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:供需改善,量价齐升 - 发现报告

光伏玻璃深度专题:供需改善,量价齐升

电气设备2024-04-14曾彪、吴鹏中泰证券有***
AI智能总结
查看更多
光伏玻璃深度专题:供需改善,量价齐升

!"#$&'()*+,*-.*/0 !"#$n&'/()*+&'! !"#$%&'()*+ffi-ƒ —!"#$%&Ç( 2024.04.14 !"#$%&'()*+,$S0740522020001 !"#$-ƒ'()*+,$S0740522040004 ˇ!”g¥÷z“Y3"l[\#$r% )*+, /&'(©23™)o*Õ£DÕÄr]+,Y3lmnofiD-fi[/3[\0>#$;13zM2345 ä6'~F24eµN7—86D~30200/32200t/d`9Ù3lmnoÍ:;<ÛÙ)*D~3[\‘’K=¿ >P"03Ã@ABCú` /g'(©23lm-?Dâ—ûEFG^HI`lmnofgh-fiîJno@10K¨•¶3EFG^HI3 ‹ñ™áL1b—Mhp@NÖ—û`’OP—Mhp@3Q[5-6K¨RS3fiTNÖ—û7-8f/ 32bUVWT¡›XY—ûYZ`lmnofl‡XY+pZ3fiTNÖ—û1f3-4f/ t3b‚„‰ù[;<3[W˘ZY\+,`lm]^XY_+-fiDâñZ100-150…/`3fiTNÖ—û4f6-6f9/ t4bÛÙD~a[@b+1-2…/ 3‘’KÃI”gïc` £ùôdL'()*!"K$ef—ûGˆ3ˇ!”g¥÷gæ?õ3"l#$r%3ôdh¨Üij234kjä6'~kjlmnokjpq@ffikjstukjqv*~[kjw)Akjxy*~kz` xyÃ[LY|"0&:z“5QÿŸ+,õŒ]&5~*fÄ5êɬ«ÅRxy5ÇÆäãÉÑxyz` 3 ! " CONTENTS 1 -./012345#$ffi789 2 NOPQ@RST3PUVWX<= 3 :;<=12>?@3ABCDEF 4 )*GHIJKLM 目录 CONTENSONTE 中泰所 专业|领先|深度|诚信 1&'/0()*fl2#$ffi345 .YZ[1-2\!":;]^_?` /4578êÉ2324e1-2645*Õ7836.7GW3PFÃI80%` /45AB;<êÉ2324e1-2645ABfiÙ;<&ì37.0GW3PFÃI35%3EFÃI21%` !"1#$%&'()*+,-ø/GW0!"2#$%12()34ø/GW0 202220232024 60 50 40 30 20 10 0 M1-2M3M4M5M6M7M8M9M10M11M12 202220232024 24!" 24#" 25 20 15 10 5 0 M1M2M3M4M5M6M7M8M9M10M11M12 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% !"#$%&"'()*+,-n/ !"#Gessey012&"(3456()*+,-n/ .YZ[abcde!"fg.YLh DoÖ+,†HY˘3¡&'(Üáôö—ûYZ3efÛÙ˘ãz“3ÃIAB'(Üáóàâ£ùéä3%&'(78"0]ÄÃI` 9Ù345'(ãåçâ¯èêz“;ë3[\‘’K1¥'(78z“` !"3#12ffi6789: KA#$182%&'(/W)KA#$210%&'(/W) TOPConK*%&-182mm'(/W)HJTK*%&-210mm'(/W) !"4#&'EPCffi6;<9: +,-.EPC/ffi((/W)12-.EPC/ffi((/W) 5 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 2022/1/5 2022/3/5 2022/5/5 2022/7/5 2022/9/5 2022/11/5 2023/1/5 2023/3/5 2023/5/5 2023/7/5 2023/9/5 2023/11/5 0.80 4 3 2 2024/1/5 2024/3/5 1 2022/5/232022/8/232022/11/232023/2/232023/5/232023/8/232023/11/232024/2/23 !"#InforlinkConsuting()*+,-n/ !"#789:()*+,-n/ .YZ[ijklmnLh3:;op@qrs Y|CD1L46ABCDJKLMì58GW3EF‘’KÃI` )o'()*RSLíì3.283)*RS19.99Ê3EF1Xîï1.6Ê` ˚1"0GH1I9:)*)oRSñKYZ3óòz“'()*"0ô›-fiìn` !"5#4(12=>?@ABCD/GW0!"6#EFGH&'IJKLMN/O0 20234202445676 58.0 70 60 50 40 30 20 10 35 89:; 80.0% 30 60.0% 25 40.0% 20 20.0%15 0.0%10 -20.0%5 0 13233343 5363738393103113123 -40.0%0 2021/07 2021/09 2021/11 2022/01 2022/03 2022/05 2022/07 2022/09 2022/11 2023/01 2023/03 2023/05 2023/07 2023/09 2023/11 2024/01 2024/03 !"#SMM()*+,-n/ !"#;<=>()*+,-n/ -tZ[:;<=uv3wxyfil[|]~ '()*”g-fiij3Döânoõ*‘ÎúfiDéä˘Z`™cd1-2e3r)o~*fÄ5ùæ—û@nz±»ûü3'()*fgh/2021e@†HIYZ3°[’¢ùß0®'no£9§•¶ß3±9™’¢®©1]|©m$'()*™â'fiDéä` !"7#PQRH&'IJHSTUV GHI 2021H1 2021 2022H1 2022 2023H1 2023 cd7& 51.23% 41.11% 26.71% 23.75% 15.24% 21.39% efg 50.29% 35.70% 23.02% 23.31% 20.02% 22.45% RST 9.03% 8.25% 7.66% 8.18% 6.38% - hi2&" 30.49% 21.32% 15.01% 13.70% 1.36% - EFA 38.59% 35.76% 30.89% 23.94% 20.04% - jhkffi - 25.39% - 16.81% - 13.09% !"#?@A@B()*+,-n/CD#EFAGHIJKLFMNOPQGHICRSTGHIUVWXYZ[\]^_FM`ab -tZ[:;uÄÅÇ3filÉÑÖÜ '()*)o-Üèê´çL YZ]^_`#2017a12(bcdefghijIJGH>klmnopqrbQs&'IJ*tuEvG>klmbYZ_`wxyz[*+>øA|] YZAB~Ø#2020a11(bÄÅIDÉÑÖÜáàâä12ã>åçéfghXèêv&'12ëíìîfïñçéóòrbôö$ä~]fi&'IJ>kfiùñ|û]2020a12(bcdefgü†¢£>klmb§•¶]ß®©]2021a7(bcde™ ´f¨ô3&'IJuE•QtÆØı±Â-ûb˜¥µ»y¯¶]ß®©b&'IJ‰O>kvªºf¨] YZ™´æ;#2023a5(bø¿¡&'IJyz¬TbcdeÉf¿ƒfg.hXèv'«»…&' ÀIJ>kØı±ÂñAXÃÕrbv'«ŒnØı±Âû)œß®©û)bW–—“&'IJRH”>‘’÷ !"#$ !"0& '()* '(+, -+./ 20170121 234 56789:;<=>?@ABCD <=>?EFGHIJKfiM<=N67OPQRS89TUVWXY+JKNZY[@A \]^_]>?Z`a<=>?bH 2020011 234 56789:;<=>?@ABCcdefD <=>?gWhi89jk<=lmNRS89noV 20200121 234 56789:;<=>?@ABCpqrtD hixy89Iz[89TU|]`a<=>?bHZ~JKTU~ÄÅÇÉÑNuvw:;ÖÜ^áà0&âäuvwZãvTUKåNY+ÑQçéèêÑQ=ë6R íì6R_ZîïñTU3óZTUKòô<öõ;ú:ùû]ü<K†89V 2021071 234 56789:;<=>?@ABCDpqrt hi89|]•a<=>?bHZ~+K¶<=°¢£§0`VJKTUß®©2 uvwQ°¢£§;I3ó™-´4¨ÄÅÇÉÑN:;ÖÜ^áà0&âäuvwZãvTUKå öõ;ú:ùû]ü<K†89V 20220111234Q!ïÄQ5Ø0±ge¥µnÍPOLªd2;ºØNæ°¢£§¿¡`a¬,Æ≤ä!I<;!ƒá9bHZäƒhixy89<=£§Z•«h ÉÆÄ øD ixy89TU»…" V !"8#&'IJWXYZ[\ NY+ÑQçéèêÑQ=ë6RQíì6R_ZîïñTU3óZTUKòô< 2023051234Q!ïÄ5Ø0êÀÃÕnhixy89<=°¢£§N XØæøD !"#bcm()*+,-n/ °¢£§5æøD!"öŒœQ–—Q“3Q‘’_!"÷†®hi89ü<ÿ£§3óŸ …⁄¤V‹›hi<=»fifl‡142330t/dZ·á99650t/d<=‚+䃰¢£§V 10 -tZ[:;uÄÅÇ3filÉÑÖÜ uvw|©L'()*D~xyz[8|'hñEN`'(jG)*¨ÈªÖfäØ5àKf±ífé)oAœõï ¥8µSóuvw3fi¨ÈôöÉñæ5è†F‘æ5~’0 5Eº0 zuPÑOP'éè·ôd`uvÒæ1øfo·äãˆm54¿àòK¡f3¬î;QZxyz[éèÑ3ªÖÔƒ-Ü®/ñ0][5]Y¨Èäã3'ÑONôö` xyz[|©Lóò«ÉÑÖfämfiUuv'(jG)*¨Èåçéè'][5»…Ò ;L 10k2021a7(31IF/ÿü†¥hijIJGH>klmnopqrnoF0C⁄¤n‹c›øñ&'IJuEb•kfiü¨Ffl‡>klm·8b‚„‰kÂ*Ê>ÁË÷ 20k2021a7(31IFÈ⁄¤n‹c›øñ&'IJuEb„•͉Î]ïØı±ÂbØı±ÂàÏøÌñuE‰Ó”>bÔÈFg±ÂàÏñÈ]cuE‰Ó]c÷ óòÀÃ3'()*Õ¢?¥“’Œ™¨∞Ñ8-10e3±9xyz[|©fi"ñ™Õ¢?¥“Íœ#D~–—ÇH' ¨Èûü&õ3azMw‘%’™ô¨È£DQª3÷fi*óf¨ÈUVÈFÿ|Ÿ⁄3G¤'()*£DN‹` !"9#Øı±Âû)YZÒÚ! opqrstuvwxyv 2021z7[31|]~û 2021z8[1|Ä~û çéèäêbëí ìîïñó]òôN&ÜáÇõúùûü&†2°¢£N 2021z7[31|b ÅÇÉ Ñ2ÖN&Üáàâäã]å §•¶ßÉopqrún®W©m™@B]ü´¨‰ ÆØéèäêbëí ]]±°ç¨èäN §•¶ßÉopqr ]]±°ØäN §•¶ßÉopqrún®W©@B]ü´¨‰ !"#?nbcm()*+,-n/ 11 !"#$%&!'()*t/d+,-Ç/!"#$%&!'()*t//d+,-Ç/ -tZ[:;uÄÅÇ3filÉÑÖÜ !"10#µ»cdeXèØı±ÂFÛ[\ 2023051182345 678)19009:;<=>?@AÇ/ MN8)1900GHIJKL*OIJ+ 202306182BC% DEF2400GHIJKL PQR800GHIJKL 2023051192ST% MUVW4800GHIJKL*OIJ+XYZ[4000GHIJKL ST2\]2000GHIJKL*OIJ+PQR1609:;<=>?@AÇ/ 2023051222`^% abR24009:;<=>?@AÇ/cdef7209:;<=>?@AÇ/gGHIJKL 202306192^_% hi4800GHIJKLjkl)m150nop