Investment suggestion

As the rapid growth of THF/PTMEG, PBT and GBL equipment drives the growth of BDO demand, the BDO market will pick up, and product prices will have greater upward power and space. The company is the largest BDO manufacturer in China and the third largest manufacturer in the world, with obvious advantages in raw materials. We expect the company's performance in 2011-2013 to be RMB0.28,0.73,1.26,25.5,9.79,5.67 times of the current stock price PE.