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【元富证券(香港)】耀皮玻璃:调研快报

[Yuanfu Securities (Hong Kong)] Yaopi Glass: research KuaiBao

元富證券(香港) ·  May 12, 2011 00:00  · Researches

600819.SH is a Sino-British joint venture established in 1984 and later listed on the B-share market. At present, the single largest shareholder is 19.41% owned by Pilkington International Holdings. The actual controller is state-owned assets, of which Shanghai Building Materials Group holds 26.33% and China Composite Group, a subsidiary of Hong Kong-listed China National Building Material Group, holds 16.26%.

Although the company used to be a leading enterprise in the glass industry in the mainland, due to the lack of financing function in the B-share market and the impact of the construction of the factory pavilion and the relocation of the production line at the Shanghai World Expo since 2006, the development of the enterprise has been relatively slow. After the relocation of the Expo, the company has two float glass production lines in Changshu (with an annual production capacity of 360000 tons) and two float glass production lines in Tianjin (one has been put into production of 180000 tons and the other is under construction). At present, the total production capacity is 540000 tons, which is expected to reach 720000 tons in 2012. In terms of deep processing capacity, the company has a deep processing capacity of 8 million tons, 5 million tons and 2 million tons respectively in Shanghai, Tianjin and Jiangmen, and has a supporting capacity of 1.2 million sets of automotive glass.

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