The shortfall in sugar production is driving sugar prices to continue to rise. The cultivation area of sugar cane in Guangxi is 15.15 million mu during the 09/10 squeezing season, which is expected to produce 8 to 8.5 million tons of sugar; during the 09/10 squeezing season, the country produces 12.5-13 million tons of sugar, corresponding consumption of 13.5-14 million tons. There is a clear gap in sugar production, which will drive the average sugar price in 2010 to 4200-4,400 yuan/ton (tax included). Higher sugar prices boosted 2010 results. The area of the company's 09/10 cane extraction season is less than 200,000 mu, corresponding to sugar production of about 90,000 tons. Every fluctuation in sugar prices of 100 yuan/ton affects the company's EPS of 0.02 yuan. The expected rise in sugar prices is clear, which will drive the company's performance in 2010. The paper business highlights brand development. The company will increase sales of household paper brands. It is estimated that after the impact of the 2009 economic crisis, the company's cultural paper sales volume will rise back to 110,000 tons in 2010, household paper will increase to 45,000 tons, and overall gross margin will quickly return to around 20%. Recommendation: Excellent recycled sugar company. The company's EPS for 2009-2011 is expected to be 0.09, 0.29, and 0.33 yuan. Higher sugar prices and higher paper business sales and gross margin will drive the company's performance in 2010 and give the company a recommended rating. Since the sugar cane area and product sales are relatively independent, there are no obvious injection expectations between Jintian Sugar and Fengtang Group. There is a close relationship between company stock prices and sugar prices, and rising sugar prices will continue to drive the company's stock price performance. The size of the company's cane area and the pace of brand promotion in the paper business are the main risk factors for the company.