In 2010, the company sold 403,400 kilolitres, down 24.43 percent from last year. The operating income reached 909 million yuan, down 17.12% from the same period last year. The net profit of shareholders belonging to listed companies was 52.8879 million yuan, down 31.18% from the same period last year, and basic earnings per share was 0.21 yuan, much lower than market expectations. Dividend plan: cash dividend of 0.8 yuan (including tax) for every 10 shares.

We estimate that the EPS of the company from 2011 to 2013 is 0.27,0.28 and 0.33 yuan respectively, and the corresponding PE is 48 times, 44 times and 39 times respectively. Due to the current high valuation, we will not rate it for the time being.