The quarterly report continued to grow, with a mid-term increase of 10% to 30%: in the first quarter of 2014, the company achieved operating income of 86.1 million yuan, an increase of 15.5% over the previous year; and realized net profit of 26.52 million yuan, an increase of 19.01% over the previous year. Earnings per share were 0.19 yuan, in line with our expectations. The company's quarterly report expects 2014 interim results to increase by 10% to 30%, equivalent to earnings per share of 0.36 to 0.42 yuan. Continued release of methyl ester and ethyl ester: After competitor Fushun Shunte exploded in September 2013, the company's trimethyl and triethyl formate sales began to increase, and sales increased 11.50% year-on-year in 2013. Since 2014, production and sales of major products have all increased to varying degrees over the same period last year, achieving the goal of increasing sales volume while stabilizing prices. Fund-raising projects were put into operation in the second quarter: major projects such as the original trimethyl formate/triethyl ester expansion project plant have been completed, fixed assets have already been transferred in the first quarter, and production capacity is expected to be released one after another in the second quarter of 2014 to ensure growth over the next two years. Investment advice: We expect the company's earnings per share from 2014 to 2016 to be 0.81, 1.08, and 1.13 yuan, respectively, and net profit growth rates of 29%, 33%, and 4.6% respectively. Growth has been outstanding in the past two years as fund-raising projects have been put into operation one after another; maintaining the buy-A investment rating, with a target price of 20 yuan for 6 months, equivalent to a dynamic price-earnings ratio of 25 times that of 2014. Risk warning: production safety risk, increased market competition risk, new product industrialization risk