光伏玻璃行业研究：供需趋于动态平衡，行业盈利有望触底回升

投资要点 ➢ ➢ 一、光伏玻璃是组件的重要封装材料，双玻组件渗透率持续提升.................................................41.光伏玻璃是组件的重要封装材料.................................................................................................................42.双玻组件渗透率持续提升，光伏玻璃向薄型化发展....................................................................................6二、光伏装机持续高增，政策调控下全年供需有望趋于动态平衡.................................................71.需求端：碳中和&光伏平价&消纳率缓解，光伏装机持续高增....................................................................72.供给端：多因素制约光伏玻璃新增产能投放...............................................................................................93.供需测算：全年供需趋于动态平衡............................................................................................................11三、生产成本下降叠加阶段性供需缺口，行业盈利有望触底回升...............................................121.成本端：原料燃料价格回落，生产成本下降.............................................................................................122.价格端：阶段性供需缺口有望带来价格上涨.............................................................................................133.盈利端：一线企业优势明显，行业盈利有望触底回升...............................................................................14四、投资建议.............................................................................................................................151.福莱特........................................................................................................................................................152.旗滨集团....................................................................................................................................................15五、风险提示.............................................................................................................................17 ........................................................................................................................................4........................................................................................................................................5........................................................................................................................................5...................................................................................................................................................5...................................................................................................................................................5......................................................................................................6..............................................................................6........................................................................................................................................7.............................................................................................................................8...................................................................................................8...........................................................................................................................9...........................................................................................................................................10...........................................................................................................................................12................................................................................................................................12...........................................................................................................................................13.........................................................................................................................13.....................................................................................................14...............................................................................................................14 ......................................................................................................14..................................................................................................................15..............................................................................................................15................................................................................................16............................................................................................16 ............................................................................................................10.........................................................................................................................................11 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫