Annual report released: profit slightly lower than expected

The operating income for the whole year was 581.1844 million yuan, an increase of 7.06% over the same period last year. The net profit for the whole year was 51.2487 million yuan, down 24.42% from the same period last year. Cash dividend of 0.50 yuan (including tax) and bonus shares of 2 shares (including tax) shall be distributed to all shareholders, and 5 shares for every 10 shares shall be transferred to all shareholders.

Profit forecast and valuation

From 2013 to 2015, the EPS is 0.19pm 0.25pm 0.29yuan respectively, considering 1, the rigidity growth of the company's third production auxiliaries, 2, the possibility of entering other large oil fields, 3, the company's possible breakthrough in fracturing fluid, we maintain the company's holding rating. At the same time, we will closely monitor the progress of the company in new business areas.