The company's earnings per share are expected to be 0.36, 0.47, and 0.58 yuan respectively in 2012-2014. Referring to the average valuation levels of similar companies and the new materials industry, we believe that the company, as a leader in the domestic molybdenum industry, is actively expanding upstream and downstream. Referring to relevant listed companies and industry averages, it is relatively reasonable to give a valuation level of 21-26 times, and the corresponding reasonable stock price is 7.56 yuan/share - 9.36 yuan/share.