金晶科技超白玻璃销售毛利率同比下降，有研究机构认为，主要是市场进入者增加所致，未来盈利能力仍会继续下行。公司拟募资不超过15亿元用于拓展太阳能特种玻璃的生产，前景难料。
金晶科技(600586：11.93，+0.16，↑1.36)中报显示，传统浮法玻璃营业收入和毛利率同比提升，而此前被市场热捧的超白玻璃盈利能力却下滑明显。其中，营业成本增长70.42%，远高于收入43.93%的增幅。对此，财讯.com致电公司证券部，但至截稿时尚无人接听。
中投证券研究报告指出，超白玻璃盈利持续出现下滑，我们认为当公司今年年底北京超白玻璃生产线投产之时，超白玻璃产品的营业利润率极有可能下降到30%以下。
报告认为，利润率最高的超白玻璃延续07年以来盈利能力的下滑趋势，上半年毛利率下滑9.44个百分点。公司接下来还计划在北京昌平进一步建设超白浮法玻璃生产线，但随着较多厂商的进入，超白玻璃的盈利能力会明显下滑。
家电玻璃市场快速兴起，受到白色家电"外观革新潮"和新一代消费者个性化需求的影响，国内生产厂家逐渐批量使用超白玻璃作为面板，使超白玻璃在家电市场进一步放量。上半年公司超白玻璃实现销售量的大幅增加，在上海苹果旗舰店等标志性建筑的应用进一步扩大了公司超白玻璃产品的市场影响力。太阳能超白玻璃一直是稳中上升，特别是国内客户，需求量增长较快，预期下半年太阳能产品仍会保持这种态势。
不过，据了解南玻A(000012：14.35，-0.32，↓-2.18)也能生产超白玻璃，而且具备自主开发技术能力；另外，中航三鑫(002163：16.55，+0.2，↑1.22)在2009年与PPG合作，也开始超白玻璃的研发和生产，有望成为行业后起之秀。
此前，公司拟以非公开发行方式募集资金不超过15亿元，用于拓展太阳能特种玻璃的生产，包括建设600T/D和1,000T/D的太阳能特种玻璃生产线和一个太阳能功能材料加工中心，将巩固行业技术领先优势，并显著提升公司未来业绩。目前国内大部分厂家所生产的都为太阳能超白压花玻璃，仅能运用于晶体硅太阳能电池的制造，而公司拥有太阳能特种浮法玻璃生产工艺技术，生产的太阳能特种浮法玻璃可运用于所有的太阳能光伏电池制造。
据披露，该项目投产后，将每年增加太阳能特种玻璃产能1,000万重量箱和太阳能深加工玻璃产能1,000万平方米。预计年销售收入15.07亿元，与2008年总收入相当；年平均息税前利润总额为4.45亿元，约为2008年全年税前利润总额的3倍；投资收益率为25.80%；全投资回收期（含建设期）为5.96年。
Golden Crystal Technology sales margins over white glass fell, a research organization that is mainly attributable to increased market entrants, the future profitability will continue downward. Companies and fund-raising not more than 1.5 billion yuan to be used to expand the production of special glass solar prospects unpredictable.
Golden Crystal Technology (600586:11.93, +0.16, ↑ 1.36) mid-year report shows that the traditional float glass up to enhance revenue and gross margin, while the market sought-after ultra-white glass profitability has declined significantly. Which, operating costs increased 70.42%, 43.93% higher than income growth. In this regard, Wealth. Com call the company's Securities Department, but no one answer to the time of this writing style.
CIC Securities Research report, ultra-white Boli earnings continue to decline, we hold that the company end of the year Beijing Chao Bai O'clock glass production line goes into operation, ultra-clear glass products Di operating margin Ji may possibly drop to below 30%.
Report that the most profitable super-white glass has been extended in 2007 the downward trend in profitability, gross margin fell 9.44 percentage points in the first half. Then the company also plans to further construction in the Changping District of Beijing super white float glass production line, but as more manufacturers enter the ultra-white glass, profitability will decline significantly.
The rapid rise of the glass market, home appliances, white goods by the "appearance of innovation boom" and a new generation of consumer demand for personalized, domestic manufacturers gradually as the mass use of ultra-white glass panels, making ultra-white glass in the home appliance market and further heavy volume. First half of the company's ultra-white glass to achieve a substantial increase in sales, Apple's flagship store in Shanghai landmarks such as the application of further expanding the company's ultra-white glass products in the market influence. Solar ultra-white glass has been a stable and rising, especially in the domestic customers, demand for faster growth is expected in the second half will continue to maintain this state of solar energy products.
However, it is understood CSG A (000012:14.35, -0.32, ↓ -2.18) is also capable of producing ultra-clear glass, and has developed technical capacity; In addition, the Air Sanxin (002163:16.55, +0.2, ↑ 1.22) collaboration with PPG in 2009, also began to ultra-white glass, the development and production, is expected to become the industry newcomer.
Previously, the company intends to raise funds means non-public offering no more than 15 billion yuan of special glass for the expansion of solar energy production, including the construction of 600T / D and 1,000 T / D of solar energy special solar glass production line and a function of material processing center, will leading edge technology to consolidate the industry and significantly enhance the company's future performance. Now, most manufacturers have produced for the solar ultra-white patterned glass, can only be used in the manufacture of crystalline silicon solar cells, solar energy and the company has a special float glass production technology, production of solar energy can be applied to special float glass All of the solar photovoltaic cell manufacturing.
According to reports, the project put into production, the annual increase in solar capacity of 1,000 million in special glass boxes and the weight of glass deep processing capacity of solar 1,000 square meters. Annual sales income of 1.507 billion yuan is expected, with total income in 2008's; average EBIT amounted to 445 million, full year 2008 pretax profit of about 3 times total; investment rate of return of 25.80%; total investment payback period (including construction period) of 5.96 years.
