您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中泰证券]:光伏玻璃深度专题:光伏玻璃:供需改善,量价齐升 - 发现报告
当前位置:首页/行业研究/报告详情/

光伏玻璃深度专题:光伏玻璃:供需改善,量价齐升

电气设备2024-04-14曾彪、吴鹏中泰证券黄***
光伏玻璃深度专题:光伏玻璃:供需改善,量价齐升

!"#$%&'()*+,*-.*/0!"#$%&'/()*+&'!2024.04.14!"#$%&'()*+,-.—!"#$%&'(!"#$%&'()*+,$S0740522020001!"#$-.'()*+,$S0740522040004 2)*+,p!"#$%&'()*+,-.Ø/"0123451-26'(789:;<=>?@346ABCDEFGH-I3JKLMNO58GW3PQ'()*RSTUVHWXYZ3'()*"0[\]^_-`Ø/!a1231bcd1-2e'()*fghij3klmnopqrst2buvw+xyz{8|}|)*D~ÄÅÇ3ÉÑÖÜá'()*àDâz{äãåçéèêM3ë:'()*D~íMì142330t/d3îï99650t/dD~"ñóòxyz{t3b'()*D~ôö"ñõúùûü†3°¢£ùúO10§•¶3noir?õùßj®`ÉêM323e©'()*™DD~9.85wt/d324eM ́ ̈≠D~4wt/d•¶3ÆØ-∞±≤}|+≥¥D~3zM24eμ'()*D~12wt/d∂∑`Ø24e23'()*!"[\#$3PQÆØ∏π9:)*D~∫DQª3!"N~ºΩæø¿3¡&)*+,-.`ɬ√3ƒá36≈É3'()*∆«+».0.5-1.0.../ 3° ÀgEFÃI0.33-0.65.../ 3ÕŒ16%-31%3+,œ–I1.../ 3° Àg–I6-7f/ `p—ûz“YZ3”g~®‘’K¥÷p◊ÿŸ+⁄Ÿ&®—û¤'()*—û70%9-3îï3◊ÿŸ—û‹ñ›fifl‡·‚„‰Âfl‡¤F◊ÿŸ7—b3⁄Ÿ&®—û‹ñ›fiÊÁË`pfl‡+,ÈÍU‘ÎYZÏÌ3ÊÁËzMÓÔ!πÒÚ9:ÛÙıˆÊÁËD~ ̃ ̄¡&+,Y ̆3 ̇ ̊¡&'()*—ûYZ3‘’KÃI ̧ ̋”g`pɬ√3ƒá36≈É3fl‡+,œYZ5%3° ÀgÃI0.11.../ •¶tÊÁË+,œYZ5%3 ̨° ÀgÃI0.15.../ •¶` 3)*+,pˇ!”g¥÷z“Y3"l[\#$r%p/&'(©23™)o*Õ£DÕÄr}+,Y3lmnoÅD-.[/3[\0>#$;13zM2345ä6'~∑24eμN7—86D~30200/32200t/d`9Ù3lmnoÍ:;<ÛÙ)*D~3[\‘’K=¿>?"03Ã@ABCú`p/g'(©23lm-?Dâ—ûEFG^HI`lmnofgh-.îJno@10K ̈•¶3EFG^HI3‹ñ™áL1b—Mhp@NÖ—û`’OP—Mhp@3Q[5-6K ̈RS3.TNÖ—û7-8f/ 32bUVWT¡›XY—ûYZ`lmnofl‡XY+pZ3.TNÖ—û1f3-4f/ t3b‚„‰ù[;<3[W ̆ZY\+,`lm]^XY_+-.DâñZ100-150.../`3.TNÖ—û4f6-6f9/ t4bÛÙD~a[@b+1-2.../ 3‘’KÃI”gïc`p£ùôdL'()*!"#$ef—ûGˆ3ˇ!”g¥÷gæ?õ3"l#$r%3ôdh ̈Üij234kjä6'~kjlmnokjpq@rkjstukjqv*~[kjw)Akjxy*~kz`pxyÃ{LY|"0∂:z“5◊ÿŸ+,õŒ}&5~fÄ5≈ɬ√ÅRxy5ÇÆäãÉÑxyz` !"CONTENTS-./012345#$6789:;<=12>?@3ABCDEF1234)*GHIJKLMNOPQ@RST3PUVWX<= ZQ0QH6IYDsZa4SotS3nYSXuIiR5LIXjoyAPlWbooCT0Mx8//Pv/vNnO++POLnNZ+CONTENTS目录CCONTENTS专业|领先|深度|诚信中泰证券研究所1&'/0()*12#$,345 6.YZ[1-2\!":;]^_?`p/4578≈É2324e1-2645*Õ7836.7GW3PFÃI80%`p/45AB;<≈É2324e1-2645AB.Ù;<&ì37.0GW3PFÃI35% 3EFÃI21%`!"1#$%&'()*+,-./GW0!"#$%&"'()*+,-./!"2#$%12()34./GW0!"#Gessey012&"(3456()*+,-./0102030405060M1 -2M3M4M5M6M7M8M9M1 0M1 1M1 2202220232024-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0510152025M1M2M3M4M5M6M7M8M9M1 0M1 1M1 220222023202424!"24#" 7.YZ[abcde!"fg.YLhpDoÖ+,†HY ̆3¡&'(Üáôö—ûYZ3efÛÙ ̆ãz“3ÃIAB'(Üáóàâ£ùéä3%&'(78"0ÄÃI`p9Ù345'(ãåçâ ̄éèêz“;ë3[\‘’K-¥'(78z“`!"3#1256789:!"#InforlinkConsuting()*+,-./0.801.001.201.401.601.802.002.202.402022/1/52022/3/52022/5/52022/7/52022/9/52022/11/52023/1/52023/3/52023/5/52023/7/52023/9/52023/11/52024/1/52024/3/5!"#$182%&'(/W)!"#$210%&'(/W)TOPCon!*%&-182mm'(/W)HJT!*%&-210mm'(/W)123452022/5/232022/8/232022/11/232023/2/232023/5/232023/8/232023/11/232024/2/23+,-.EPC/0((/W)12-.EPC/0((/W)!"4#&'EPC56;<9:!"#789:()*+,-./ 8.YZ[ijklmnLh3:;op@qrspY|CD1L46ABCDJKLMì58GW3EF‘’KÃI`p)o'()*RSLíì3.283)*RS19.99Ê3EF-Xîï1.6Ê`p ̊1"0GH-I9:)*)oRSñKYZ3óòz“'()*"0ô›-.∏π`!"5#4(12=>?@ABCD/GW0!"#SMM()*+,-./!"6#EFGH&'IJKLMN/O0!"#;<=>()*+,-./58.0 -40.0%-20.0%0.0%20.0%40.0%60.0%80.0%01020304050607013233343536373839310311312320234202445676051015202530352021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/052023/072023/092023/112024/012024/0389:; 9-tZ[:;<=uv3wxyzl{|}~!"7#PQRH&'IJHSTUV!"#?@A@B()*+,-./CD#EFAGHIJKLFMNOPQGHICRSTGHIUVWXYZ[\]^_FM`abp'()*”g-.ij3Döânoõ*‘ÎúÅDéä ̆Z`™cd1-2e3r)o~fÄ5ùæ—û@nz±≤ûü3'()*fgh/2021e@†HIYZ3°[’¢ùß0®'no£9§•¶ß3±9™’¢®©-}|©m$'()*™â'ÅDéä`GHI2021H120212022H120222023H12023cd7&51.23%41.11%26.71%23.75%15.24%21.39%efg50.29%35.70%23.02%23.31%20.02%22.45%RST9.03%8.25%7.66%8.18%6.38%-hi2&"30.49%21.32%15.01%13.70%1.36%-EFA38.59%35.76%30.89%23.94%20.04%-jhkl-25.39%-16.81%-13.09% 10-tZ[:;ÄÅÇ3zlÉÑÖÜ!"8#&'IJWXYZ[\!"#bcm()*+,-./p'()*)o-Üèê ́çLØYZ]^_`#2017a12(bcdefghijIJGH>klmnopqrbQs&'IJ*tuEvG>klmbYZ_`wxyz{*+>.A|}ØYZAB~#2020a11(bÄÅÇDÉÑÖÜáàâä12ã>åçéfghXèêv&'12ëíìîfïñçéóòrbôö$ä~]õ&'IJ>kúùñ|û}2020a12(bcdefgü†°¢£>klmb§•¶]ß®©}2021a7(bcde™ ́f ̈≠3&'IJuE•QtÆØ∞±≤-ûb≥¥μ∂∑∏¶]ß®©b&'IJπ∫>kvªºfΩ}ØYZ™ ́æ;#2023a5(bø¿¡&'IJyz¬√bcdeÉf¿ƒfg≈hXèv∆«»...&' ÀIJ>kØ∞±≤ñAXÃÕrbv∆«ŒnØ∞±≤û)œß®©û)bW–—“&'IJRH”>‘’÷!"#$!"%&'()*'(+,-+./2017012123456789:;<=>?@ABCD<=>?EFGHIJKLM<=N67OPQRS89TUVWXY+JKNZY[@A\]^_]>?Z`a<=>?bH202001123456789:;<=>?@ABCcdefD<=>?gWhi89jk<=lmNRS89noV2020012123456789:;<=>?@ABCpqrstDuvwhixy89Iz{89TU|}`a<=>?bHZ~JKTUÄÅÇÉÑN:;ÖÜ^áà%&âäuvwZãvTUKåNY+ÑQçéèêÑQ=ë6RQíì6R_ZîïñTU3óZTUKòô<öõ;ú:ùû}ü<K†89V202107123456789:;<=>?@ABCDpqrtuvwQ°¢£§hi89|}•a<=>?bHZ~+K¶<=°¢£§%`VJKTUß®©2;I3ó™- ́4 ̈ÄÅÇÉÑN:;ÖÜ^áà%&âäuvwZãvTUKåNY+ÑQçéèêÑQ=ë6RQíì6R_ZîïñTU3óZTUKòô<öõ;ú:ùû}ü<K†89V20220111234Q!≠ÄQÉÆÄ5Ø∞±≤≥¥μ∂∑∏π∫ªd2;ºΩNæøD°¢£§¿¡`a¬,Æ√ä!I<;!ƒ≈∆bHZäƒhixy89<=£§Z•«hixy89TU»..." V2023051234Q!≠Ä5Ø∞êÀÃÕ∂hixy89<=°¢£§NXØæøD°¢£§5æøD!"öŒœQ–—Q“”Q‘’_!"÷◊®hi89ü<ÿ£§3óŸ...⁄¤V‹›hi<=»fifl‡142330t/dZ·á99650t/d<=‚+䃰¢£§V 11puvw|©L'()*D~xyz{8|'hñEN`'(jG)* ̈È≠ÖÆäØ5à#∞±í∞≤)oA≥õï¥8μ∂óuvw3. ̈Èôö∑ñæ5∏πF‘æ5~∫ª 5Eºª zuΩÑOP'éè·ôd`uvÒæ-øÆo·äãˆm54¿àò#¡∞3¬î;QZxyz{éèÑ3≠Ö√ƒ-Ü®/ñ0]{5]≈ ̈Èäã3∆ÑONôö`pxyz{|©Lóò«ÉÑÖÆäm.Uuv'(jG)* ̈Èåçéè']{5»...Ò ;LØ10◊2021a7(31ÇF/ÿü†¥hijIJGH>klmnopqrnoF0Ÿ⁄¤n‹c›.ñ&'IJuEb•◊fiüΩFfl‡>klm·8b‚„‰kÂ*Ê>ÁË÷Ø20◊2021a7(31ÇFÈ⁄¤n‹c›.ñ&'IJuEb„•ÍπÎ]ïØ∞±≤bØ∞±≤àÏøÌñuE‰Ó”>bÔÈg±≤àÏñÈ]cuE‰Ó]c÷póòÀÃ3'()*Õ¢≥¥“’Œ™ ̈≠Ñ8-10e3±9xyz{|©."ñ™Õ¢≥¥“Íœ#D~–—“H' ̈Èûü∂õ3”zMw‘%’™ô ̈È£DQª3÷.*óÆ ̈ÈUV◊∑ÿ|Ÿ⁄3G¤'()*£DN‹`-tZ[:;ÄÅÇ3zlÉÑÖÜ!"9#Ø∞±≤û)YZÒÚ!!"#?nbcm()*+,-./opqrstuvwxyv2021z7{31|}~2021z8{1|Ä~2021z7{