Cotton Prices Plunged Sharply, 11 Stocks Went Directly To Huafang Textile.

In July 18th,

Shortly after the opening, a rumor in the cotton market alerted cotton traders.

It is rumoured that the national development and Reform Commission will throw 300 thousand tons of storage and distribute the import quotas, causing the cotton futures market to plummet.

Cotton contract 1301 fell to 19105 yuan / ton, or 1.82%.

The supply of the cotton market continues to be lax, and its confidence is seriously insufficient.

Yesterday, the market rumors will throw 300 thousand tons of storage, and with the issuance of import quotas, triggering a sharp decline in the cotton futures market and the electronic disk market.

Subsequently, the responsible person in Central Cotton store denied rumors of throwing storage, and confirmed that the country will continue to open up after 2012, after a small rise, out of a roller coaster market.

However, shortly after that, the China cotton information network announced that "there is no such plan at present.

Please involve cotton companies rationally in dealing with rumors and preventing market risks.

On the same day, the central storage cotton company is holding the 2012 cotton reserve business conference in Shandong province.

According to Breck, the deputy general manager of China Cotton Storage Corporation, Hou Zhenwu, the deputy general manager of the China Cotton Storage Corporation, said that the cotton market in the new year was open to storage and storage.

At the same time, China cotton reserves predict that the total annual cotton output of 2012/2013 cotton will be 6 million 860 thousand tons, down 9.1% from the same period last year, and the market will be able to supply 12 million 929 thousand and 300 tons of cotton, and the market for excluding storage and storage will be about 9 million tons of cotton.

Affected by this, cotton futures have rebounded in the market, the main 1301 contract closed at 19405 yuan / ton, still fell 60 yuan / ton compared with the previous trading day, or 0.31%.

This shows that investors are still cautious about the late oversupply of cotton market.

Previously, the US Department of Agriculture announced the latest supply and demand report. It is estimated that the world's cotton output will be 24 million 780 thousand tons, and consumption will be 23 million 730 thousand tons. It is still in the pattern of supply exceeding demand and the final inventory will be 15 million 760 thousand tons.

The supply and demand situation has improved since last month, but the huge inventory is still the most important factor to suppress cotton prices.

At present, there is a big price difference between domestic and foreign cotton. The lower India cotton main port price is about 83 cents / pound, and the corresponding import cost of sliding tax is 14360 yuan / ton, and the quality cotton cotton quotation is only 93 cents / pound, corresponding to the import cost of sliding tax, 15600 yuan / ton, and the price difference between domestic cotton and the same grade cotton is as high as 3500 yuan / ton.

In the absence of quotas, 2011/2012 has imported 4 million 700 thousand cotton in June and accounted for more than 50% of Global trade volume.

Cotton imports remain high, domestic cotton demand is dismal, traders are optimistic that the rebound in cotton reserves is the main driving force.

"Cotton purchase and storage will continue to open up in the new year, and China's cotton market, which is 20400 yuan / ton, will again become a dumping ground for global cotton. If the downstream consumption situation is not yet improving, China's cotton stocks will continue to grow."

Ma Ying Sai, an analyst at Breck agricultural consultancy, predicts that China's cotton consumption will be about 8 million 200 thousand tons in 2011/2012, and its inventory will reach 5 million 900 thousand tons at the end of the year, accounting for about 45% of the world's cotton stock.

Ma Ying Sai believes that the 20400 yuan / ton cotton purchase price of the country has a far-reaching impact on the whole cotton spinning industry. China's textile and garment enterprises are faced with the dual pressure of high raw material costs and rising labor costs, and are in a disadvantageous position in the global competition. The loss of textile and garment industry will continue to expand, and the shuffle of the textile industry is inevitable.

Huafang textile (600273): lithium power makes steady progress in textile business profitability.

The company's lithium iron phosphate battery production line maintains a 10% capacity utilization rate.

The company's annual production capacity of 8 million Ah production line has been put into operation since the beginning of the year, the current order quantity has been able to guarantee the utilization rate of about 50%, the product is mainly 8-10Ah electric bicycle lithium battery, and the battery pack composed of 10 batteries is priced at about 1200 yuan.

The products are mainly exported to overseas markets such as Europe, America and Canada. As the application of lithium batteries in the field of electric bicycles and motorcycles is still high-end products, the domestic market is limited. We expect that the company's lithium battery products will still be exported in the future.

The subsequent release rate depends on downstream demand.

The company plans a total of 7 lithium battery production lines, at present, the other two have started construction process, and the subsequent expansion will depend on the speed of downstream market opening.

The raw materials of the company depend on outsourcing, including cathode materials and membrane imports, negative materials and electrolytes supplied by domestic suppliers (the company is trying out the self produced electrolyte).

Jiangsu Li Tian company (equity share ratio 70%) will gradually expand and deepen the industrial chain on the basis of product sales, and may further expand its upstream core raw materials in the future.

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Battery products and electrolyte projects are certified through environmental protection.

At present, there is no mandatory certification standard for lithium batteries of electric bicycles in China. Currently, the company has passed the environmental certification of CE and ROHS in Europe and the ongoing US UL safety certification.

The electrolyte project of Alex Hua Tian company (share ownership ratio 70%) passed the EIA and safety assessment in June, and is expected to be formally put into operation in the second half year.

R & D and vehicle power battery industrialization continues.

After setting up its own R & D team, the company has established a cooperative relationship with Tsinghua University and Shanghai Jiao Tong University. Its research and development contents include positive and negative electrodes, electrolyte materials and power battery and integration technology.

40Ah's power battery is being tested and tested. In the future, with the release of the demand for new energy vehicles, the company can directly use the existing production line to produce power and energy vehicle batteries.

The textile business improved this year.

Cotton yarn business has increased significantly this year, mainly due to the rising price of cotton and cotton yarn, while the company's cotton reserves are adequate and the cost of raw materials remains low.

The company's 275 thousand spindles currently maintain a net profit level of 300 thousand yuan per 10000 yuan per month, with a reasonable estimated profit of about 80 million yuan in the year and a corresponding EPS of 0.26 yuan.

In the medium term, cotton prices will remain at a high level, but the gross profit margin of cotton yarn business in the next two years will also drop.

There is no specific timetable for overall listing.

There are more related pactions between the company and the group, and the overall listing is strong, but there is no specific timetable yet.

To increase the company's rating.

The company has adopted a more cautious and gradual development approach to the lithium battery business. We also believe that the promotion of new energy vehicles is not overnight.

Based on the above judgment, without considering the company's real estate income, our Forecast Ltd 2010~2012 EPS is 0.35, 0.42 and 0.61 yuan, corresponding to the current PE37.6, 31.4 and 21.6 times, the current valuation is more reasonable, given the overweight rating, it is recommended to pay close attention to the release rate of lithium battery production capacity.

Tianshan textile (000813): the first step in the restructuring of profitability

By developing independent brands and improving domestic sales, the company's 2010 report reversed the first quarter loss and achieved profitability.

The total profit in the first half of 2010 was 2196022 yuan, down 11.79% compared with the same period last year. The net profit attributable to shareholders of listed companies was 2785961 yuan, down 3.45% compared with the same period last year, and the earnings per share were 0.0077 yuan, down 3.75% compared with the same period last year.

Affected by the financial crisis, the company's foreign sales revenue was 49 million 871 thousand and 400 yuan, down 23.62% compared to the same period last year.

But through the construction of independent brands and sales channels, the domestic sales revenue of the company reached 72 million 514 thousand and 100 yuan, up 44.89% from the same period last year, which is the main reason for the gross profit margin growth of the company.

Among them, cashmere sweater achieved revenue of 55 million 596 thousand and 300 yuan, and gross profit margin increased by 7.15% over the same period last year.

Xinjiang Katie Investment Co., Ltd. reorganized Tianshan textile to complete the first step, completed the pfer of stock pfer procedures in July 9, 2010. At this point, Xinjiang's investment in Xinjiang held 206354457 shares of Tianshan textile, accounting for 56.78% of the total share capital of the company and became the controlling shareholder of the company.

The next step to restructure is the asset injection of Xi Tuo mining.

According to the company's announcement, the assets of the mine will not be profitable in 2010 and 2011. There are some uncertainties in the development of the mineral resources. However, the injection of mineral resources will fundamentally change the main business and profitability of Tianshan textile, and it is worth looking forward to.

Katie, the new controlling shareholder of the company, promises to make sure that Tianshan textile does not lose money in 2010, realizes net profit of not less than 10 million yuan in 2011, and achieves net profit of not less than 20 million yuan in 2012. If the above profit target is not achieved, the deficiency will be replenished in cash so as to fully protect the interests of listed companies and minority shareholders.

This commitment will prompt the company to take measures to improve its operation and ensure that the company can maintain its growth in performance before its main business has changed.

We expect the company's EPS in 2010 and 2011 to be 0.01 yuan or 0.011 yuan, giving the company a neutral rating.

Lu Tai A (000726): low valuation suggests buying

In the first half of 2010, the company achieved operating income of 2 billion 247 million yuan, up 21.95% over the same period last year.

The total amount was 463 million yuan, an increase of 53.31% over the same period last year, and the net profit attributable to the listed shareholders was 367 million yuan, an increase of 39.20% over the same period last year, achieving a profit of 0.37 yuan per share, slightly higher than our expected 5%.

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At present, the 10 million meter Jacquard Dress high-grade fabric production line has been put into operation. 3 million shirts production lines and some production lines have entered the trial production stage. It is expected to release around 50% in 2010. The total production capacity of the whole year's yarn dyed fabrics and shirts reaches 140 million meters and 16 million 500 thousand pieces respectively, up 8% and 10% from the same period last year.

Considering the improvement of product prices, revenue growth in 2011 and 2010 is expected to increase by 16% and 10% respectively.

In the first half of the year, the price of products increased by about 8%, while some research and development expenses were included in the management cost, making the consolidated gross margin of the company increased by 5.58 percentage points in the first half of 2010, and the management fee rate increased by 3.53 percentage points compared with the same period last year. If the effect of R & D expenses was deducted, the gross profit margin of the company increased by about 2 percentage points over the same period last year.

As the impact of R & D costs will be eliminated in the second half of 2010, cotton prices will remain high at the same time. After the gradual consumption of low priced cotton stocks, there will also be some cost pressures. Future Ltd's gross profit margin will continue to increase substantially. The gross profit margin of 2010 and 2011 will be stable at around 33.5%.

The construction of domestic brand and marketing network was slower than before. By the end of 2010, only 7.72% of the planned investment had been completed. Only 36 of the shirt stores in major cities such as Beijing and Shanghai had been established. Domestic sales in the first half of 2010 increased by 17% over the same period. Considering the initial investment in domestic sales pipeline and the sales cost of brand promotion, the domestic market share is expected to be difficult to achieve in the past 3 years.

We have slightly raised the company's profit forecast by 5%. We expect the company to achieve net profit of 736 million yuan and 830 million yuan respectively in 2010 and 2011, up 29.09% and 12.76% respectively over the same period last year.

At present, the A shares corresponding to the PE in 2010 and 2011 are 13.2 times and 11.7 times respectively, giving the investment proposal of buying, the target price is 12 yuan, the PE of B shares in 2011 and 2011 are 7.7 times and 6.8 times respectively, giving the investment proposal of buying, the target price is 7.5 Hong Kong dollars.

Weixing shares (002003): strong demand for downstream, sustained high growth

In 2010 1-9, the company achieved operating income of 1 billion 323 million yuan, an increase of 36.32% over the same period last year, operating profit of 243 million yuan, an increase of 48.61% over the same period last year, and net profit attributable to parent company 181 million yuan, an increase of 45.09% over the same period, and a diluted earnings per share of 0.88 yuan.

In the three quarter of 2010, the company achieved operating income of 540 million yuan, an increase of 31.08% over the same period last year, operating profit of 118 million yuan, an increase of 27.28% over the same period last year, and net profit attributable to parent company 84 million yuan, an increase of 21.34% over the same period last year, and a diluted earnings per share of 0.40 yuan.

Downstream demand is booming, improving performance.

The company mainly produces and sells buttons and zippers, of which nearly 86% of its revenue comes from downstream textile and garment enterprises.

Benefiting from the steady growth of the textile and garment industry, coupled with the release of some of the new capacity of the company's early recruitment and investment projects, the production and sale scale of the company has increased to a certain extent during the reporting period.

Taking into account the demand for downstream industries in the four quarter will continue to be strong, it is expected that the main business revenue of the company is expected to grow by about 34%.

The cost pressure is rising, and the gross profit margin has declined in the single quarter.

In the first three quarters, the consolidated gross profit margin of the company was relatively stable, a slight increase of 0.32 percentage points from the same period last year to 36.30%, while the three quarter single quarter gross profit fell 1.84 percentage points to 36.76%.

We believe that the price of raw materials and labour costs required for production during the reporting period are substantially higher than those of the same period last year.

However, the cost control was relatively good during the first three quarters (the cost rate was 16.59% in the first quarter of the year, 1.58 percentage points lower than the previous year), and the 0.87 quarter percentage point decrease in the three quarter to 14.57% over the same quarter.

The gradual release of production capacity will be a driving factor for the growth of post performance.

With the release of the new capacity of the investment projects, the pressure of tight production capacity will be effectively alleviated, and at the same time, it will provide a strong support for the stable growth of the company's later performance.

In addition, with the introduction of new products, the company's gross margin level will also be improved.

Risk hint: 1) exchange rate fluctuation risk; 2) upstream raw material prices and labor costs rise, to suppress the risk of gross margin.

Earnings forecast and rating: the EPS of the company is expected to be 1.14 yuan, 1.40 yuan and 1.69 yuan respectively in the 2010-2012 years, and the corresponding dynamic price earnings ratio is 24 times, 19 times and 16 times respectively, with the closing price of 27.04 yuan in October 22nd.

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Xia Ke environmental protection (002015): new capacity progress exceeding expectations, increase profits and elasticity forecast

The production capacity and expansion of PET staple.

The company uses waste PET resin to produce polyester staple fiber, with an annual capacity of 15 thousand tons, and 70% of ANN Xing color fiber produces colored polyester chips and polyester staple fibers, with an annual capacity of 200 thousand tons of polyester, 5 production lines of polyester staple, and a daily production capacity of a single production line at 50 tons, reaching 100 thousand tons at full load.

The company is building 5 polyester staple production lines. At present, 2 lines of equipment have been installed. This capacity will be put into operation by the end of this year. The other 3 lines have been ordered and will be put into operation in April next year.

There is no need to ramp up production capacity. Next year, the equity capacity will reach 130 thousand tons (14*0.7+3*0.7+1=13).

100% holding Chuzhou Xia Xia and Huanggang Xia Ke produce colored yarn, with an annual capacity of 200 thousand yuan, equivalent to 40 thousand tons of production capacity.

The company plans to eliminate 100 thousand of its old production capacity and build 300 thousand advanced spinning capacity.

Polyester staple fiber industry is the most flexible target.

Xia Xia environmental protection polyester fiber staple production capacity of 80 thousand tons, next year, the company's overall interests and capacity reached 130 thousand tons.

According to the production capacity of 130 thousand tons of staple fiber, the price of polyester staple fiber increased by 1000 yuan, and the company's performance elasticity was 0.5 yuan.

Compared with Huaxi Village's performance elasticity of 0.15 yuan and S's performance elasticity of 0.08 yuan, Xia's environmental protection is the biggest target of the polyester staple industry's elasticity at present.

Color fiber avoids the discharge of traditional printing and dyeing wastewater and reduces the cost of printing and dyeing.

The production principle of the company's color fiber is added with color masterbatch in the melt polyester, and the blend is evenly sprayed out into silk, and the fiber needs no further dyeing.

The traditional yarn and cloth coloring are accompanied by a large amount of sewage discharge, and the traditional blending yarn needs to be set up many times to increase the cost.

Seth is successful in research and development, and will be industrialized next year.

At the beginning of next year, the company will launch the polyester staple fiber, which is called staples. Its advantage is that the yarn made of silk and cotton blended with only 30% cotton will be better than the blended yarn containing 50% cotton.

Considering that the launch of silk is at the stage of high cotton price, we expect its market demand and profitability to be more optimistic.

At present, the company is making efforts to enhance the strength of the whole industry chain of color fiber and fiber spinning, and maximize the advantages of the company's color fiber.

Earnings forecasts and investment proposals.

We expect the company's EPS for 10-12 years to be 0.34, 1.31 and 1.41 yuan / share respectively.

Considering the explosive growth of the company's polyester staple fiber business and the biggest elasticity of its performance, the target price is 20 yuan / share, and strongly recommend -B's investment rating.

Risk warning: polyester staple fiber prices fell sharply, raw materials rose sharply.

Seven wolves (002029): lay a solid foundation for sustained growth in performance

In 2010 1-9, the company achieved operating income of 1 billion 578 million yuan, an increase of 8.37% over the same period last year, operating profit of 236 million yuan, an increase of 29.02% over the same period last year, and net profit attributable to parent company 181 million yuan, an increase of 35.90% over the same period, and a diluted earnings per share of 0.64 yuan.

In the three quarter of 2010, the company achieved operating income of 604 million yuan, an increase of 4.86% over the same period last year, operating profit of 66 million 177 thousand and 500 yuan, an increase of 6.43% over the same period last year, and net profit attributable to parent company 56 million 960 thousand and 900 yuan, an increase of 47.87% over the same period last year, and a diluted earnings per share of 0.20 yuan.

A large number of commercial bills will not be settled, resulting in a slowdown in revenue.

According to historical data, the annual order meeting held in March and September each year can basically confirm the share of sales income of 85% in spring, summer and autumn and winter. About 25% of the deposit will be paid at the time of ordering.

However, most of the deposit of the autumn and winter ordering Society held in September this year is still in the form of commercial paper, and it has not been settled during the reporting period, so it has slowed down compared with the same period last year.

However, this part of the outstanding receivables is expected to be recognized in the fourth quarter, when the company's revenue will have a substantial increase.

The gross profit margin has been steadily raised and the cost is well controlled.

The strategy of single epitaxial expansion in the pformation of endogenous growth is obvious, while enhancing the gross margin level, effective self control is achieved.

During the reporting period, the company consolidated gross profit margin in the first three quarters was 40.96%, up 1.99 percentage points from the same period last year. The three quarter gross profit margin increased by 0.49 percentage points over the same period last year, reaching 40.38%. In addition, the sales cost of three items in the company dropped sharply, and the overall cost rate level was lowered due to the slow down of the shop opening rate.

In the first three quarters, the company's sales expense rate dropped 2.69 percentage points year-on-year to 13.56%, of which the three quarter fell to 12.62% in one quarter, down 2.33 and 7.28 percentage points respectively.

In the later stage, with the continuous increase of the proportion of direct battalions, the gross profit margin level of the company is expected to be further improved, and the joint venture and joint venture will help reduce the cost of establishing direct stores.

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The adjustment of income tax rate will lead to a faster growth of net profit than that of total profit.

Benefiting from the parent company's authentication of high-tech enterprises (the tax rate was reduced to 15%), the company's tax rate in the three quarter dropped to 12.50%, down 17.52 percentage points from the same period last year. This directly promoted the net profit of the same period to 34.09%, which was significantly higher than that of the total profit 7.24%.

Risk hint: 1) increase in production costs, pressure on gross margin; 2) risk of continuous increase in commercial store rents.

Earnings forecast and rating: the EPS of the company is expected to be 0.95 yuan, 1.21 yuan and 1.53 yuan respectively in the 2010-2012 years, and the corresponding dynamic price earnings ratio is 34 times, 27 times and 21 times respectively, with the closing price of 32.52 yuan in October 22nd.

Zhonghe shares (002070): benefit from textile industry boom recommendation

Main points of investment:

The revival of the textile and garment industry has resulted in a substantial increase in the company's performance, which is in line with our expectations.

In the first half of the year, the company realized revenue of 518 million yuan, an increase of 26.04% over the same period, of which the parent company realized a revenue of 197 million yuan, an increase of 37.24% over the same period last year.

The substantial increase in the income of the parent company has benefited from the revival of the textile and garment industry as well as the consolidation of printing and dyeing business orders to the dominant enterprises. In addition, the efficiency of the IPO medium and high grade casual fabrics weaving project has been put into operation in 9.8 months.

With the increase of business volume of Xiamen Huayin in the two quarter, the subsidiary's printing and dyeing business increased revenue by 20% in the first half of the year.

The company's growth is in line with our expectations.

In the first half of the year, the gross profit margin of parent company increased, which made the company's performance greatly improved.

In the first half of the year, the company realized operating profit of 48 million 795 thousand and 900 yuan, an increase of 65.42% over the previous year, of which the parent company realized a profit of 17 million 503 thousand and 500 yuan, an increase of 372.57% over the same period last year, and realized a net profit of 45 million 244 thousand and 700 yuan, an increase of 61.84% over the same period last year, of which the parent company achieved a net profit of 20 million 70 thousand yuan, up 179.92% over the same period last year.

The gross profit and net profit of the company increased significantly because the average gross profit margin of the company increased by 0.8 percentage points (23.13%) compared with that of the previous year. The average gross profit margin of the parent company was 21.97%, an increase of 1.95 percentage points compared with that of the previous year, and the average gross profit margin of the subsidiary was 23.83%, which was basically flat during the same period.

In the first half of this year, a substantial increase in the company's performance was mainly due to the substantial growth of the parent company's performance.

As a leading textile enterprise in Fujian textile industry group, the company will continue to benefit from the industry concentration.

With the increasingly stringent requirements of the state for environmental protection in the printing and dyeing industry, the concentration degree of the industry will increase in the future.

As a leading textile enterprise in Fujian textile industry group, the volume of business in the textile and garment industry will continue to grow.

In the first half of the year, the company has benefited from the "order to focus on the dominant enterprises", Future Ltd will continue to benefit.

Downstream of the fabric -- expanding the brand apparel industry chain will increase the company's new profit growth point.

The company invested in establishing a joint venture with SVC in France, and acted as the sole agent of the Krief Group's "NEWMAN" clothing brand in China. (the company promised that in the next two years, there will be no less than 120 NEWMAN stores in Greater China and no less than 400 in the next five years).

Brand clothing will become a new growth point for the company in the future.

It is worth noting that the change of future projects is not enough.

In the first half of the year, the company issued 61 million 700 thousand shares in public and actually raised 417 million yuan.

The proposed investment projects are: "13 million 200 thousand M liquid ammonia tide cross-linking finishing fabric construction project" and "22 million meters high grade printing and dyeing fabric production equipment technical pformation project".

However, at present, the implementation of the "22 million meter high grade printing and dyeing fabric production equipment technical pformation project" main workshop land is rejected by the Xiamen Municipal Planning Bureau. The project is temporarily unable to continue to implement. Future Ltd's fund-raising investment is worthy of attention.

Continue to give the company "recommended" investment rating.

We predict that the company's EPS will be 0.33, 0.47 and 0.62 yuan in 10-12 years, corresponding to the 10 to 12 year dynamic price earnings ratio of 25.88, 18.32 and 13.77 times.

Continue to give the company "recommended" investment rating.

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Fu Shi shares (002083): stable growth of textile performance in line with expectations

Summary of the report:

Towel products grew well and business income increased by 29.09% over the same period.

Towel series products accounted for 71.5% of the revenue. In the first half of the year, the company made different price increases in various markets.

At present, the capacity utilization rate of the company is 100%. Future Ltd will not take the development way of capacity expansion. It will meet the demand growth by increasing the production efficiency and the way of outsourcing of the existing production lines.

The domestic market is growing faster and the gross profit margin is slightly lower than the export market, but the growth prospects can be expected.

The shortage of demand and high cost together result in only 1.9% of the gross profit margin of the decorative cloth business.

In order to guarantee the high quality of decorative cloth products, the company has purchased the most advanced production equipment. However, the number of high-grade orders in foreign countries is reduced, the gross profit of domestic sales orders is low, and the depreciation cost of fixed assets is high, leading to the low gross profit rate of decorative cloth business.

The company announced in July 27th that it will increase capital (130 million yuan of cotton spinning equipment and its own currency fund 50 million yuan) for wholly owned subsidiary decorative fabric company, so as to enhance the profitability of the decorative cloth business, and the profit situation still needs constant attention.

Crystalline silicon packaging business grew rapidly, achieving a net profit of 12 million 548 thousand and 600 yuan in the first half of this year.

The technology of the company is more mature, the capacity is 50Mw, the product positioning is high-end, the selling price is 1.6 euro / tile, higher than the similar products.

The crystal silicon packaging product is sold by BOSCH, Germany. There is no need to worry about the demand.

Plan to increase production capacity by 300 thousand Mw during the year.

The CIS thin film solar cell project is expected to be profitable and is still being debugged. It is expected that there will be no profit contribution this year.

Earnings forecasts.

It is expected to be realized in 2010 and 2011.

0.18 yuan, 0.25 yuan, according to the company's closing price of 10.32 yuan in August 16, 2010, the PE in 2010 and 2011 were 57.3 times and 41.28 times respectively. The textile business of the company increased steadily, and the prospects for crystalline silicon and thin film battery business were promising. However, the current valuation level is high, giving the "neutral" rating.