Profit forecast and investment advice:

We estimate that the company's EPS from 2011 to 2013 is 0.125 yuan, 0.205 yuan and 0.234 yuan respectively, and the corresponding dynamic PE is 99.12,60.70,53.14 times respectively. The company invests in vanadium titanium magnet projects, marches upstream, and changes the company's profit model of relying solely on smelting to earn processing fees, but the company's performance improvement needs to wait for the zinc industry to pick up and give the company a "neutral" investment rating for the first time.

Risk Tips:

The impact of large fluctuations in zinc prices on performance

The progress of vanadium titanium magnet project is lower than expected.