Event

According to the company's annual report, the operating income was 1.4862491 billion yuan, up 6.41% over the same period last year; the operating profit was 5.1217 million yuan, down 94.09% from the same period last year; and the net profit belonging to shareholders of listed companies was 3.4739 million yuan, down 93.93% from the same period last year. Basic earnings per share is 0.015 yuan. Every 10 shares will pay a cash dividend of 0.50 yuan (including tax), resulting in a total cash dividend of 11.55 million yuan.

Profit Forecast and Investment rating

The company has made a comprehensive foray into glass, cement and steel refractories. Strengthen the development of daily glass market in the glass market to reduce the adverse impact of float glass recession; actively promote the whole kiln package service in the cement and steel market to enhance the competitiveness of enterprises. We forecast operating income of 1.798 billion yuan, 2.125 billion yuan and 2.511 billion yuan from 2013 to 2015. Corresponding to EPS0.19, 0.25,0.34 yuan. Maintain the "overweight" rating.