural glass.
In fact, there are many new entrants in the photovoltaic glass industry, such asLuoyang glassversusKibing GroupWait; Meanwhile,AlmadenOther startups are quickly catching up on this track as well. Not a long time agoAlmadenA long order sale was announcedcontract, The companyJA technologyPhotovoltaic glass supply, the total estimated value of the contract is 2.1 billion yuan.
Of course, the leading companies did not rest.FlatIt has recently been decidedWholly owned subsidiaryAnhui Flat has a total investment of around 4.35 billion yuan to build five photovoltaic module glass projects with a daily melting capacity of 1,200 tons in Fengning Modern Industrial Park. The project is expected to go into operation in 2022. After the completion of the project, sales revenue is expected to exceed 5 billion yuan.
Flatter said this timeForeign investmentIt is the company’s ability to provide production capacity guarantees in response to the market demand for large photovoltaic modules and the penetration of the double glass modules market; at the same time, it also benefits the companyborrowHelp cost advantage and differentiation from large ovensProduct positioning, Seize the development opportunities of the photovoltaic glass market and further increase the market share of photovoltaic glass.
Currently, the photovoltaic glass market has been formedXinyi SolarThe duopoly structure with Flatter, but with the continued expansion of the influence of new entrants, the industry structure has also added many variables. For example, Rainbow New Energy’s expansion plan is intended to catch up with the leading companies in the industry, and Fuyao Glass is based on accumulation and volume in the floating field, and its strength cannot be underestimated.
A head factoryentrepreneurShi told reporters that the current industry pattern is relatively clear. The growth cycle of leading companies is much faster than that of second and third tier companies. At the same time, the cost of leading companies has also been 15% -20 compared to second and third tier companies in the past three to five years. %The advantages. At the same time, the expansion of the main companies is mainly based on individual large furnaces, that is, the daily output is around 1,000 tons to 1,200 tons. “This is not just an increase in numbers, but also technical difficulties.” The implication is that the new entry is still difficult for companies to break through.
“The future expansion of the market cannot be completely eaten up by Xinyi and Flat. Therefore, it is good that new players enter. It shows that the photovoltaic glass industry is developing and expanding. For the company, we will do our best to get us You can get the market share, “said the main manufacturer.
In the third and fourth quarters of last year, the shortage of photovoltaic glass intensified, and the market performance this year has also attracted considerable attention. The journalist learned that in January this year, the photovoltaic glass prices of the main companies were the same as last month. The industry predicts that the meager supply of photovoltaic glass is expected to decline in the second half of this year, but there will still be a structural shortage at that time, that is, the photovoltaic glass that matches large modules like the 182 and the 210 may still be scarce.
(Source: Securities Times)
(Responsible editor: DF520)
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