Profit Forecast:

We estimate that the company's operating income in 2012 and 2013 will be 1.5 billion yuan and 1.59 billion yuan respectively, an increase of 1.3% and 6% respectively, and the corresponding PE will be 51 times and 49 times respectively. Considering that the negative impact of relocation on the company in the past two years is greater than positive. The competition in the domestic silk rope industry is becoming increasingly fierce, the company is located in the southwest, the products and raw materials are away from both sides, and the transportation cost is high, so we will not grade the company for the time being.