The performance is in line with our expectations. The company achieved operating income of 348 million yuan, an increase of 18.04% over the previous year, net profit attributable to the parent company of 444.735 million yuan, 1.75% over the same period last year, and earnings per share of 0.21 yuan, which is in line with the adjusted expectations of our three-quarter report. Profit distribution plan: Cash dividend of 0.20 per 10 shares (tax included). Prices of upstream glass raw sheets fell, and the fourth quarter results increased sharply month-on-month. The prosperity of the glass industry declined sharply in 2011. In November, the average price of float glass fell to a low of 61.04 yuan/weight box during the year, down 23.6% from the beginning of the year. The reduction in the procurement cost of original glass sheets used in the company's security glass created conditions for an increase in gross margin. The gross profit margin for the fourth quarter was 37.3%, up 5 percentage points from the previous quarter, and operating income and net profit increased 18.14% and 144%, respectively. The security glass business is mainly used in public construction and is less affected by real estate regulation. Security glass business revenue was 239 million yuan, an increase of 13.3%, accounting for 73% of the company's total revenue. The company's first fund-raising projects, “High-strength monolithic cesium-potassium fireproof glass production line technical transformation project” and “120 square meter fireproof production line in the Wujiang factory area”, were fully put into operation, and the production capacity of security glass doubled to 2.4 million square meters. Currently, the company's security glass is mainly used in public buildings. Statistics show that office buildings and commercial housing increased by 43.4% and 34.2% respectively in the first 3 months, far higher than the 19% growth rate of residential buildings. The company was very little affected by real estate regulation policies. This year's Wujiang project has contributed all of its production capacity. Coupled with the low price of glass sheets, this year's performance growth and gross margin will be guaranteed. BIPV has a fire protection function and is not greatly affected by the downturn in the photovoltaic industry. In 2011, BIPV business revenue was 66.4848 million yuan, an increase of 26.88%, and a gross profit margin of 34.12%, a decrease of 15 percentage points. We believe that the company's BIPV glass revenue can still grow in the face of a serious downturn in the photovoltaic industry, mainly because the company's BIPV has increased fire protection functions compared to ordinary photovoltaic glass, which is quite unique. At the same time, upstream batteries have already been put into production, so the cost advantage of BIPV will become apparent this year. With the publication of fire prevention regulations, the company ushered in policy opportunities this year. The integrated revision of the national standards “Fire Code for Building Design” and “Fire Code for High-rise Civil Building Design” has been reviewed by experts in Tianjin, and the industry policy has been further clarified. The range of buildings with mandatory use of fireproof glass will be greatly increased from the current level, more construction sites will be forced to use fireproof glass, and the fireproof glass market will usher in rapid growth. Profit forecasts and investment advice. We expect the company's EPS in 2012/2013 to be 0.29 yuan and 0.38 yuan, an increase of 40.5% and 31.7%, and 2012 PE by 24 times. Considering the release of all production capacity this year and the low price of upstream raw materials and the increase in gross margin of security glass, we raised our rating to “buy”. Risk warning: The growth rate of commercial real estate has declined; the price of glass sheets has rebounded sharply from the bottom.