Performance summary In the first three quarters of 2012, the company achieved operating income of 8.039 billion yuan, a year-on-year increase of 6%, and net profit of 59.91 million yuan, a year-on-year decrease of 53%, equivalent to earnings of 0.25 yuan per share; in the third quarter, it achieved operating income of 2,535 million yuan, a year-on-year decrease of 13.62%, and net profit of 16.15 million yuan, a year-on-year decrease of 60.37%, equivalent to earnings per share of 0.07 yuan. The decline in downstream demand and increased competition have led to a decline in performance due to the continued deterioration of the macroeconomic situation at home and abroad. The company's sales volume of aluminum plate-based products for printing and sales profit declined year-on-year; although the sales volume of aluminum alloy profile products increased slightly, the new production line of 50,000 tons of energy-saving aluminum alloy profiles did not reach production, leading to a sharp rise in fixed costs, unit mold costs, energy consumption costs, etc. of the product, leading to a decline in the gross profit level of tonnes of products. Profit forecast and investment rating: Maintaining purchases We predict that in 2012-2013, the company will achieve net profit of 73.03 million yuan and 105 million yuan, up -54% and 44%, respectively over the previous year, equivalent to earnings of 0.31 yuan and 0.44 yuan per share. The corresponding dynamic PE is 22 times and 15 times, respectively. Considering that the company's energy-saving aluminum alloy profile project with an annual output of 50,000 tons has already been put into operation, once downstream demand picks up, the company's future performance is highly flexible, and the company's purchasing and investment ratings will be maintained.