Profit forecasts and investment recommendations Waste lead-acid batteries cause serious environmental pollution. In the future, strengthening the treatment and management of used lead-acid batteries at the national level and increasing the recycling rate of used lead-acid batteries will be a probable event. As a leading enterprise in the domestic recycled lead industry, the company will benefit from the development of the domestic recycled lead industry and the increase in industry concentration. Furthermore, the prices of lead and silver metals are currently low, and a recovery in metal prices in the future will also give the company better flexibility in its performance. We expect the company's EPS from 2012 to 2014 to be 0.35 yuan, 0.82 yuan, and 1.71 yuan respectively, corresponding to PE 52.34 times, 22.77 times, and 10.88 times, maintaining the recommended investment rating.