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DOT Number Database Database of Department of Transportation Numbers on Windshields from Various Sources Dot Number Manufacturer Location DOT‐1 SUPERGLASS S.A
DOT Number Database Database of Department of Transportation Numbers on Windshields From Various Sources Dot Number Manufacturer Location DOT‐1 SUPERGLASS S.A. EL TALAR TIGRE BS.AS. ARGENTINA DOT‐2 J‐DAK, INC. SPRINGFIELD TN UNITED STATES DOT‐3 SACOPLAST S.R.L. OTTIGLIO ALESSANDRIA ITALY DOT‐4 SOMAVER AIN SEBAA CASABNLANCA MOROCCO DOT‐5 JIANGUIN JINGEHENG HIGH‐QUAL. DECORATING GLASS WORKS JIANGUIN JIANGSU PROVINCE CHINA DOT‐6 BASKENT GLASS COMPANY SINCAN ANKARA TURKEY DOT‐7 POLPLASTIC SPA DOLO VENEZIA ITALY DOT‐8 CEE BAILEYS #1 MONTEBELLO CA DOT‐9 VIDURGLASS MANBRESA BARCELONA SPAIN DOT‐10 VITRERIE APRIL, INC. P.A.T. MONREAL QUEBEC CANADA DOT‐11 SPECTRA INC. MILWAUKEE WI DOT‐12 DONG SHIN SAFETY GLASS CO., LTD. BOOKILMEON, JEONNAM KOREA DOT‐13 YAU BONG CAR GLASS CO., LTD. ON LOK CHUEN, NEW TERRITORIES HONG KONG DOT‐15 LIBBEY‐OWENS‐FORD CO TOLEDO, OH, USA DOT‐16 HAYES‐ALBION CORPORATION JACKSON, MS, USA DOT‐17 TRIPLEX SAFETY GLASS COMPANY LIMITED BIRMINGHAM, ENGLAND DOT‐18 PPG INDUSTRIES PITTSBURGH, PA, USA DOT‐19 PPG CANADA INC.,DUPLATE DIVISION OSHAWA,ONTARIO, CANADA DOT‐20 ASAHI GLASS CO LTD TOKYO, JAPAN DOT‐21 CHRYSLER CORP DETROIT, MI, USA DOT‐22 GUARDIAN INDUSTRIES CORP AUBURN HILLS, MI, USA DOT‐23 NIPPON SHEET GLASS CO. LTD OSAKA, JAPAN DOT‐24 SPLINTEX BELGE S.A. GILLY, BELGIUM DOT‐25 FLACHGLAS AUTOMOTIVE GmbH WITTEN, GERMANY Page 1 of 27 Dot Number Manufacturer Location DOT‐26 CORNING GLASS WORKS CORNING, NY, USA DOT‐27 SEKURIT SAINT‐GOBAIN DEUTSCHLAND GMBH GERMANY DOT‐32 GLACERIES REUNIES S.A. BELGIUM DOT‐33 LAMINATED GLASS CORPORATION DETROIT, MI, USA DOT‐35 PREMIER AUTOGLASS CORPORATION LANCASTER, OH, USA DOT‐36 SOCIETA ITALIANA VETRO S.P.A. -
October 28–31, 2019 Greater Columbus Convention Center Columbus, Ohio USA
CONFERENCE ON GLASS PROBLEMS 80 October 28–31, 2019 Greater Columbus Convention Center Columbus, Ohio USA GPC is the largest glass manufacturing event in North America, attracting global manufacturers and suppliers to exchange innovations and solutions. Organized by: Endorsed by: 1 Tri-Mer World Leader in Glass Emissions Control More installed systems than all other suppliers combined Nearly a decade in glass: container, flat glass, tableware The proven solution for air-fuel and oxy-fuel gas furnace emissions: PM, NOx, SOx, HCl, HF, metals, mercury, hex chrome, dioxins/furans, VOCs, CO Talk with Business Development Director Nick Evans, Booth 305, or call 989-627-1040 www.tri-mer.com 2 80 October 28–31, 2019 Greater Columbus Convention Center Columbus, Ohio USA THANK YOU SPONSORS! Bob Lipetz, MBA S. K. Sundaram, PhD Conference Director Program Director Glass Manufacturing Industry Council Alfred University Welcome to the 80th Conference on Glass Problems (GPC), an es- sential forum for the exchange of ideas and a reliable meeting place for the glass manufacturing industry. We have designed the GPC to provide maximum value in support of your professional goals. The leading trade association bridging glass segments, the Glass Manu- facturing Industry Council (GMIC), in partnership with Alfred University, the leading American glass teaching and research institution, co-orga- nize the conference, with programming direction provided by an active industry advisory board. GPC technical sessions address manufacturing issues, citing real world data from manufacturers and solutions providers. Additional value-rich resources are available, such as our two short courses on Refractories and on Fundamentals of Batch and Furnace Operations. -
LTN201604251262.Pdf
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. * ANNOUNCEMENT ON REPLY TO THE LETTER OF ENQUIRY FROM THE SHANGHAI STOCK EXCHANGE IN RELATION TO POST-VETTING OF THE 2015 ANNUAL REPORT Luoyang Glass Company Limited (the “Company”) and all members of the board (the “Board”) of directors (the “Directors”) of the Company warrant the truthfulness, accuracy and completeness of the contents of this announcement, and accept several and joint responsibilities for any false information, misleading statements or material omissions in this announcement. As required in the Letter of Enquiry in Relation to Post-vetting of the 2015 Annual Report of Luoyang Glass Company Limited (Shang Zheng Gong Han [2016]No. 0379) (hereinafter referred to as “Enquiry Letter”) issued by Shanghai Stock Exchange, the Company hereby replies to the relevant questions in the Enquiry Letter as follows: – 1 – I. INDUSTRY COMPETITION PATTERN AND CORE COMPETITIVENESS OF THE COMPANY 1. Competitive Strengths. Please provide a detailed analysis of the Company’s business model, business status and development prospect in the ultra-thin glass segment, the core competitiveness and major performance drivers, and the competitive advantages and disadvantages of the Company, taking into account the Company’s business scale, industry segments, product competitiveness, market demand and production capacity, technical barriers of products and situations of competitors. -
GLASTON CORPORATION Yliopistonkatu 7 - 00100 Helsinki - Finland Tel.: +358 10 500 500 / Fax: +358 10 500 6515
2015 world directory 2 - Copia omaggio € ââÊ`ÊV«iÀÌ>Ê > Suppliers’ THAT’S WHY THIS WILL BE Profiles YOUR NEXT LAMINATING LINE ZERO DEFECTS ZERO WASTE ZERO DOWNTIME > Suppliers’ ZERO DISPERSION Products & ÊʰÊÓÇÉäÓÉÓää{ÊcÊ{È®Ê>À̰ʣ]ÊV>Ê£ÊÊ Ê>ÊÊÊUÊÊÊ*Ài Yellow Pages > Glassworks’ Addresses ÌÌ]Ê*ÃÌiÊÌ>>iÊ-«>ÊÊ-«i`°ÊÊ>°Ê«°ÊÊ °°ÊÎxÎÉÓääÎÊVÛ° Powerlam FLAT GLASS LAMINATING LINE WITH EVA & PVB AVAILABLE IN ABSOLUTE PERFORMANCE AND RELIABILITY INTERACTIVE VERSIONS TOO }ÞÊÌiÀ>Ì>]Ê->ÀÌiiÀ}ÞÊ-°À°°]Ê À°Ê,ië°Ê>ÀVÊ*i DESKTOP DISCOVER MORE www.rcnengineering.it IPAD/IPHONE RCN ENGINEERING S.R.L. Via Marcatutto, 7 - 20080 Albairate (MI) Italy Tel +39 02 94602434 - [email protected] www.rcnengineering.it -Õ««iiÌÊÊ>ʰʣ{{ÊÊ>ÀV É«ÀÊʰÊÓÉÓä£xÊ`Ê>ÃÃ/iV ANDROID DEVICES www.glassonline.com Multi-roller coating machine for the enamelling and design printing of float glass sheets. ROLLMAC a division of GEMATA - Via Postale Vecchia, 77 - 36070 Trissino (VI) Italy Tel. +39.0445.490618 - Fax +39.0445.490639 - E-mail: [email protected] - www.rollmac.it Because we care Revolutionary. Also our technologies. INSULATING GLASS MANUFACTURING Bystronic glass symbolises innovation with machinery, HANDLING EQUIPMENT systems and services for the processing of architectural AUTOMOTIVE GLASS PREPROCESSING and automotive glass focused on tomorrow’s market. From basic requirements through to entire, customised installations Bystronic glass provides pioneering solutions – naturally, all in the highest quality. www.bystronic-glass.com IR medium wave twin tubes emitters for: iÃÊÌ>µÕ>ÀÌâÊ>ÃÊ«À`ÕViÃÊ } ÞÊ Ê UÊ >>Ì}Êià >««ÀiV>Ìi`Ê iµÕ«iÌÊ vÀÊ Ì iÊ }>ÃÃÊ Ê UÊ ÀÀÀ}Êià industry such as manual and au- Ê UÊ `ÀÞÊÃVÀiiÊ«ÀÌ}Êià tomatic tin side detectors and UV polymerization units. -
Disclosed Manufacturers
The Collegiate Licensing Company 8/5/2013 3:45:44PM Disclosed Manufacturers Disclosed as of 08/05/2013 University of Cincinnati Factory: Dong Yang New Day Huang Garment Co. Disclosed: 06/03/2013 Phone: 86-0379-86880108 180s LLC Contact: Mr. Lu Jun Hua Deyork Vietnam Co., Ltd Factory: Address: West City Industrial Zone Disclosed: 05/03/2013 Phone: 84-663-533970 Dongyang City 322100 China Customer Service Contact: Email: Suoi Cao hamlet, Phuoc Long Village, Go Dau District Address: Product: Apparel Tay Ninh 840000 Vietnam Association: Manufacturer Email: [email protected] Green Vina Co., Ltd. Product: Apparel Factory: 12/18/2011 84-650-6284-177 Association: Manufacturer Disclosed: Phone: Contact: Mr. Joseph Park Long Way Enterprise Co., Ltd. Factory: Address: Bonh Dang Questa, Binh Hoa Ward Disclosed: 02/10/2013 Phone: 86-755-27116775Ext.8202 Thua An 84 Vietnam Mr. Sammi Cheng Contact: Email: [email protected] Lou Village Industrial Estate, Gong Ming Guang Ming New District Address: Product: Apparel Shenzhen China Association: Manufacturer Email: [email protected] Jiang Yin Jiu Dine S & T Co. Product: Apparel Factory: 12/07/2011 86-510-86872719 Association: Manufacturer Disclosed: Phone: Contact: Ms. Jane Kim TuYu Sports Instruments Factory Factory: Address: 218 Chang Jiang Rd. Disclosed: 07/05/2007 Phone: 86-755-29116775 Jiang Yin 21440 China Mr. Fred Tseng Contact: Email: [email protected] Lou Village, 1st Industrial Estate, Gong Ming, Bao An Address: Product: Apparel Shen Zhen 518107 China Association: Manufacturer Email: [email protected] JME Vina Co. Ltd. Product: Ear Wraps Factory: 01/09/2013 84-650-3822991 Association: Manufacturer Disclosed: Phone: Contact: Mr. -
Company News
August 31, 2017 COMPANY NEWS China Glass Holdings Limited [3300.HK; HK$0.70; Not Rated] Key takeaways from 1H 2017 results presentation and detailed discussion with management Market Cap: US$162m; Free Float: 41.1%; 3-months Average Daily Turnover: US$0.13m Analyst: Mark Po [China Glass Holding Limited] The Company. China Glass Holdings Limited (CGH) produces float glass in (HK$) (HK$ million) 1.5 10 China, and markets its glass under the SUBO brand name in China and internationally. 8 CGH held its 1H 2017 results presentation yesterday. Management discussed 1 the Company’s 1H 2017 results, the outlook for industry and the Company, and 6 its near-term expansion plan. We also had a detailed discussion with CGIH’s 4 new management regarding the Company’s relationship with CNBM Group, its 0.5 roadmap and strategy, and its overseas business development. We believe that 2 CGH is likely to be the platform for CNBM Group to develop glass operations in both China and overseas markets. 0 0 1H 2017 results highlights. CGH’s 1H 2017 net profit was RMB22.9m, which is Aug16 Oct16 Dec16 Feb17 Apr17 Jun17 Turnover (RHS) Price (LHS) a turnaround from a net loss of RMB93.9m in 1H 2016. Turnover increased by Key Financials 2013 2014 2015 2016 about 20% YoY, from RMB918m in 1H 2016 to RMB1,101m in 1H 2017. The (in RMB m) increase in turnover was attributable mainly to a 13% YoY increase in the average selling price (ASP), from RMB60.5/DWC in 1H 2016 to RMB68.6/DWC Revenue 2,760.4 2,489.4 1,968.9 2,139.7 Gross Profit 537.2 372.2 78.3 327.3 in 1H 2017. -
Xinyi Glass [0868.HK] Improving Supply/Demand Situation
March 04, 2016 Xinyi Glass [0868.HK] Improving supply/demand situation. Initiate with BUY Xinyi Glass (XYG) is a leading diversified glass manufacturer and the second-largest float China Construction Sector - glass producer in China. XYG has a 20% share worldwide of the automobile (auto) after- market replacement glass market. Despite concerns about the outlook for XYG’s float Building Materials glass division, given industry-wide excess capacity, the Chinese government’s supply-side reform policy might change the supply/demand dynamics of the industry, which would be positive for XYG. With resilient global aftermarket auto glass demand, the wide adoption of BUY Low-E glass, and capacity rationalization in the float glass industry in China, we expect XYG to post a 8.2% top-line CAGR and 18.4% bottom-line CAGR in 2015-17E. We also maintain the view that the negatives for XYG have been priced-in. Details on the govern- Close: HK$4.39 (Mar 03, 2016) ment’s target for capacity reduction in the float glass industry, further cuts in natural gas prices, and the Xinyi Solar (XYS) development plan are share price catalysts. The XYG Target Price: HK$5.5 (+24.7%) share price may come under pressure because of weak market sentiment, which in our view offers a good buying opportunity for investors. XYG is now trading at 8.4x 2016 PER. With its undemanding valuation, we initiate coverage on XYG with a Buy rating for a target price of HK$5.5 (based on 10.5x 2016E PER, lower than historical average and but in line Share Price Performance with the average of its listed peers). -
DOT No. MANUFACTURER NAME CITY STATE COUNTRY 1 SUPERGLASS S.A
DOT No. MANUFACTURER NAME CITY STATE COUNTRY 1 SUPERGLASS S.A. EL TALAR TIGRE BS.AS. ARGENTINA 2 J-DAK, INC. SPRINGFIELD TN UNITED STATES 3 SACOPLAST S.R.L. OTTIGLIO ALESSANDRIA ITALY 4 SOMAVER AIN SEBAA CASABNLANCA MOROCCO 5 JIANGUIN JINGEHENG HIGH-QUAL. DECORATING GLASS WORKS JIANGUIN JIANGSU PROVINCE CHINA 6 BASKENT GLASS COMPANY SINCAN ANKARA TURKEY 7 POLPLASTIC SPA DOLO VENEZIA ITALY 8 CEE BAILEYS #1 MONTEBELLO CA 9 VIDURGLASS MANBRESA BARCELONA SPAIN 10 VITRERIE APRIL, INC. P.A.T. MONREAL QUEBEC CANADA 11 SPECTRA INC. MILWAUKEE WI 12 DONG SHIN SAFETY GLASS CO., LTD. BOOKILMEON, JEONNAM KOREA 13 YAU BONG CAR GLASS CO., LTD. ON LOK CHUEN, NEW TERRITORIES HONG KONG 14 WITHDRAWN - SEE COMMENTS 15 LIBBEY-OWENS-FORD CO TOLEDO OHIO UNITED STATES 16 HAYES-ALBION CORPORATION JACKSON MISSISSIPPI UNITED STATES 17 PILKINGTON AUTOMOTIVE (UK) LTD. BIRMINGHAM ENGLAND 18 PPG INDUSTRIES PITTSBURGH PENNSYLVANIA UNITED STATES 19 PPG CANADA INC.,DUPLATE DIVISION OSHAWA ONTARIO CANADA 20 ASAHI GLASS CO LTD TOKYO JAPAN 21 CHRYSLER CORP DETROIT MICHIGAN UNITED STATES 22 GUARDIAN INDUSTRIES CORP AUBURN HILLS MICHIGAN UNITED STATES 23 NIPPON SHEET GLASS CO. LTD OSAKA JAPAN 24 AGC AUTOMOTIVE EUROPE SA GILLY BELGIUM 25 PILKINGTON AUTOMOTIVE DEUTSCHLAND GMBH WITTEN GERMANY 26 CORNING GLASS WORKS CORNING NEW YORK UNITED STATES 27 SAINT-GOBAIN SEKURIT-DEUTSCHLAND GMBH CO. KG AACHEN GERMANY 28 WITHDRAWN - SEE COMMENTS 29 WITHDRAWN - SEE COMMENTS 30 WITHDRAWN - SEE COMMENTS 31 WITHDRAWN - SEE COMMENTS 32 SAINT-GOBAIN SEKURIT BENELUX S.A. SAMBREVILLE BELGIUM 33 LAMINATED GLASS CORPORATION DETROIT MICHIGAN UNITED STATES 34 WITHDRAWN - SEE COMMENTS 35 PREMIER AUTOGLASS CORPORATION LANCASTER OHIO UNITED STATES 36 PILKINGTON SIV S.P.A., ITALY SAN SALVO (CHIETI) ITALY 37 SAINT-GOBAIN SEKURIT ITALIA S.R.L. -
Exhibitors for the 2019 International Home + Housewares Show
Exhibitors for the 2019 International Home + Housewares Show Company Name Address Category Phone, Booth # 2652 E 45th St PH 323-588-3026 26 California Bazar Wholesale Vernon, CA 90058 clean + contain Booth N6240 United States 29783 Spruce Rd PH 847-477-9093 6 Ideas, Inc. Evergreen, CO 80439 clean + contain Booth N6004 United States 14832 Arrow Hwy. PH 626-962-2990 Above All Co. Forearm Forklift Inc. Baldwin Park, CA 91706 clean + contain Booth N6061 United States 1 Mira Street, Sosnovy Bor, Leningrad Region, Russia, 188540 PH +78136973000 Abrasive Technologies, LLC clean + contain Sosnovy Bor, Leningrad Region, 188540 Booth N6565 Russian Federation Zone 3, Waterton Point Brocastle Avenue PH 44-0-1656-66 Addis Housewares, Ltd. Bridgend, CF31 3US clean + contain Booth N7143 United Kingdom 1821 N Highway CC PO Box 2310 PH 417-725-2691 Aire-Master of America, Inc. Nixa, MO 65714 clean + contain Booth N6918 United States ISTOC 9 ADA NO 1 BAGCILAR PH 90-212-659-4 AKYUZ PLASTIK A. S. ISTANBUL, 34217 clean + contain Booth N6844 Turkey Partida La Marjal, N 61 PH 34-965567319 Alberto Forte Composite, S.L. Banyeres De Mariola, Alicante, 03450 clean + contain Booth N6938 Spain PO Box 4695 PH 480-361-1573 Alliance Consumer Products SCOTTSDALE, AZ 85261 clean + contain Booth N6003 United States 210 Carpenter Dam Rd PH 501-262-2700 Alliance Rubber Company Hot Springs, AR 71903-0950 clean + contain Booth N8159 United States 3241 Winpark Dr PH 763-545-0700 AMC Sales Inc. Minneapolis, MN 55427-2023 clean + contain Booth N6859 United States PO Box 611 PH 248-669-2100 Armaly Brands Walled Lake, MI 48390-0611 clean + contain Booth N6508 United States 141 W 36th St Ste 901 PH 212-631-0300 Azzure Home NEW YORK, NY 10018 clean + contain Booth N6530 United States 8 Bellows Falls Rd PO Box 710 PH 802-387-5509 Basketville Putney, VT 05346-0710 clean + contain Booth N6106 United States 1250 E Sanborn Street PH 507-454-4664 Behrens Manufacturing Winona, MN 55987 clean + contain Booth N6453 United States No. -
Xinyi Glass [0868.HK] China Construction Sector - 1H 2016 Results Beat Expectations
August 3, 2016 Xinyi Glass [0868.HK] China Construction Sector - 1H 2016 results beat expectations. Improvement continues in 2H. Xinyi Glass (XYG) reported decent 1H 2016 results, beating market expectations. The upside surprise, in Building Materials our view, came mainly from higher-than-expected gross margin improvement, driven mainly by a stronger- than-expected recovery in the float glass segment. XYG’s top-line growth in 1H 2016 was driven mainly by a 22.7% YoY increase in sales of float glass products. The blended gross margin was 34.7% in 1H 2016, up from 26.7% in 1H 2015 and the highest since 2H 2011. Management released positive guidance on the outlook for the Company’s float glass and construction glass divisions. Management believes that the gross BUY margin will be at least stable in 2H 2016 despite concern about China’s economic growth. The price compe- tition in the construction glass segment is expected to come to an end, and XYG aims to raise its average selling price after industry consolidation in 2H 2016. Growth of the construction glass segment is expected Close: HK$6.04 (Aug 1, 2016) to pick up in 2H 2016. With resilient global aftermarket auto glass demand, the wide adoption of Low-E glass, and capacity rationalization in the float glass industry in China, we expect XYG to post solid top- and bottom-line growth in 2016-17E. XYG management also mentioned that the Company is looking for M&A Target Price: HK$7.35 (+21.7%) opportunities as it is difficult to get quota for installation of new production lines. -
Name City State Country
'271XPEHUVFRXUWHV\RI*ODVVOLQNVFRP 1$0( &,7< 67$7( &28175< LIBBEY-OWENS-FORD CO TOLEDO OHIO USA HAYES-ALBION CORPORATION JACKSON MISSISSIPPI USA TRIPLEX SAFETY GLASS COMPANY LIMITED BIRMINGHAM ENGLAND PPG INDUSTRIES PITTSBURGH PENNSYLVANIA USA PPG CANADA INC., DUPLATE DIVISION OSHAWA ONTARIO CANADA ASAHI GLASS CO LTD TOKYO JAPAN CHRYSLER CORP DETROIT MICHIGAN USA GUARDIAN INDUSTRIES CORP AUBURN HILLS MICHIGAN USA NIPPON SHEET GLASS CO. LTD OSAKA JAPAN SPLINTEX BELGE S.A. GILLY BELGIUM FLACHGLAS AUTOMOTIVE GmbH WITTEN GERMANY CORNING GLASS WORKS CORNING NEW YORK USA SEKURIT SAINT-GOBAIN DEUTSCHLAND GMBH GERMANY GERMANY GLACERIES REUNIES S.A. BELGIUM LAMINATED GLASS CORPORATION DETROIT MICHIGAN USA WITHDRAWN PREMIER AUTOGLASS CORPORATION LANCASTER OHIO USA SOCIETA ITALIANA VETRO S.P.A. SAN SALVO (CHIETI) ITALY SEKURIT SAINT-GOBAIN ITALIA s.r.l. MILANO ITALY N V GLASFABRIEK "SAS VAN GENT" SAS VAN GENT NETHERLANDS SEKURIT SAINT-GOBAIN FRANCE 60150 THOUROTTE FRANCE DEARBORN GLASS COMPANY BEDFORD PARK ILLINOIS USA PILKINGTON FLOATGLAS AB LANDSKRONA SWEDEN WITHDRAWN PPG INDUSTRIES GLASS S.A. LEVALLOIS-PERRET CADES FRANCE CENTRAL GLASS CO LTD TOKYO JAPAN SPLINTEX LTD LONDON ENGLAND CRISTALES INASTILLABLES DE MEXICO S.A. XALOSTOC EDO MEXICO Pilkington Lamino Oy Nordlamex Factory Tampere Finland Seandavian ROHM AND HAAS CO PHILADELPHIA PENNSYLVANIA USA Pilkington Lamino Oy Laitila Factory Laitila Finland Seandavian PILKINGTON SHATTERPROFE SAFETY GLASS PORT ELIZABETH 6000 SOUTH AFRICA VETRERIA DI VERNANTE S.P.A. CUNEO ITALY SHATTERPROOF GLASS CORPORATION DETROIT MICHIGAN USA HSINCHU GLASS WORKS TAIPAI TAIWAN '271XPEHUVFRXUWHV\RI*ODVVOLQNVFRP 1$0( &,7< 67$7( &28175< PILKINGTON SAKERHETSGLAS AB LYSEKIL SWEDEN GLOBE-AMERADA GLASS COMPANY ELK GROVE VILLAGE ILLINOIS USA ARMOUR GLASS COMPANY SANTA FE SPRINGS CALIFORNIA USA AKTIEBOLAGET TREMPLEX ESLOV SWEDEN SHATTERPROOF DE MEXICO S.A. -
Xinyi Solar Holdings (968 HK/Buy/Initiate) World's Largest Solar PV Glass Manufacturer
Global Company Analysis| March 16, 2021 Xinyi Solar Holdings (968 HK/Buy/Initiate) World's largest solar PV glass manufacturer Yongdai Park [email protected] Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the US PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Xinyi Solar (968 HK) World's largest solar PV glass manufacturer Investment points Rating (Initiate) Buy • The world’s largest solar PV glass manufacturer - Xinyi Solar stands to benefit from the strength of the global solar PV market. We expect the company to Target price HK$17.60 continue to grow rapidly, backed by capacity ramp-ups. Rise of bifacial modules Current price • HK$14.64 - The popularity of glass-glass (G/G) bifacial modules should provide a boost to solar PV glass demand. With its (3/15/21) competitive thin glass technology, Xinyi Solar is likely to be a major beneficiary. Country Hong Kong • Industry-leading profitability - Xinyi Solar is likely to maintain healthy margins thanks to: 1) the strength in solar PV glass prices (which should remain high at least through 2021); 2) economies of scale from capacity additions; and 3) cost savings from in- Exchange Hong Kong house sourcing of raw materials. Valuation Expected return 20.2% • We derived our target price of HK$17.6 by applying a fair P/E of 22x (2021F-22F peer average multiple). Risk factors EPS growth (21F, %) 44.2 • 1) Weaker-than-expected global solar PV demand;