Event: recently, we investigated Lufeng shares on the spot and communicated with the management of the company on the company's Q1 and Q2 orders, construction progress of fund-raising projects, future development plans and other issues.

Profit Forecast and Investment suggestion profit Forecast and Investment suggestion: the commissioning of Qingdao Runfeng will increase the proportion of the company's high-end double-zero aluminum foil products and improve product profitability. IPO fundraising project put into production to further improve the company's product line. We forecast that the company will earn 0.15 yuan per share and 0.24 yuan per share in 2013 and 2014, with a price-to-earnings ratio of 38 times and 24 times of the previous share price / earnings ratio.

Risk hint: the start-up rate of IPO project is low, the construction progress of 450000 ton aluminum strip project is lower than expected, and there are sudden changes in overseas sales.