The largest e-glass maker to shine under multi-year supply tightness

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The largest e-glass maker to shine under multi-year supply tightness

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China Jushi

The largest e-glass maker to shine under

multi-year supply tightness

Initiating Coverage: BUY | PO: 82.00 CNY | Price: 58.38 CNY

Consecutive e-glass price hikes and more to come 23 June 2026

The e-glass market has been witnessing sustained supply tightness. The price of general Equity

e-glass has increased >10% MoM since September 2025, and cumulatively, ordinary

grades, such as 7628, have increased 80%+ from RMB4/m to RMB7.4/m now. Thin e- Edward Leung, CFA >>

Research Analyst

glass has seen an even greater surge at 150%. YTD, we have seen 11% gross capacity Merrill Lynch (Hong Kong)

additions only to see e-glass prices edging even higher, highlighting the underlying +852 3508 3282 edward.leung@bofa.com

shortages. The two largest makers, Jushi and Kingboard, together have secured 90% of

Takashi Enomoto >>

new weaving machine supply to 2028, essentially preventing new entrants and Research Analyst

incumbent expansions by controlling the bottleneck, and new e-glass capacities BofAS Japan +81 3 6225 8362

additions in 2027+ should be materially slower, fostering multi-year tightness. takashi.enomoto@bofa.com

Jushi, the largest supplier, set to benefit MikeResearchYangAnalyst>>

We initiate coverage on China Jushi with a Buy rating. Jushi is the largest e-glass Merrill Lynch (Taiwan)

+886 2 2376 3729

producer in China with 1.06bn meters e-glass volume sold in 2025, accounting for 28% mike.c.yang@bofa.com

of China e-glass demand. Given its secured new weaving machines, Jushi would be one Matty Zhao >>

the few producers capable of volume growth. With its 100kt+50kt new lines in Huai’An, Research Analyst Merrill Lynch (Hong Kong)