The price of the hottest Follett glass has basical

2022-08-06
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Follett: the price of glass has basically bottomed out, and the industry concentration will gradually increase.

antibacterial plastics under Follett's "sharing economy" may usher in good development. Glass released its mid-term performance in 2018 on August 9, with a revenue of about 1.448 billion yuan (the same below), which is flat compared with the same period of the previous year; Net profit increased by 3.76% to 2.15% on a year-on-year basis. These new products can reduce weight by up to 60% billion yuan; Earnings per share was 11.97 points

the on-site Q & A was also very intense, because we saw that the trade war was inevitable. As one of the industries with great influence, it was very important for Follett glass to react

q1. In the face of the trade war, will the company set up more factories overseas in the future? For the product proportion plan of double glass components

a: at present, there are two 1000 ton capacity lines in Vietnam overseas. Phase I will start operation in the first half of 2019, and the civil work of phase II will be completed at the same time as phase I. the later equipment installation will be determined according to the PV market trend in the second half of the year

double glass accounts for a small proportion at present, and will be improved in the second half of the year. In the first half of the year, affected by 201 and 531, due to the high quality of customers, although the unit price has an impact, the quantity has not changed. In the second half of the year, it will expand to double glass components. At present, the price of double glass components in the market has advantages, and the company's production capacity of double glass components is not high, but it has expanded in the second half of the year

after Q2 and 531, the price dropped rapidly. Xinyi solar energy stopped two lines. Will the company have a maintenance plan in advance? Under the current price, what is the gross profit rate of photovoltaic glass

a: at present, two 300 ton kilns have been shut down this month due to long time and high energy consumption, and the other one also plans to stop production for cold repair. The original production expansion plan will not slow down. It will replace capacity, optimize capacity structure and reduce production costs

there are many factors affecting the gross profit rate in the second half of the year: the price of raw materials is expected to decline in the second half of the year; The price of fuel oil at the fuel end is similar to that of natural gas, and it is expected that the price will change little in the second half of the year; The energy consumption of the new production line should be reduced by about 20%. The gross profit will decrease in the second half of the year, but the range is not expected to be large. It mainly depends on the trend of ASP. If the unit price can warm up earlier, the gross profit rate will be greatly improved

q3. In terms of current prices, is there a bottom or is there still room for decline? At the current price level, have some small factories lost money

a: at present, ASP is expected to have bottomed out. The current market price is the lowest in the past few years, and there is little room for further decline. According to the public data of several other manufacturers, when the gross profit margin of the company and Xinyi is about 40%, the gross profit margin of the second tier manufacturers is%, with a difference of 15 points or more. In the first half of this year, the company's gross profit was 29%, the second echelon is expected to be%, and the third echelon will be lower. At present, the gross profit of some small companies is expected to be relatively low, but the specific financial data are unknown

now the price of photovoltaic glass is at the bottom, which is the bottom of production and operation. Some factories have made plans for kilns. From the perspective of market inference, the current price has reached the bottom for most enterprises

q4. How about sales volume and accounting period

a: the production is still at full capacity. The main customers of the company are basically full production, and the impact will not be as great as the market expectation. The accounting period for customers has not been adjusted. The 531 policy will have a greater impact on small component factories. However, the company's customers are mainly the top 10 and top 20 manufacturers. They have little impact or have made some adjustments. In the first half of this year, the company suppressed the release of toxic gases. The proportion of export sales decreased compared with last year because the domestic sales in the leading quarter were particularly strong. The company received many domestic orders. After the 531 policy came out, the company planned to receive more overseas orders. In the past, one reason why we were unwilling to accept export orders was that the RMB exchange rate was strong. In the second half of the year, if the exchange rate reversed, we would be more willing to accept export orders

q5. Anhui plant can save 20% of the cost. How about the specific split? The kiln is designed by an intermediate manufacturer. Does it mean that similar enterprises can save the same cost by inviting them to build the kiln

a: the comprehensive energy consumption has decreased by about 20%. Recently, the wide version technology has been adopted in the two lines, resulting in an increase in the yield of about 5%. The four lines designed in the second line are wide versions, and the overall estimate is about 3 points

the company entrusts the general contractor of CNBM. After the main body comes out, the company's engineers will make adjustments to the scheme of CNBM based on past experience. The design of CNBM will reduce energy consumption by about 10% on the original capacity

q6. Year on year changes in the average selling price and gross profit margin of glass in the first half of the year? Is there any downside for the gross profit margin in the second half of the year

a: PV gross margin 29%, between the first half of ASP. The reason why ASP expects to see the bottom is that some glass factories have started to carry out cold repair, and the gross profit margin of most glass factories is very low from the perspective of gross profit. However, the number of glass factories' cold repair in advance has not reached the expected number

current order price

q7. Now, in addition to the company and Xinyi, many glass factories claim that the company is in a state of loss, but there are still some manufacturers who have plans to expand their factories. Does that mean that the demand for next year is very good? Company inventory status

a: the expansion plans of some state-owned enterprises at least show that they are optimistic about this industry. Secondly, they may expand production from the perspective of helping local enterprises' economy. It is generally necessary to expand the production of glass kilns In 5 years, the state-owned enterprises may be 1 Year

the inventory is in normal state and the daily level

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