Incident: The company acquired 100% of the shares of Tibet Junlong Mining with its own capital and special loans in exchange for 380 million yuan. Junlong Mining will become a wholly-owned subsidiary of the company. Junlong Mining holds detailed prospecting rights for lead polymetallic ore in the Dizhi lead mining area of Mozhugongka County, Tibet Autonomous Region (prospecting license number: T54120090602030860) and survey prospecting rights for Bangda copper mine in Mozhugongka County, Tibet Autonomous Region (prospecting license number: T54120090502028467) issued by the Department of Land and Resources of the Tibet Autonomous Region. Main views: 1. Junlong Mining, a company that strengthens the company's long-term reserves of upstream resources, has high-quality lead-zinc mineral resources in the Lhasa region. Among them, the detailed exploration rights for the Dizhi Lead Polymetallic Mine are located in Nima Jiangre Township, Mozhugongka County, Lhasa City. The survey area has an active survey area of 2.98 square kilometers. As of September 30, 2015: The detailed investigation area has obtained a total of 3.6971 million tons of ore, Pb 11.68%, Zn 0.66%, Pb+34%; (332) The amount of Pb+Zn metal is 228,000 tons, accounting for 46.93% of the total metal volume of the deposit (332+333+334); (333) the amount of Pb+Zn metal is 228,200 tons, accounting for 46.97% of the total metal volume of the deposit (332+333+334); the Bangda copper mine survey and exploration rights are located in Nima Jiangre Township, Mozhugongka County, Lhasa City. The survey area is 14.88 square kilometers. Due to the large survey area on 6/31, it still needs to be surveyed according to the minimum national standards. Investigate the exploration in more detail. In addition, Junlong Mining's existing mines and mining belts in the mining area still have significant prospecting strength. Junlong Mining belongs to the same mine as the company's original gold and mining industry. The geographical location is close. Gold and Mining are responsible for the company's recent resource supply, and Junlong Mining carries the company's long-term resource reserves. The combined effects of the two collaborative development are of great significance to the long-term sustainable development of the company's resources. 2. The company entered a period of rapid growth in performance, and the decline in silver prices had no substantial impact on the company's performance. Gold and mining performance promises to guarantee the company's upstream resource performance contribution for three consecutive years. The company's production capacity was concentrated in the recycling and smelting process. The company's production capacity increased from 600 tons to 2,000 tons, gold production capacity increased 1.2 tons to 5 tons, copper production capacity was 13,000 tons, lead production capacity was 110,000 tons, and the comprehensive recycling capacity of 30,000 tons of antimony. Downstream is expanding deep processing, relying on the “China Yindu - Precious Silver City” project to carry out industrial tourism and create independent brands. Currently, the main products produced are standard silver bars, silver coins, ethnic silverware, fashion jewelry, religious silverware, household silverware, and high-end silver works of art. The potential is huge. Conclusion: The company's recent production capacity release, resource release, and downstream deep processing in the future. High performance growth brings valuation advantages. We predict that the company's 2017-2019 revenue will be 10.37 billion, 14.74 billion, and 17.63 billion, net profit, respectively, It's 391 million, 493 million and 539 million, the EPS is 0.70, 0.87, and 0.95, respectively, and the corresponding PE is 26 times, 21 times, and 19 times, respectively. Maintain the company's “Highly Recommended” rating, with a target price of 27.5 yuan for 6 months.