Conclusion: Due to the lack of concentrate resources, the company relies on external procurement for most of its concentrates, so the company's performance is more sensitive to lead-zinc prices. We believe that currently lead-zinc prices are approaching the cost line, and most lead-zinc smelters are in a state of marginal profit or loss. This situation will gradually improve as lead-zinc prices slowly rise. The company's EPS from 2011 to 2013 is expected to be: -0.614 yuan, -0.022 yuan, and 0.209 yuan, respectively. The dynamic PE corresponding to 2013 is 42.5 times, giving the company a “neutral” investment rating for the first time.