Investment highlights: Event 1: The company issued a plan for the non-public offering of A-shares. The plan is to issue no more than 159.869 million shares to no more than 10 specific targets, including Mr. Cao Yonggui, the controlling shareholder of the company, and raise no more than 1.88 billion yuan for the “2000t/a high-purity silver clean extraction and expansion project”, the “30,000 t/a secondary antimony resource comprehensive utilization project”, the “national enterprise technology center construction project” and “bank loan repayment”. Incident 2: On the same day, the company disclosed the employee stock ownership plan. The number of participants did not exceed 335, raised 100 million yuan, commissioned the establishment of an asset management plan, and raised 200 million yuan to purchase the company's shares. The main silver business is the core, building a complete silver industry chain. The company takes silver smelting and its deep processing products as the core. The company has basically formed a silver-rich lead concentrate - lead anode mud - silver (and comprehensive recycling of other valuable metals) - deep processing of silver products - “Internet +” industrial chain system, creating a “whole industry chain +” development model with silver as the core. The company's main products are silver and lead electricity, and the annual output of silver ranks among similar enterprises in the country. Grain and grass come first, with the majority shareholders leading the way. The controlling shareholder, Mr. Cao Yonggui, promised to subscribe for no less than 200 million yuan. Through the implementation of this fund-raising project, the company's silver production capacity will reach 2000 tons/year, ranking among the highest in the world; it will further enhance the company's comprehensive recycling capacity; it will enhance the company's research and development of important downstream applications, clean smelting and efficient recycling technology, and provide strong R&D support to build the company's “whole industry chain +” development model and form a new profit model from “mine picking—smelting and recycling - deep processing - innovative business”. Expand silver production capacity to 2000 tons/year and enter the world's leading position. Dingzeng mainly raised funds for the “2000t/a high-purity silver clean extraction and expansion project” to expand the existing 600t/a silver production line. After completion, the company's silver production line will expand its anodic mud processing capacity to 30,000 tons/year, and the silver production scale will reach 2,000 tons/year. The company's silver production has been overloaded. The 2015 output of 851 tons has greatly exceeded the design capacity, so there is an urgent need to increase silver production capacity. Deploy “Internet +” and build a five-network integrated operation model. The company set up a wholly-owned subsidiary, Hunan Jinfu Yingui Information Technology Co., Ltd., and created “Find Gold and Silver Network”. It plans to use the three major sub-platforms of BTB, BTC and PTP, as well as the three major transaction models of coordination, direct management, and self-operation, to build an operation model integrating the five networks of PC Mall, Mobile Mall, App Mall, WeChat Mall and Smart IoT to further improve the company's overall strategic layout. Profit forecasts and ratings. Profitability will be further increased after the company's silver production capacity is expanded. Assuming the issuance is successful, the total share capital will increase from 503 million shares to 663 million shares. According to the additional share capital after issuance, we expect the company's 2016-2018 EPS to be 0.30, 0.38, and 0.62 yuan/share, respectively. Referring to comparable companies, we gave the company a valuation level of 60 times PE in 2016, a target price of 18 yuan, and a rating for increasing holdings. Uncertainty analysis. The company's fixed growth plan still needs to be reviewed and approved by the company's shareholders' meeting and approved by the Securities Regulatory Commission.