The company's performance is generally in line with expectations. In 2012, the company achieved revenue of 1,771 billion yuan, a year-on-year increase of 1.67%; net profit of the parent company's shareholders was 76.14 million yuan, a year-on-year decrease of 44%; and an EPS of 0.12 yuan, which is 0.01 yuan less than our forecast. In the fourth quarter, the company's operating income was 424 million yuan, a decrease of 7.63%, a year-on-year decrease of 14.17%; net profit attributable to shareholders of the parent company was 38.2615 million yuan, an increase of 281.45%; net profit for shareholders of the parent company in the fourth quarter of 2011 was 14.1019 million yuan, so net profit for shareholders of the parent company in the fourth quarter of 2012 increased by 52.3634 million yuan; EPS 0.0598 yuan. The 12-year downturn in the industry cycle led to a decline in the company's performance, but profitability improved in the fourth quarter. Affected by the macroeconomic situation at home and abroad, the price of polyamide 6 products fell sharply in 2012, but the company sold properly. Actual production increased by 16.63%, sales volume increased by 21.02%, and inventory fell by 33.39%. This is in line with our previous forecast of sales volume. It's just that the company's annual revenue increased by only 1.67%, which is lower than our expectations. The company's gross margin increased by about 10 percentage points to 18.57% in the fourth quarter. This is in line with the trend we have observed that the price gap between products and raw materials is widening. It is also one of the reasons for our promotion. The previous market was too pessimistic. The company's performance in the first quarter is guaranteed. The focus for the year 13 is the commissioning of slice production capacity. The price difference between the company's products and raw materials continued to widen in the first quarter. In addition, judging from current macro data, we do not think there is a major problem with product sales, so we believe that the first quarter results are guaranteed. The company's focus for 13 years was the start of production of the nylon slicing project. Firmly optimistic about the company's development over the next three years, giving it an “increase in holdings” rating. We expect the company's 2012-2014 EPS to be 0.18 yuan, 0.32 yuan, and 0.54 yuan, maintaining an investment rating of “increased holdings” for the time being. For a relevant analysis of the company, please see our March 22 research report and subsequent related research reports.