Beihua Co., Ltd. is the world's largest manufacturer of nitrocellulose. It has technical advantages, scale advantages, cost advantages, etc., and has strong competitiveness in domestic and foreign markets; its military background also allows its management and development plans to maintain a strict and steady style; the construction of fund-raising projects will enable the company to develop steadily in the future. However, due to the impact of the financial crisis, exports and domestic downstream demand will decrease, and due to the sharp rise in raw material prices, there will be a big impact on the company's 2008 performance. With the decline in raw material prices, the 2009 performance is expected to recover. In view of the company's current operating conditions and industry conditions, we forecast earnings per share for 2008 to 10 to be 0.16 yuan, 0.40 yuan, and 0.45 yuan respectively. We will not rate it yet.