Guide to this report: The company is a company whose main business is the production and sale of iron powder, copper metal and cobalt metal, and is actively expanding profit growth points. Covered for the first time, a “gain” rating was given. Key investment points: First coverage, giving an “increase in weight” rating. The company now has production capacity of mining more than 3.5 million tons of raw iron ore per year, producing more than 1.5 million tons of iron concentrate per year, and more than 500,000 tons of pellets. It is actively deepening internal reforms, continuously strengthening measures to reduce costs and increase efficiency, giving full play to its advantages and advancing project construction. EPS for 2016 to 2018 is predicted to be 0.09/0.20/0.30 yuan respectively. Considering the improvement in profits of steel companies brought about by supply-side reforms, mining companies will also gain profit flexibility, and the company will continue to actively improve the overall quality of operation, giving the company 1.8 times higher than the 2017 PB, corresponding to a target price of 9.38 yuan. The company is a company whose main business is the production and sale of iron powder, copper metal, and cobalt metal. In November 2006, Shandong Jinling Mining successfully completed the asset restructuring of Shandong Zibo Huaguang Ceramics Co., Ltd., and all of the company's assets and liabilities other than 163 million yuan were sold to the listed company. Shandong Jinling Iron Ore injected high-quality assets of the same value into the listed company, such as the Xinzhuang Mining Area, and the beneficiation plant in Tieshan Xinzhuang Mining Area. After the asset restructuring was completed, the company became the first listed iron ore resources company in China. The company now has an annual production capacity of more than 3.5 million tons of raw iron ore, more than 1.5 million tons of iron concentrate, and more than 500,000 tons of pellets. It mainly produces iron concentrate, copper concentrate, cobalt concentrate, pellets and other products. In order to improve the overall operational quality of the enterprise, the company has solidly carried out “Operation Transformation and Management Improvement” activities, deepened internal reforms, highlighted technological innovation, vigorously promoted lean operation, and continuously strengthened cost reduction and efficiency measures. With the initial results of the company's “going global” development strategy, the company's competitiveness in the market and industry has become stronger. Strive to improve the overall operational quality of the enterprise. The company actively deepens internal reforms, continuously strengthens measures to reduce costs and increase efficiency, gives full play to its advantages, and strives to achieve production and operation development and promote project construction. Risk warning: risk of economic decline; risk of a sharp decline in mineral prices.