In 2011, the company achieved operating income of 370.14 million yuan, an increase of 4.86% over the previous year; net profit attributable to shareholders of listed companies was 70.59 million yuan, an increase of 0.47% over the previous year. Earnings per share were 0.11 yuan, lower than our expectations. In 2011, the company's traditional power grid equipment and materials business grew steadily, achieving revenue of 36,004 million yuan, up 5.64% from the previous year; in terms of polyimide-related business, the company achieved small-batch sales in 2011, achieving revenue of 5.62 million yuan. In the first quarter of 2012, the company achieved operating income of 52.93 million yuan, an increase of 5.34% over the previous year; net profit attributable to shareholders of listed companies was 5.07 million yuan, an increase of 37.91% over the previous year. Earnings per share were $0.01. The first quarter is the traditional low season, and the company's performance in the first quarter compared to previous years was good. We believe that the company's traditional business will maintain steady growth of less than 10% per year in the future. The company's focus is mainly on the new materials business, that is, polyimide-related products. In 2011, the company achieved critical breakthroughs in various fields such as polyimide fibers, resins, foams, and nanofibers. According to the company announcement and our research, the company's resin production capacity has now reached the level of 100 tons, and the long-term target is to reach 10,000 tons. The company currently has a production capacity of 300 tons of heat-resistant fibers, which will reach 1,000 tons this year, and a total fiber production capacity of 3,000 tons within the next three years. We already have a contract for 50 tons of fiber this year. We expect this year's fiber business to be a major breakthrough in the performance of the company's polyimide business. The company's polyimide diaphragms for lithium batteries have characteristics such as high temperature resistance, low resistance, three-dimensional structure, etc., and are extremely safe and have excellent charging/discharging ratio indicators. If the industrialization process goes smoothly, it will form a great replacement advantage for traditional PP and PE films in the field of power batteries. Currently, the company's lithium battery diaphragm production line has been basically built and is being tested. The production capacity is several million square meters, and it is expected that a certain production and sales volume will be formed this year. We expect the company's earnings per share for 2012, 2013 and 2014 to be $0.18, $0.37, and $0.96, respectively. The current price-earnings ratio is 68.2, 33.2, and 12.8 times, respectively. The company's short-term valuation is high, but the company's polyimide-related business has great potential for future growth. As the industrialization process of various products accelerates, it will bring significant growth to the company's performance. The company will become a high-end new materials company with core technology, and the valuation is worth looking at on the front line. Maintain the company's careful recommendation rating in the short term, and focus on the explosion of the company's polyimide business in the medium to long term. Risk warning: (1) The company's polyimide business progress falls short of expectations (2) traditional business gross margin continues to decline.