Investment recommendations Due to the rapid growth of THF/PTMEG, PBT and GBL devices, the BDO market is picking up, and product prices have a lot of upward momentum and room. The company is the largest BDO manufacturer in China and the third largest in the world. After the establishment of the holding subsidiary 3D Reed, the raw material advantage was obvious. Although profits from January to September of this year were still slightly lost, due to high product prices in the fourth quarter and the newly built 75,000 tons of maleic anhydride BDO was put into production in early October, we expect the company's 10-12 results to be 0.158 yuan, 0.706 yuan, and 0.855 yuan. Corresponding to the current PE stock price of 55.26 times, 12.36 times, and 10.21 times, the recommended investment rating is given.