NANJING EFG CO., LTD., expert of wateproof frame materials
Recent mainstream roving and products prices rose again 200-500 yuan / ton. Electronic cloth has reached 7.2 yuan / m (6.3~6.5 yuan / m before the Spring Festival), with the market systemic adjustment, glass and glass fiber faucet return excellent allocation opportunities, glass inventory inflection point and price increase point are better than the previous period, the industry continues to maintain high tolerance.
The supply-demand pattern is tight, roving + electronic yarn continue to increase prices. At present, the demand for downstream replenishment increased, enterprises shipped well, thermoplastic, short cut and other products supply is tight, hit a new high in recent years, based on the current tight supply and demand pattern, the future still has expectations.
A. glass fiber: low inventory, superimposed demand expansion, high certainty
The glass fiber and electronic cloth industry is currently maintaining a high boom and low inventory, while the expansion of demand will continue to be highly deterministic in the next 1-2 quarters, and there is no signal and logic to further enhance the pseudo boom.
a) stock position, demand recovery, glass fiber volume prices rise
Since the second quarter, glass fiber demand has been strong, inventory continues to degenerate, the current point, boulder domestic and Thai stock has fallen to a historical low of less than two weeks. With the recovery of overseas and auto demand in 2021, glass fiber prices are expected to rise again (the next round of glass fiber prices is expected to rise after the Spring Festival); electronic cloth prices will show greater flexibility than roving.
b）Glass fiber industry leader, scarce "global core assets"
Capacity level 2021 global effective capacity increment is mainly China boulder contribution, and boulder has completed the product upgrade; cost, intelligent manufacturing line landing, boulder cost advantage will be further expanded; technical barriers reflect the company's production melting rate, good product rate and other indicators are leading competitors, set as boulder energy consumption, unit consumption is the industry's best, so the cost industry is leading.
In addition, the current production capacity of boulder electronic yarn has reached 100000 tons, and the production capacity is expected to reach 160000 tons (650 million meters of electronic cloth) in the middle of 2021, leading the scale of electronic yarn sub-field. At the same time, the company has achieved the best cost of electronic yarn. At the same time, it is expected that the company's electronic yarn intelligent manufacturing second line 7 um and below high-end electronic yarn products will account for 30%, high-end products of domestic substitution more clear.
B.2021 glass fiber varieties are expected to exceed market expectations
All varieties of glass fiber in 2021 are expected to exceed market expectations, meaning that China's boulder 2021 results are expected to continue to refresh the forecast (expected to rise again, more than 5 billion yuan or period), the market for glass fiber corporate performance failure concerns may be eliminated.
On the whole, the supply and demand of glass fiber industry is tight, the profit elasticity of the industry is full, and the leading enterprises have the advantages of scale and capital, the parallel development of new business is expected to meet the breakthrough, and the comprehensive competitive advantage is still obvious.
Source: China Fiberglass
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