Summary of 2011 results In 2011, Dongliang New Materials achieved total operating income of 10.874 billion yuan, an increase of 35% over the previous year; realized net profit of 158 million yuan, an increase of 4.38% over the previous year, equivalent to earnings of 0.67 yuan per share, which is basically in line with market expectations. The overall operating situation in 2011. In terms of the aluminum profile business, the company opened new sales outlets in Anhui, Jiangxi, Shanxi and other places in 2011 on the basis of maintaining its dominant position in the East China market, so that the aluminum profile business boomed in 2011 and achieved sales revenue of 1.59 billion yuan, an increase of 21% over the previous year; in terms of the aluminum sheet business, against the backdrop of a weak domestic printed board market in the second half of 2011, the company's annual sales volume was still basically the same as in 2010, achieving sales revenue of 915 million yuan, an increase of 6.4% over the previous year, and an increase in market share, highlighting the company The product has a strong competitive advantage in the CTP plate-based market; in terms of new investment and construction, the company's “Energy-saving Aluminum Alloy Profile Project with an Annual Output of 50,000 tons” is progressing smoothly. Among them, 6 extrusion production lines and 2 powder coating production lines were put into operation in the fourth quarter of 2011. 2012 business goals In 2012, in terms of aluminum profile business, the company focuses on government housing and affordable housing projects in a new round of development, while vigorously exploring the southern market and actively promoting the development of domestic secondary and tertiary cities; in terms of PS aluminum plate, the company predicts that the total demand in the domestic base market will increase slightly in 2012, and the company will continue to work hard to improve quality levels and improve supply capacity, taking advantage of the company's product advantages and location advantages to maintain and strengthen its leading position in the CTP version market. Horizontal valuation comparison has an advantage in maintaining the “buy” investment rating. We predict that in 2012-2014, the company will be able to achieve earnings of 0.76 yuan, 1.12 yuan, and 1.50 yuan per share, with year-on-year increases of 13%, 49%, and 34% respectively. The corresponding dynamic PE is 12 times, 8 times, and 6 times, respectively, which is still lower than the average valuation level of the industry. We maintain the company's “buy” investment rating.