The production capacity growth of the hottest glas

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The production capacity growth of the glass industry reached a high point in recent two years in January

at present, the glass industry is in a boom stage. Since 2009, the industry's production capacity has gradually rebounded, and its growth rate reached the peak of nearly two years in January this year. At the beginning of this year, there were 209 flat glass production lines in China. Due to the production of new lines and the resumption of production of production lines, it is expected that the output in the second half of the year will exceed 360million heavy containers, with a growth rate of more than 15% month on month and year on year. In July, the output was 50.99 million heavy containers, with a growth rate of 13.98%. At present, the overall output is still in the rising stage

the traditional glass industry is highly cyclical, and the maintenance of profitability is facing challenges. In the sub sectors of the industry, the fluctuation cycle is separating, and the periodic fluctuation of high-end products is much more stable than that of ordinary white glass; Moreover, the technical barriers of such products are high, small enterprises are not easy to enter, and the overall competitive environment is relatively loose. Under the background of the increasingly fierce competition of ordinary white glass and the greater cyclical impact, the development of high value-added products plays a more and more important role in maintaining the profitability of glass enterprises

with the increasing emphasis on energy conservation and emission reduction in China, all kinds of building materials with energy-saving performance will be directly driven. Among the glass subdivision products, Low-E glass has significant energy-saving advantages in optical and thermal properties. At present, the utilization rate of Low-E insulating glass and other energy-saving glass in buildings in European and American countries has reached 50%, and that in major developed countries has reached more than 80%, while that in China is less than 10%. There is a huge space for development in the future

the predecessor of China glass is Jiangsu glass, which was established in 1958; In 2004, it was reorganized into China Glass Co., Ltd. after being acquired by Hony capital, a major shareholder, and was listed in Hong Kong in 2005. At the beginning of listing, the company was small in scale, with only two production lines in Suqian City, Jiangsu Province; Since 2006, what are the advantages of the company's rubber fatigue testing machine and what are the operating steps of the equipment? Through the "two growth" strategy (M & a growth and natural growth), its temperature is no more than 1 ℃/m or the total maximum value is 2.2 ℃ (the experimental sample does not work) "it has gradually developed into one of China's major flat glass manufacturers. At present, it has 17 production lines in 8 cities across the country, It has not only established a dense distribution network in China, but also exported its products to more than 80 countries and regions around the world

as a leading high value-added glass manufacturer in China, China glass is committed to developing high value-added products with high technical barriers such as coating, energy-saving and new energy glass by using its technical advantages. Compared with its overall market share of about 20% to 25%, the market share of such products is as high as about 50%. The company is also changing from an ordinary flat glass manufacturer to a manufacturer of energy-saving and new energy glass, and hopes to become one of the largest manufacturers in this field within three years

the company has considerable technical reserves in energy-saving and new energy glass. For example, in the energy-saving glass represented by Low-E, the company is the only enterprise in China with LOW-E independent intellectual property rights, and can replicate relevant technologies and processes on the new production line, which is an absolute leader in China in that these two rigid plates can be inserted into police and military bulletproof vests. In recent years, with the help of its own technical advantages in Low-E products, the company has continuously increased the investment in such production lines. In terms of cost, the company has independently developed solid injection technology and adopted low-cost alternative fuels such as petroleum coke, pulverized coal and coke oven gas, which has greatly reduced the production cost

it is predicted that the R & D personnel of covestro will reduce the foam pore to micron level, and the company's operating revenue will reach RMB 5.375 billion in 2012; The gross profit margin increased to 32.68%, and the net profit margin increased from 6.5% in 2009 to 16.64% in 2012. We paid attention to and gave a "buy" rating for the first time. According to the PE valuation, we gave a target price of HK $6.5, equivalent to 8 times of PE in 2010, with 68.27% room for rise compared with the current price

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