The layout is a leading company for polyimides and new materials. The company's polyimide series of products includes heat-resistant fibers, resins, nanofibers, transparent films, high-strength high-mode fibers, activated carbon fibers, PI specialty paper, etc. It is a leading domestic new materials company, and even the only company in the world with such a layout of polyimides. All products have been coordinated with each other before, and have advantages that other companies do not have. The polyimide fiber and resin projects have all made great progress. The company's industrialization of 300 tons of polyimide fiber has been successfully implemented, and after more than a year of marketing, sales volume is expected to be 200 tons in 2012, an increase of several times compared to 2011; the industrialization of the resin project has overcome many difficulties, and it is expected that in 2012, 30 tons of resin and 300 tons of chlorophenyl anhydride will also be sold, which is getting closer to the day when dreams shine into reality. The progress of polyimide nanofibers has exceeded expectations. The company's 3,000-square-meter polyimide nanofiber production line is becoming more mature. It is expected that it will be introduced to the market in the second half of the year, and progress has exceeded previous expectations. Currently, major lithium battery manufacturers are actively testing the company's products, and the lithium batteries produced using the company's diaphragms have received authoritative certification from the North Automobile Quality Supervision and Inspection Institute. Valuation and investment advice. In terms of relative valuation, the company's PE level in 2012 was also 80X, but in the long run, the potential is huge. Although it is difficult for the company to advance its current fiber, resin, and nanofiber projects, it has made steady progress and made major breakthroughs in some fields. The company's stock price has fallen sharply, and its appeal is gradually showing. We expect the “transformation” brought by polyimides to the company's value and the explosive growth in performance, giving the company a buying rating. Risk analysis. 1) The progress of the project and the achievement of performance fell short of expectations; 2) Changes in sentiment in the capital market were different from the steady development of the industry.