The net profit of CITIC Resources (1205.HK) doubled last year, which was within expectations. Maintaining no final interest was somewhat disappointing to the outside world. Dahua believes that the performance is good, and the core profit is in line with expectations; the profit before interest and tax of the Guangdong crude oil project has almost doubled. Expectations can be further improved to increase the visibility of the overall profit. The return on the coal business is stable, but the profit turnover in the aluminum business is not necessarily sustainable; maintaining the purchase of this stock, the target price of HK$1.7 remains unchanged.