Recently, glass manufacturers have frequently sent price increase letters, involving Hebei, central China, East China, South China and other regions. In terms of spot goods, some parts of North China increased by 40 ~ 60 yuan / ton; Part of East China and South China increased by 60 ~ 100 yuan / ton; The price in Central China increased by 40 ~ 60 yuan / ton; Southwest China increased by 40 ~ 100 yuan / ton.
In previous years, after the Spring Festival, the phenomenon of long queues for goods usually occurred after the 15th day of the first month, and manufacturers rarely sent price increase letters at the first time after the festival. What is the reason behind the price rise in the glass market this year from before the festival to after the festival?
It is understood that before and after the Spring Festival in previous years, the downstream demand decreased, and the manufacturers issued winter storage policies to give preferential benefits, usually reducing the price of accumulated stocks. However, since last year, after the manufacturers issued the price protection policy, the traders had high willingness to store goods under low inventory, resulting in the rhythm of raising prices and going to the warehouse.
Insiders said that although the real estate has the peak season periodicity of "gold, silver and four", it is rare to queue up at the gate of the glass factory immediately after the Spring Festival.
Zhou Xiaoyan, an analyst at SDIC Anxin futures, said that after the pre Festival traders replenished the warehouse, the glass factory had little inventory pressure, the manufacturers had sufficient funds, and the market atmosphere set off. Manufacturers in various regions released follow-up price increases one after another, which stimulated the willingness of the downstream to store goods, and there was a long queue to pull goods after the festival. This phenomenon shows that the market is optimistic about the future market and has a strong willingness to hoard goods.
Since the beginning of the month, the market's expectation of stable growth of infrastructure has continued to rise, the mood of building materials is warm, and the undervalued value of glass has been repaired. According to the statistics of the data treasure of the securities times, as of the closing on February 10, the average increase of glass concept stocks since the Spring Festival is 3.19%, slightly outperforming the Shanghai stock index in the same period.
Zhuzhou Kibing Group Co.Ltd(601636) ranked first with an increase of 14.58%. The company is one of the leading enterprises of high-quality building glass in China. The products include high-quality float glass, energy-saving building glass, high aluminum electronic glass, neutral borosilicate medicinal glass, photovoltaic new materials, etc. On December 10 last year, the company said on the interactive platform that at present, the company has three glass production lines with a production capacity of 2500 tons / day to convert to ultra white photovoltaic glass. Some production capacity and products have been normally used in photovoltaic module enterprises, and the construction of five photovoltaic glass production lines is being orderly promoted.
The largest market value is Fuyao Glass Industry Group Co.Ltd(600660) . The current A-share market value of the company is close to 100 billion. The company is a global leading enterprise in automotive glass. Its customers include the world's top 20 automobile manufacturers and China's top 10 passenger car manufacturers. The company's revenue reached 17.2 billion yuan in the first three quarters of last year.
As of the closing on February 10, the stock market value of Flat Glass Group Co.Ltd(601865) a, the leader of photovoltaic glass, is close to 80 billion yuan. The company is at the leading level in the industry in terms of key technologies such as formula, production process and self explosion rate control of photovoltaic glass. According to the Research Report of Guokai securities, the company's production capacity is expected to reach 12200 tons / day and 18200 tons / day by the end of 2021 and 2022 respectively.
From the valuation level, as of February 10, Caihong Display Devices Co.Ltd(600707) , Shandong Jinjing Science And Technology Stock Co.Ltd(600586) , Zhuzhou Kibing Group Co.Ltd(601636) , Zhuhai Port Co.Ltd(000507) , Lens Technology Co.Ltd(300433) and other six glass concept stocks had a rolling P / E ratio of less than 20 times. Caihong Display Devices Co.Ltd(600707) the price earnings ratio is 5.16 times, ranking the lowest. The company's main business is the R & D, production and sales of substrate glass and display panel. According to the semi annual report of last year, the company has built two G8 5 + substrate glass kiln is the only one in China to break through G8 5 + enterprises with core technology of substrate glass manufacturing and realizing domestic mass production.
According to the latest performance data, according to the lower limit of net profit, 12 glass concept stocks are expected to grow by more than 20% in 2021. The net profit of five stocks including Caihong Display Devices Co.Ltd(600707) , Shandong Jinjing Science And Technology Stock Co.Ltd(600586) , Luoyang Northglass Technology Co.Ltd(002613) , Zhuzhou Kibing Group Co.Ltd(601636) , Hubei Sanxia New Building Materials Co.Ltd(600293) is expected to double.
Caihong Display Devices Co.Ltd(600707) it is estimated that the net profit in 2021 will be 2.55 billion yuan to 2.7 billion yuan, turning losses into profits year-on-year. During the reporting period, the production and sales of LCD substrate glass products increased by more than 40% year-on-year, and the production and sales rate reached more than 99%. The production, sales, price and operating cost of each line were better than expected.
