The company's main business is still sluggish. Among the company's main products, the gross margin of m-hydroxyl, m-aminophenol, 2,5-acid, and m-aminobenzenesulfonic acid has not changed much, even compared to many upstream and midstream products that have benefited from a sharp rebound in gross margin due to falling raw material prices. From the perspective of the industrial chain, the dye intermediates produced by the company are still not as good as the level of improvement in dye additives, etc., and the company's main business is sluggish. Revenue and profit declined rapidly in the third quarter, which was different from before. Judging from the situation in this year's single quarter compared to previous years, the performance in the first quarter was stable. Revenue in the second quarter reached 420 million yuan, up 59% year on year, but revenue for the third quarter was only 230 million yuan; in terms of profit, profit for the second quarter reached 45.64 million yuan, and the third quarter was only 18.25 million yuan. The third quarter's results changed drastically, and this change was quite different from the previous two years. Investment advice. It should be said that the company's elasticity is relatively poor, and the future prospects for its main business are still not optimistic. We wrote an article on August 14 saying that PB valuation has an advantage, the PE level is still high, and the stock price is basically the same. Judging from this trend in the past quarter, the company's stock price is hovering at its current position, probably because of PB. Looking forward to the future, the company doesn't seem very aggressive. How should we view such stocks? The bottom is hovering, and the trend is L-shaped? We've heard this term too much; this means that the trade fair is light. From a tracking perspective, when fundamentals change drastically (fundamentals are directly related to the macro level, all stocks benefit) and trading volume increases significantly (the company may have fundamental changes, such as orders, new business development, restructuring, etc.), we should try to pay attention and temporarily give a neutral investment rating.