In the first half of this year, the company's operating income reached 616 million yuan, and net profit attributable to shareholders of listed companies reached 23.88 million yuan, down 20.83% and 29.39% respectively from the same period. The company's main business revenue at home and export decreased by 13.45% and 84.22%, respectively, compared with the same period last year. The company's operating income declined mainly due to the domestic and foreign economic environment. The export revenue for the same period last year was 80.89 million, and this year's export revenue is significantly lower than last year. The company is mainly engaged in R&D, production and sales of organic coated boards and their substrates. The main products include organic coated board series products and their substrate products. Among them, organic coated board series products are mainly functional organic coated boards, mainly including high cleanliness boards, antistatic boards, and high toughness stain resistant boards. Currently, the company's organic coated board is mainly used in the production of new energy-saving and environmentally friendly wall materials and exterior components for household appliances. The product segment focuses on the construction, building decoration and home appliance industries. Substrates are important substrates for organic coated board production, and the main customers are organic coated sheet manufacturers, galvanizing processing companies, and steel traders. The sales revenue of all of the company's products has declined compared to the same period last year, but the gross margin of high-value-added varieties such as antistatic panels and high-toughness fouling resistant boards has increased slightly compared to last year. The main reason is that unit costs have declined more than unit sales prices. At the same time, due to lower sales prices, a certain level of gross profit will cause gross margin to rise in reverse. Affected by the economic environment at home and abroad, the company's operating income declined. The net profit attributable to shareholders of listed companies is expected to change from 5% to -30% from January to September 2012, and the net profit for the same period last year was 412,15656.99 yuan. We expect the company's earnings per share from 2012 to 2013 to be $0.45 and $0.55, respectively. The current stock valuation of the company is low, and the stock price has an upward momentum, giving it a “recommended” investment rating. Risk disclosure: Among the main raw materials required for the company's production, steel coils account for more than 80% of the company's main business costs. Affected by the international and domestic economic environment, there is a risk that the market price of the raw materials stored by the company will decline, etc.