Profit forecasts and investment recommendations. The company's single crystal furnace business will face a downside risk for some time to come. At the same time, considering the new business development process, we lowered the company's earnings per share in 2011-2012 to 0.58 yuan and 0.82 yuan. If the new business market development process is still lower than our judgment, there is still a risk that the company's future performance will decline. According to the latest closing price, the company's current PE for 2011 is 28.44 times higher than the industry average. According to 25 times PE in 2011, the company's corresponding target price was 14.46 yuan, and the company's rating was downgraded to “neutral.”

Risk warning. The risk of the new business development process falling short of expectations; the risk of a decline in industry growth; the risk of market competition.