CSG(SZ:000012) Chang Jiang Shang Bao·2025-09-28 23:04Core Viewpoint - The global photovoltaic manufacturing capacity is shifting from "highly concentrated" to "regionally diversified," with Nanfang A accelerating its overseas capacity investment, particularly in Egypt [1][2]. Group 1: Investment in Egypt - Nanfang A plans to invest in a new photovoltaic glass production line in Egypt, with a total planned investment of approximately 1.755 billion yuan, including a 1400T/D furnace and four supporting tempered coating processing lines [2][3]. - The project is expected to take three years to complete, pending government approvals [2][3]. Group 2: Strategic Importance - Egypt is chosen for its strategic geographical location and abundant natural resources, which are advantageous for the company's operations [2][3]. - The establishment of this overseas production line aligns with Nanfang A's long-term development strategy to enhance international competitiveness and support a "dual circulation" business model [3]. Group 3: Company Background and Operations - Nanfang A has nearly 20 years of specialized production experience in photovoltaic glass manufacturing, having started this business in 2005 [2][3]. - The company has a comprehensive production capability from raw glass production to deep processing, with significant technological advantages in core processes [2][3]. Group 4: Financial Performance - Nanfang A's revenue for 2022 and 2023 was 15.199 billion yuan and 18.195 billion yuan, respectively, showing year-on-year growth of 11.16% and 19.71% [5]. - However, net profit for 2023 decreased by 18.73% to 1.656 billion yuan, reflecting challenges in the photovoltaic industry due to significant price declines [5][6]. - In the first half of 2025, the company reported a revenue of 6.484 billion yuan, a year-on-year decrease of 19.75%, and a net profit of 74.53 million yuan, down 89.83% [5][6]. Group 5: Operational Strategies - In response to fluctuating economic conditions, Nanfang A is implementing refined management and cost-control measures to maximize economic efficiency [6].