The trade sector dragged down profit growth, but the valuation advantage still continued to increase the company's revenue from profiles, aluminum ingots, and aluminum bars in 2011, but the gross margin of various products declined slightly. The share of corporate trade revenue increased last year. The gross profit margin of the trade sector was less than 0.2%, far below the overall level of 4%, which dragged down the overall profit growth. However, the company's price-earnings ratio of 11 times compared to 40 times that of the aluminum processing sector still has a valuation advantage. The production capacity of building profiles is growing steadily. It is expected that the guaranteed housing market will expand in 11 years, and the production of building profiles will be about 78,000 tons, of which the 50,000-ton energy-saving profile project will increase production by about 10,000 tons. This year, the project will increase by another 20,000 tons. The project reached an increase in the proportion of high-margin products such as oxidative electrophoresis and broken bridge profiles after delivery, and the product structure was further optimized. However, the continuous regulation of China's real estate market will have a certain negative impact on the company's construction profile sales. Therefore, the company is developing the guaranteed housing market, hoping to make up for the loss of orders and the decline in gross profit of the PS version. The CTP version of the upgraded product, the company with a first-mover advantage, has maintained production at around 5 tons. It is expected that there will still be no significant increase in production this year, and aluminum prices have plummeted in the fourth quarter of last year. The “aluminum ingot price+processing fee” pricing model has lowered the profitability level of this product, and increasingly fierce competition has also limited the development of the PS version. Meanwhile, the company has formed a CTP base production capacity of 5,000 tons, ahead of the same industry. The high precision makes the CTP board have more room for development. Since there are currently few domestic companies involved in the CTP platform, this product is expected to maintain a high level of profitability for a long time. Profit forecast We expect the company's EPS for 12-14 to be 0.97 yuan, 1.2 yuan, and 1.43 yuan, respectively, and corresponding dynamic price-earnings ratios of 9 times, 7 times, and 6 times, respectively. Considering the impact of real estate regulation on performance, we downgraded the company to a “increase in holdings” rating.