Profit forecasts and investment advice. We expect the company's earnings per share for 2011-2013 to be 0.51 yuan, 0.63 yuan, and 0.78 yuan respectively. The current stock price corresponds to the 2011 dynamic price-earnings ratio of 30.51 times. Referring to the company's growth rate and peer valuation level, we gave the company a price-earnings ratio of 25-30 times in 2011, with a corresponding stock price of 12.75-15.30 yuan, maintaining the company's “neutral” investment rating. Major uncertainties. There is a risk that copper prices will rise, and that market competition will intensify.