The Zhongtai Securities Research Report said that from the demand side, domestic PV installations and exports performed well in January-February. Module production continued to rise month-on-month in April, with preliminary estimates reaching 58 GW. At the same time, PV glass inventories have also been declining continuously for many weeks, and demand for photovoltaic glass is expected to follow the trend. From the supply side, the gross margin of photovoltaic glass has been under pressure in the past 1-2 years, and non-leading companies are more prone to setbacks; hearings+risk warning systems have limited the rapid expansion of glass production capacity; photovoltaic glass production capacity construction requires large capital support, and enterprises are under great financial pressure. According to statistics, the production capacity of photovoltaic glass in 2023 is 9.85 wt/d, and the planned ignition production capacity is about 4 wt/d in 2024. Considering the above factors limits+cold repair production capacity, it is estimated that the photovoltaic glass production capacity will be less than 12 wt/d by the end of 2024. The supply and demand for photovoltaic glass is expected to improve in 2024. At the same time, considering the peak season and the time when glass production capacity rises, there may be a phased mismatch between supply and demand, leading to a rise in glass prices. Meanwhile, the cost of photovoltaic glass is expected to decline. In anticipation of a sector profit recovery, the leaders are expected to fully benefit.