Investment suggestion

Due to the recovery of the chemical fertilizer industry and the recovery of urea prices, the performance of the company has been affected by the rise in ammonium nitrate and nitric acid prices, especially the gradual increase in the company's coal self-sufficiency rate, which will lead to the growth of urea and nitramine gross profit and thicken EPS0.12 yuan. The high operation of international oil prices in 2010 is conducive to the development of coal chemical industry. We forecast profits of 0.15,0.43 and 0.58 yuan in 2011-2012. As the company achieved only 0.01RMB EPS in the fourth quarter of 2010, the company's performance in the off-season of chemical fertilizer is not good enough, so it should be cautiously recommended for investment rating.