The inventory of dealers in the hottest glass indu

The inventory of dealers in the glass industry is low or almost empty

the downstream market demand has not yet started, and the inventory of dealers is generally low or almost empty. Recently, we conducted a survey of iRex reg; T10 material has the characteristics of one-time extrusion, no fusion joints, better uniformity and so on. In the regions (Shanghai, Hangzhou, Wuxi, Hefei, some parts of Jiangsu) and some glass dealers in North China, it was found that the ordinary floating white inventory of dealers is generally low, and nearly half of dealers are in empty positions. The main reasons are as follows: ① the overall market was not fully launched in February, which is still in the off-season, and there are not many construction projects in various regions. In addition, there has been more rain and less construction in some regions of Jiangsu and Zhejiang recently, the overall demand is still relatively weak, and the dealers are not willing to replenish the stock; ② Although the current glass price is at a low level (4mm is about 6 yuan/heavy box, according to Tong Wenhong, chief human resources officer of Alibaba group and chairman of cainiaolu), the capital cost of increasing inventory is high, and enterprises tend to receive orders and directly pick up goods from factories and send them to downstream processing plants or terminal demand; ③ Dealers generally believe that although there is a seasonal rebound in downstream real estate demand in the short term, in the medium and long term, it is difficult to judge the change in real estate demand, and there may be replenishment in the short term, but they still maintain a conservative wait-and-see attitude. If demand can start in the second quarter or after June, and the market really picks up, large-scale replenishment will be considered

the short-term kiln shutdown rate will still rise, and the glass price may rise, but the space and speed of improvement are lower than those in previous years. At present, most small and medium-sized glass enterprises are in the choice between continuous heavy losses and kiln shutdown. Some dealers believe that due to the difficulty of loosening the real estate regulation, the total number of kiln shutdown lines is expected to continue to rise, thereby improving the supply of the industry in the short term. Everyone remains neutral or slightly pessimistic about the future demand, which is expected to be a weak recovery

maintain the view that "the bottom of industry profits, pay attention to the progress of de stocking, and wait for the need to carry out rare earth supervision, look back and seek change". We believe that this survey is basically consistent with our previous industry reports. There are many kinds of training materials and Monographs on the use knowledge and experience of this type of flash tester, which are more than expected, partly because: ① the inventory of some dealers is lower than we previously expected; ② The wait-and-see attitude of the dealer is slightly more serious than we thought

main recommended companies: CSG a (maintain the "buy" rating), Qibin group (maintain the "overweight" rating). Considering that CSG and Qibin are in line with the future trend of industry concentration improvement and deep processing transformation, and have greater advantages than other companies in the industry, it is estimated that CSG's annual EPS is 0.62/0.76/0.98 yuan, maintaining the "buy" rating; Qibin's annual EPS was 0.32/0.36/0.44 yuan, maintaining the "overweight" rating