Research 1. Investment Highlights: Beijing Glass Co., Ltd. is a high-tech enterprise integrating R&D, production and sales of glass deep-processing equipment and deep-processed glass products, with a complete industrial chain and continuous independent innovation capabilities. The company's main business is: development and development of equipment and technology for deep processing of glass; processing and sales of glass and products. The company's business and core technology can be summarized as three core technologies (tempering technology, LOW-E coating technology, TCO conductive film technology) and four major industrial chains (tempering, coating, photovoltaic solar energy, glass deep processing). At this stage, more than half of the revenue and profit comes from tempered glass equipment. LOW-E glass production equipment will generate most of the company's profits in the future. Currently, the offline coating equipment produced by the company has excellent performance and has reached the international advanced level, and the sales price is controlled at about 1/2 of similar imported products from abroad, and import substitution promotion work is underway. By the end of 2010, the company had signed sales contracts for 8 LOW-E coating production lines. In 2009 and 2010, the company completed the installation and actual operation of 1 LOW-E coating production line. The company's deep-processed glass is not the focus of future profit growth; it is a by-product of the deep-processing glass technology process. It mainly promotes the sales of the company's glass deep-processing equipment and promotion of new technology through the promotion of high-end deep-processed glass products. We expect the company's profit growth to be mainly in 2013. Based on the post-issuance share capital of 267 million yuan, the EPS from 2011 to 2013 was 0.41 yuan, 0.51 yuan, and 0.87 yuan, and the price-earnings ratio corresponding to the issue price of 13.5 yuan was 32.68 times, which is already relatively high. The fluctuation range on the first day of listing was around 15 yuan. There was not much room, and a “neutral” rating was temporarily given. Risk warning: LOW-E glass production equipment capacity expansion, product technology problems, delays in production time, poor market expansion of LOW-E glass production equipment