In the first quarter, the production and sales of the glass industry was in a good situation From January to March in 2011, the national flat glass industry accumulated a total of 174 million weight boxes of flat glass, a year-on-year increase of 13.60%. Among them, the company focused on producing 94.64 million weight cases, an increase of 14.70% over the same period of last year. From the sales point of view, cumulative sales of 89.05 million weight cases in January-March, an increase of 18.70%. Glass sales this year have shown a relatively strong pattern, mainly due to the rapid growth in the area of ​​newly-started downstream real estate and completed area in the first quarter.
Flat glass will enter the inventory phase later. From the perspective of changes in the inventory of flat glass companies, the industry experienced destocking in 2009. After inventory was filled in 2010, a small cycle of destocking occurred in the first quarter of this year. We believe this is mainly due to the high production enthusiasm of the enterprises with strong sales at the beginning of the year. However, the current application of the glass industry has shown a further decline in the sales growth of the downstream auto industry. The growth rate of the area completed in the first three months of the property has increased, but Considering that the volume of real estate transactions subject to macro-control will be reduced this year, the progress of real estate development in the latter period may slow down. At present, the inventory level of flat glass companies is relatively high. We judge the uncertainties of future downstream demand in the second quarter and will further digest stocks.
Flat glass prices may fluctuate slightly. Judging from the price trend of float glass products, glass prices have been oscillating at high levels since the glass price rebounded sharply in the second half of 2009. From the end of last year to the first quarter of this year prices showed a downward trend. We believe that the trend of glass prices will continue to show a slight downward trend in the late period of low demand in the downstream and high inventory levels in the industry.
Judgment on the business climate: Pressure on production release is large, and the short-term economy is not optimistic. In 2010, China added 34 new flat glass production lines, added a new capacity of 130 million weight boxes, and the national flat glass production capacity reached 890 million weight boxes. The capacity utilization rate has dropped to around 70%. We assume that 2011-2012 glass production growth rate of 9% and 7%, new production capacity of 110 million weight boxes and 50 million weight boxes, the corresponding phase-out amount in accordance with 26 million and 30 million weight boxes are measured, 2011 and The capacity utilization rate in 2012 was 70.5% and 73.9%. The overall supply and demand of the industry this year is not optimistic.
Float glass business profitability weakened. From a growth perspective, the flat glass industry's revenue growth rate began to decline after reaching the high point in May last year, mainly due to the drop in glass prices. From the perspective of profitability, the prices of soda ash, heavy oil, and coal, which are the main raw materials for glass production, have been raised to varying degrees, driving up the production costs of glass companies, while the prices of flat glass have been declining, which has caused the industry’s wool The level of interest rates continues to decline.
Avoid ordinary float glass companies and continue to focus on deep-processing glass and specialty glass. In the glass industry, we continue to maintain our original view that deep-processed glass and special glass will be the main investment direction. The main investment categories are China Aviation Sanxin, CSG A, Jinjing Technology, and King Kong Glass.
Flat glass will enter the inventory phase later. From the perspective of changes in the inventory of flat glass companies, the industry experienced destocking in 2009. After inventory was filled in 2010, a small cycle of destocking occurred in the first quarter of this year. We believe this is mainly due to the high production enthusiasm of the enterprises with strong sales at the beginning of the year. However, the current application of the glass industry has shown a further decline in the sales growth of the downstream auto industry. The growth rate of the area completed in the first three months of the property has increased, but Considering that the volume of real estate transactions subject to macro-control will be reduced this year, the progress of real estate development in the latter period may slow down. At present, the inventory level of flat glass companies is relatively high. We judge the uncertainties of future downstream demand in the second quarter and will further digest stocks.
Flat glass prices may fluctuate slightly. Judging from the price trend of float glass products, glass prices have been oscillating at high levels since the glass price rebounded sharply in the second half of 2009. From the end of last year to the first quarter of this year prices showed a downward trend. We believe that the trend of glass prices will continue to show a slight downward trend in the late period of low demand in the downstream and high inventory levels in the industry.
Judgment on the business climate: Pressure on production release is large, and the short-term economy is not optimistic. In 2010, China added 34 new flat glass production lines, added a new capacity of 130 million weight boxes, and the national flat glass production capacity reached 890 million weight boxes. The capacity utilization rate has dropped to around 70%. We assume that 2011-2012 glass production growth rate of 9% and 7%, new production capacity of 110 million weight boxes and 50 million weight boxes, the corresponding phase-out amount in accordance with 26 million and 30 million weight boxes are measured, 2011 and The capacity utilization rate in 2012 was 70.5% and 73.9%. The overall supply and demand of the industry this year is not optimistic.
Float glass business profitability weakened. From a growth perspective, the flat glass industry's revenue growth rate began to decline after reaching the high point in May last year, mainly due to the drop in glass prices. From the perspective of profitability, the prices of soda ash, heavy oil, and coal, which are the main raw materials for glass production, have been raised to varying degrees, driving up the production costs of glass companies, while the prices of flat glass have been declining, which has caused the industry’s wool The level of interest rates continues to decline.
Avoid ordinary float glass companies and continue to focus on deep-processing glass and specialty glass. In the glass industry, we continue to maintain our original view that deep-processed glass and special glass will be the main investment direction. The main investment categories are China Aviation Sanxin, CSG A, Jinjing Technology, and King Kong Glass.
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