ACHT(SH:600207)2022-11-01 10:21Group 1: Business Model and Cost Management - The company has established a leading "glass + natural gas" business model, ensuring gas supply through self-operated pipelines, which provides a cost advantage in the industry [1] - The impact of rising energy costs on profitability is mitigated by the company's ability to secure gas contracts and manage supply risks effectively [1] Group 2: Product Advantages and Market Position - The company leverages ultra-white float glass production technology and focuses on differentiated strategies to expand ultra-thick plate products in the construction market, maintaining competitive gross margins [1] - As one of the few domestic producers of solar thermal glass, the company is positioned to capitalize on market growth opportunities [1] Group 3: International Revenue and Capacity Expansion - In 2021, overseas revenue from photovoltaic glass accounted for approximately 30%, primarily settled in USD [2] - The company plans to expand photovoltaic glass capacity by preparing for the second phase of projects in Xuchang and Anyang, while also exploring investments in Qinghai [2] Group 4: Business Divestiture and New Projects - The divestiture of LNG/CNG trading and refueling station businesses has minimal impact on the company's profits due to their low correlation with the main glass business [2] - The pharmaceutical glass project commenced in April 2022, with plans to enhance yield and ramp up production in response to significant market demand [2]