Maintain the company's "cautious recommendation" rating

The company's fund-raising projects have been fully completed, and the 140000 tons of carbon black and tail gas comprehensive utilization project under construction in Jiaozuo Longxing will achieve the company's first off-site expansion; the export business has made considerable progress, and the cost advantage brought by high oil prices will further enhance the competitiveness of the export business.

We expect the company's EPS for 12-14 years to be 0.48,0.66,0.76 yuan, maintaining the company's "cautious recommendation" investment rating.