The security glass industry continues to maintain steady development. With the company's fund-raising projects “High-strength monolithic cesium potassium fireproof glass production line technical transformation project” and the “120 square meter fireproof production line in the Wujiang Plant” fully put into operation, the steady increase in sales of security glass products and the continuous decline in the price of original float glass sheets in 2011, the profitability of security glass has improved, and the company's industrial layout advantages and scale benefits are becoming more and more apparent. The company's security glass business achieved revenue of 240 million yuan in 2011, an increase of 13.3% over the previous year, and gross margin also increased by 3.85 percentage points to 36.45%. The photovoltaic glass module business enhances added value through differentiation. The company's fund-raising projects “4 MW Solar Photovoltaic Building Integrated Module Production Line Project” and “50MW Cell Project” were fully put into operation, and through technological innovation and improvement and optimization of production processes in all links of the industrial chain, production costs were effectively controlled and BIPV module conversion efficiency improved. Although the photovoltaic industry experienced adverse factors such as demand suppression, overcapacity, and US “anti-dumping and anti-subsidy”, the company's photovoltaic glass module business revenue achieved a year-on-year growth rate of 26.9% during the reporting period, and gross margin remained above 34%, reflecting the high added value of differentiated products. Seize opportunities for global economic recovery and actively explore overseas markets. While consolidating and expanding the domestic market, the company grasps the advantages of existing specialty glass with strong international competitiveness, further strengthens the team building and management of the international marketing department, expands market coverage, and further occupies overseas markets. The company's double glass photovoltaic building module is the only product in China that has received the “PVB encapsulated double glass photovoltaic building module product” certification from the German Rhine Technology Certification Center. It has international competitiveness. The regions and countries involved in overseas business, including Europe, America, Northeast Asia, the Middle East, and Southeast Asia, and the international markets in more than 30 countries and regions, increased 20.45% year-on-year, accounting for 29.1% of total revenue. The company's EPS in 2012 and 2013 is expected to be 0.30 and 0.38, respectively, and the corresponding valuation of the current stock price is 24.2 and 19.2 times, respectively, giving it an “increase in holdings” rating