For the year ended March 31, 2013, the company achieved sales revenue of HK$3.65 billion, an increase of 10.1%. Sales revenue of tobacco flakes was HK$480 million, accounting for 13.3% of total revenue; sales revenue of edible flavors and fragrances reached HK$2,97.7 billion, accounting for 82.2%; sales revenue from sales of daily-use flavors and fragrances was HK$170 million, accounting for 4.5% of total revenue. The gross margin was 69.1%, a slight decrease over the previous year, mainly due to the increase in the share of sales revenue from tobacco flakes with low gross margin; the profit attributable to the company's equity holders fell 1.9% to HK$1.71 billion; basic profit per share was HK$0.55, the final dividend was 9.4 HK cents per share, and the special dividend was 2.8 HK cents per share, and the annual dividend reached 41%. Currently, the company has a total production capacity of 30,000 tons of tobacco flakes, of which 20,000 tons of the new line was put into operation in November last year. In addition to the 10,000 tons of the old line, it is expected that all production will be completed in the 2014 fiscal year, which is expected to bring the company 900 million yuan in revenue. In addition, the company owns 40% of Golden Tree Gold Leaf. Currently, its 10,000 ton tobacco flake production line is being prepared; the 10,000 ton tobacco flake production line in cooperation with Anhui China Tobacco Technology is also being commissioned. The 2014 fiscal year was a period of rapid growth for the company's tobacco flakes business, after which it will enter a steady growth phase. The growth rate of edible flavors and fragrances has slowed compared to last year. In terms of tobacco business, the tobacco industry has entered a period of maturity and stability, and will maintain slow growth in the future; in the food and beverage business, competition is becoming increasingly fierce, and the industry has entered a period of adjustment. The company plans to continue to focus on the development of Bu-You's natural fragrance ingredients business in the end, and use peacock essence's reputation in the industry to strengthen its advantages. In the future, food flavors and fragrances will become the company's development focus. Xiamen amber leverages its advantages in the field of incense, disinfection and insecticidal products, which has led to a rapid increase in sales of brands such as olive chrysanthemum and plums. However, Yunnan Huaxiangyuan's profitability declined due to the cost of raw materials, and its performance was unsatisfactory. The company continues to adjust its business in Huaxiangyuan, Yunnan this year. It is expected that part of its daily revenue will drop by 50% this year, but profit margins will pick up. Since the gross margin of the tobacco flakes business is lower than that of other businesses, the increase in revenue from this business will lead to a decrease in overall gross margin, and the rise in Gab's expense ratio will cause future profit growth to slow. We adjusted 2014FY-2016FY earnings per share to HK$0.56, 0.58 and HK$0.60. Referring to the company's history and valuation performance in the same industry, as well as the company's high dividend payout ratio, we maintained 8 times the company's PE in FY2014, which is equivalent to the target price of HK$4.48, an increase of 36.2%. We recommend purchasing.