If according to the neutral case, calculated with the latest closing price of 16.82 yuan, the dynamic PE of the corresponding company in 2011 is 17.9 times respectively. In the context of the recovery of the industry and the release of the company's production capacity, we believe that there is still some room for improvement in the company's valuation from the time latitude of the year.

However, considering the uncertainty of raw material cost trend and the change of market style, we suggest that value investors pay more attention to the investment opportunities brought about by the rebound in profitability in the second half of the year.