Sichuan Meifeng (000731) bets on the automotive urea market

Sichuan Meifeng (000731) Chemical Co., Ltd. (Sichuan Meifeng, 000731), as a leading gas-based urea company, currently has an equity capacity of 1.25 million tons of urea. Among them, Deyang has 600,000 tons, Mianyang has 300,000 tons, Xinjiang and Gansu Liuhua has 700,000 tons (45% equity), Xinjiang has 200,000 tons (26% equity); other products include 300,000 tons of compound fertilizer and 6,000 tons of melamine. The Mianyang Industrial Park under construction plans to build 150,000 tons of urea, 180,000 tons of dilute nitric acid, 30,000 tons of concentrated nitric acid, 270,000 tons of nitro compound fertilizer, 30,000 tons of melamine and other products.

It is worth mentioning that the recent continuous smog weather in cities has aroused people's strong demand for systematic governance of air pollution, and the environmental protection revolution aimed at controlling PM2.5 pollution has been set off. Automotive urea is used in diesel engines to reduce nitrogen oxide and PM2.5 emissions. Sichuan Meifeng has already laid out the R&D and actual operation investment of automotive urea in advance. It currently owns two key patents for the production of nitrogen oxide reducing agents for automotive urea. In addition, we expect that the national automobile exhaust emission standards will be implemented on July 1 this year with a high probability. The company's automotive urea market will be further opened up.

We expect the company's EPS to be 0.58 yuan and 0.84 yuan in 2013-2014, respectively, corresponding to the dynamic PE of 12 yuan at the closing price on March 29, which is 20.7 times and 14.3 times respectively. Considering that the company's business is in a period of transformation, it will be involved in the chemical environmental protection field and LNG (liquefied natural gas) clean energy field in the future. Compared with the company's original valuation level, there will be a significant increase. The company has a theme investment opportunity and is given an "overweight" rating for the first time.

Automotive urea

Net profit per ton may reach 500 yuan

The "2012 China Motor Vehicle Pollution Prevention and Control Annual Report" released by the Ministry of Environmental Protection in December 2012 shows that motor vehicle pollution has become an important source of air pollution in China and an important cause of haze and photochemical smog pollution.

Diesel engines have large emissions of nitrogen oxides and PM2.5, which seriously pollute the environment. The main solution is to first fully burn and then use selective catalytic reduction SCR to reduce nitrogen oxide emissions caused by combustion optimization; the working principle of automotive urea is that urea is hydrolyzed into ammonia and carbon dioxide, and ammonia reacts with nitrogen oxides in the car to obtain nitrogen and water, thereby achieving the purpose of reducing nitrogen oxides and PM2.5 emissions from diesel engines.

Since the SCR technology route has the advantages of low fuel consumption rate (fuel consumption can be saved by 5% to 7%) and relatively insensitive to fuel quality, it has become a technology that major companies are competing to develop. The European automotive urea solution market capacity is about 3.5 million to 4 million tons, and the Chinese market capacity is expected to be more than 7 million tons.

As the new leadership pays more attention to environmental issues, we expect that the national automobile exhaust emission standards will be implemented on July 1 this year with a high probability. The company has made early arrangements for the research and development of automotive urea and actual operational investment. It currently owns two key patents for the production of nitrogen oxide reductants for automotive urea. Meifeng completed export orders of 10,000 tons and 30,000 tons of automotive urea granules last year and this year respectively. The quality recognition abroad is high. The company plans to add 600,000 tons of automotive urea solution production capacity in April-May, and has announced the establishment of a wholly-owned subsidiary mainly engaged in automotive urea and other businesses.

The cost of ordinary urea is about 1,800 yuan/ton. Automotive urea is urea solution, which reduces the high-temperature granulation link. One ton of urea dissolves three tons of automotive urea solution. According to the price of 3,500 yuan/ton in the mature European market, the company's increased cost in channel sales of automotive urea is higher than the sales cost of ordinary urea. In the early stage, due to the promotion efforts and downstream acceptance, the plant operation rate is not high, and the production cost will be high. According to market conditions, it is expected to produce 300 tons of automotive urea solution per day, corresponding to more than 30,000 tons of automotive urea solid granules. But at least there is still a net profit of about 500 yuan per ton, and the added value of the product is much higher than that of ordinary urea.

With the further implementation of relevant national environmental protection policies and the gradual improvement of Sichuan Meifeng's channel construction, the company's automotive urea will be greatly increased in the fields of diesel vehicle exhaust treatment and power plant denitrification.

Relying on the platform of major shareholders

Building the framework of energy and chemical business

Sichuan Meifeng¡¯s actual controller is Sinopec Group Corporation. Therefore, with the strong support of Sinopec Group Corporation, the company¡¯s natural gas supply has been reliably guaranteed. Even in the peak period of gas consumption in the winter heating season, the company did not experience the phenomenon of "gas shortage" like other gas-based urea enterprises, and could still ensure that the urea production capacity operation rate was as high as 80% or more. The passive shutdown and maintenance time is relatively short each year, which greatly reflects the company's advantages in raw material and energy supply compared with other fertilizer production enterprises using natural gas as raw materials.

Sichuan Meifeng announced that it has signed the "Liquid Natural Gas Technology Development and Application Project Joint Venture Cooperation Framework Agreement" with Sinopec (600028) Sichuan Natural Gas Co., Ltd. The main content of the agreement is: Meifeng and Sichuan Natural Gas jointly invest in the establishment of Sichuan Shuangrui Energy Co., Ltd. (tentative name) to cooperate in the construction of liquefied natural gas technology development and application projects. The first phase of the cooperation project is the LNG project in Langzhong City and Bazhong City. Since then, the company has started to get involved in the production and sales of clean energy such as liquefied natural gas (LNG). In the future, through the efforts and capital investment of both parties, a branch (subsidiary) company will be established in southwest China, mainly engaged in the processing, transportation and sales of liquefied natural gas, and the main user groups will include automotive and civil gas users and chemical production enterprises.

Sichuan Meifeng, as the controlling shareholder (51% equity), will carry out LNG business in this cooperation. It can be seen that the major shareholder Sinopec has taken a fancy to Sichuan Meifeng's listing platform. Relying on the geographical advantages of the western Sichuan gas field and Yuanba gas field, Meifeng's business will be gradually planned in the energy and chemical fields. The LNG project also needs to obtain the approval of the local department for the project and the implementation of the corresponding natural gas indicators before the construction of the natural gas liquefaction project can be started. The construction period is usually 1-2 years. Among them, the Yuanba gas mine currently has a proven reserve of more than 800 billion cubic meters. Sinopec Group plans that the Yuanba gas mine will build a purification capacity of 1.7 billion cubic meters in 2013 and a purification capacity of 3.4 billion cubic meters by the end of 2015.

LNG, as a clean energy, has received widespread attention and unanimous recognition in recent years, and its application fields are becoming increasingly extensive. Its downstream applications are mainly in the automotive and industrial fields. The marketization degree of LNG for vehicles is relatively high, which is about 1 yuan higher than that of industrial and commercial gas. In the future, even if LNG is produced from pipeline natural gas and sold to the downstream automotive field, the profit prospects are still very considerable.

Seeking diversified development

With the rise in natural gas prices, the price advantage of Sichuan Meifeng's gas-based urea has gradually been lost. Therefore, the company actively carried out research on nitrogen oxide reducing agents, high-efficiency compound fertilizers, biofertilizers, food-grade carbon dioxide and new process technologies, and achieved breakthrough progress.

The company entered the food-grade carbon dioxide industry to create a circular green industrial chain. After the completion of the company's project in Mianyang Industrial Park, it is expected to have an annual carbon dioxide emission of 100,000 tons. In order to create a low-pollution, high-efficiency circular economy industrial chain, the company announced in December 2012 that it would invest 50% with Messer Griesheim (China) Investment Co., Ltd. to establish a joint venture, Meifeng Messer Company. Meifeng Messer will use industrial tail gas to produce 100,000 tons of food-grade carbon dioxide, 400 tons of hydrogen, 2,000 tons of liquid ammonia, and 400,000 cylinders of gas.

The company's fertilizer product structure is more reasonable. The 270,000 tons of nitro compound fertilizer in Mianyang Meifeng Chemical Park is expected to be put into production in the fourth quarter of 2013. The company has already made marketing arrangements for this business in advance. In the future, the company plans to integrate the existing compound fertilizer marketing network to digest this part of the production capacity. The release of nitro compound fertilizer production capacity will make the company's fertilizer product structure more reasonable, gradually reduce the proportion of urea in revenue, and enhance the company's ability to resist the risks brought by rising natural gas prices.

(Southwest Securities)

Zhongxin Pharmaceutical (600329): Benefiting from the new version of the basic drug catalog, it is optimistic about future development

Event:

Zhongxin Pharmaceutical (600329) announced its 2012 annual report. In 2012, the company achieved operating income of 5.13 billion yuan, a year-on-year increase of 16.80%; net profit attributable to the listed company was 441 million yuan, a year-on-year increase of 78.19%, equivalent to EPS of 0.60 yuan.

Investment highlights:

The company's performance basically met expectations.

During the reporting period, the company achieved operating income of 5.13 billion yuan, a year-on-year increase of 16.80%; net profit attributable to the listed company was 441 million yuan, a year-on-year increase of 78.19%, equivalent to EPS of 0.60 yuan; net profit after deducting non-recurring items was 348 million yuan, a year-on-year increase of 46.22%. The company's performance basically met our expectations.

Suxiao accelerates growth and actively expands the hospital market.

In 2012, Suxiao Jiuxin Pills achieved sales revenue of 724 million yuan, a year-on-year increase of 20.07%. Suxiao was originally sold mainly through OTC channels and has a high reputation, but its performance in the hospital market is not satisfactory, accounting for only about 15% of sales. In 2010, the company established a new marketing team to focus on the hospital market and added a new specification of 150 tablets for the hospital market. As the marketing effect gradually manifests, Suxiao is expected to maintain rapid growth in the hospital market, driving the overall growth of Suxiao to accelerate.

Implement a large product strategy and improve marketing.

The company attaches great importance to the cultivation of large varieties, formulates and implements a key large variety strategy, and screens a total of 23 key large varieties. In 2012, the company's major products achieved sales revenue of 1.675 billion yuan, an increase of 18.72% year-on-year. There are 4 products with sales of over 100 million yuan, 9 products with sales of over 50 million yuan, and the sales growth rate of many products exceeds 30%. The company is forming a major product pattern of "one dragon and many tigers, dragons soaring and tigers leaping".

Benefiting from the expansion of basic medicines, exclusive products such as Longqing Tablets, Jingwanhong, and Qingyan Dropping Pills have been newly added to the basic medicines.

In the recently released 2012 version of the basic medicine catalog, three exclusive products of Zhongxin Pharmaceutical, including Longqing Tablets, Jingwanhong, and Qingyan Dropping Pills, have entered. Together with the previous Suxiao Jiuxin Pills and Wuji Baifeng Tablets, the company currently has a total of 5 exclusive basic medicine varieties. With the expansion of the basic medicine market, the three new exclusive basic medicine varieties will grow rapidly, driving the company onto a fast track of development.

Valuation and investment advice.

We predict that the company's EPS in 2013-2015 will be 0.63, 0.77 and 0.92 yuan respectively, corresponding to the current closing price, the PE is 26, 21 and 17 times respectively. We maintain the company's "overweight" investment rating.

Main focus.

Stock price catalyst (positive): 1) Rapid growth acceleration; 2) Rapid volume growth of 3 new basic drug varieties.

Risk warning (negative): 1) Market competition risk; 2) Management risk.

(Xiangcai Securities)

Nongxin Shares (002014): Catching up with the baby boomer issuance projects will be gradually released

It is expected that the start of construction has been good since the beginning of the year, with stable revenue and profit growth.

With the slight recovery of the economy, customer orders in the fourth quarter of last year and the first quarter of this year have maintained an upward trend, and the revenue in the fourth quarter increased by 13% year-on-year and 12% month-on-month, with a significant recovery. It is expected that the company's revenue will continue to grow in the first quarter. In terms of cost, as the proportion of the company's self-produced raw materials increases, the gross profit margin will basically maintain a moderate growth trend. It is expected that the company's first quarter report growth rate will be 10%-20%, EPS0.13 yuan.

The fundraising and investment projects are progressing rapidly and will be released gradually after mid-2013.

From the 2012 annual report, it can be seen that the annual output of 3,500 tons of special-shaped injection molding projects and the annual output of 10,000 tons of high-barrier packaging materials technical transformation projects will be put into production in July and August 2013 respectively, and are expected to contribute to revenue in 2013; the additional issuance project of 16,000 tons of flexographic solvent-free will be put into production in early 2014, effectively supporting the revenue growth in 2014. The main customer of the company's flexographic solvent-free project is Procter & Gamble, which produces the diaper brand with the largest market share - Pampers. Pampers' total global sales in 2011 were US$10 billion (approximately RMB 62.3 billion), and China is the second largest market after the United States. At present, China's large-scale flexographic solvent-free production lines suitable for plastic soft bags are scarce.

Quarterly report outlook and investment advice.

The EPS is expected to be 0.63 yuan, 0.81 yuan and 0.97 yuan in 2013-2015, corresponding to PE of 16X, 12X and 10X. With the release of the company's additional production capacity in the second half of 2013, the revenue growth and structural upgrade brought by the release of new production capacity will effectively support the company's rapid development, and it is expected to usher in a valuation increase based on high-gross-profit and high-growth downstream products. We are still firmly optimistic about the company's long-term growth and give it a buy rating.

(Zhejiang Securities)

Comment on Kaier New Materials (300234) 2012 Annual Report: Growth is expected with light equipment

The demand for denitrification in power plants has begun to explode, and the company's industrial protective enamel materials segment has continued to grow at a high rate, and the amount of new contracts has achieved a major breakthrough. In 2012, the company's industrial protective enamel materials segment revenue reached 53.91 million yuan, with a year-on-year growth rate of 159%, continuing the high growth for four consecutive years. Unlike previous years when it only supplied enamel heat transfer elements, the company's revenue from the transformation of air preheaters accounted for more than 50%. We preliminarily estimated that the company's revenue from the transformation of air preheaters in 2012 reached 29.72 million yuan, excluding tax, and completed the transformation of air preheaters corresponding to 4 boilers, namely, the air preheaters corresponding to 1 boiler of Zhejiang Energy Yueqing Power Plant, 2 boilers of State Power Jiangsu Jianbi Power Generation Co., Ltd., and 1 boiler of Datang Hancheng Second Power Generation Co., Ltd. According to the company's published large order data, the company won a total of 121 million yuan in tax-inclusive air preheater renovation contracts in 2012, corresponding to 15 thermal power units in 6 power plants. With the explosion of power plant denitrification demand, the average annual growth rate of the air preheater renovation market will reach 40% from 2012 to 2015. As a new force in the transformation of air preheaters, the company has exceeded the previous 5 years of cumulative supply performance and will fully benefit from the industry feast brought by the explosion of the power plant denitrification market.

For the first time, the company is given an "overweight" rating. We expect the company's EPS in 2013-2015 to be 0.52, 0.65, and 0.94 yuan respectively, corresponding to PE of 30.0\24.0\16.7 times, and give the company an "overweight" rating.

Risk warning: Order acquisition is lower than expected

(Industrial Securities)

Dongwu Securities (601555): Proprietary business rises strongly and focuses on its own characteristics

In 2012, the company's total assets were 15.77 billion yuan, the equity attributable to the parent company was 7.577 billion yuan, and the operating income was 1.398 billion yuan, a year-on-year increase of 7.74%; the total profit was 345 million yuan, a year-on-year increase of 12.68%; the net profit attributable to the parent company was 282 million yuan, a year-on-year increase of 21.7%.

The market share of brokerage business has slightly decreased compared with last year, but the commission rate has increased significantly in the fourth quarter. Affected by the sluggish secondary market and the decline in the company's market share, the proportion of brokerage business income in the income structure has decreased by 19 percentage points, but brokerage business income is still the largest part of operating income. Most of the company's business outlets are concentrated in Jiangsu Province, with obvious regional characteristics, and the commission rate has always been at a high level among listed securities companies. The impact of witness account opening on the company's brokerage business is relatively large, and it will also increase the volatility of the company's overall performance.

Under the environment of declining performance of traditional businesses, the company relied on its proprietary business to maintain year-on-year growth in operating income and net profit. The proprietary business turned losses into profits, and its income increased significantly compared with 2011, and its proportion in the income structure increased rapidly to 35%. The growth of proprietary business performance benefited from derivative investment and fixed income investment, and there is room for future growth.

The company's innovative business is still in its infancy, and the private placement business of small and medium-sized enterprises is relatively prominent. It issued, listed and traded China's first private placement bond for small and medium-sized enterprises, Huadong Coating. In other aspects, the debt financing and securities lending business was officially launched in June 2012, and the refinancing business was officially launched in mid-November. As of December 31, the company's margin trading balance was 436 million yuan, and the business income was 16.75 million yuan. The agreed repurchase securities trading business was officially launched in September 2012. As of December 31, the agreed repurchase balance was 35.37 million yuan, and the expected income was 2.1792 million yuan. New businesses such as bond pledge quotation repurchase business, OTC market and regional equity trading are gradually being launched, but the contribution of innovative businesses to the company's performance is very small at present, and there is little room for improvement in the short term.

Risk warning: Market downside risk, witness the impact of account opening on brokerage business

(Dongwu Securities)

Zhongtian Technology (600522) 12 Annual Report Comments: Gross profit margin increased and maintained steady growth in the future

Main products grew steadily, and radio frequency cables and submarine cables grew rapidly.

In 2012, the company's revenue and net profit both achieved rapid growth. Among them, the main products of optical fiber cables and conductors maintained stable growth, increasing by 9.1% and 16% respectively. The fastest growing product was submarine cable products, with revenue of 221 million yuan, a year-on-year increase of 204%, mainly due to a significant increase in overseas orders; followed by radio frequency cable products with revenue of 706 million yuan, a year-on-year increase of 73%, mainly due to the company's increased market share in China Mobile's centralized procurement.

The gross profit margin increased significantly, driving the rapid growth of net profit.

In 2012, benefiting from the favorable market environment, the company's gross profit margin increased significantly, with the comprehensive gross profit margin of 21.5%, an increase of 1.89 percentage points year-on-year. Among them, the gross profit margin of communication products was 24.61%, an increase of 1.66 percentage points year-on-year; the gross profit margin of power products was 15.80%, an increase of 3 percentage points. In terms of products, the gross profit margins of optical fiber cables, radio frequency cables and wires increased significantly, increasing by 2.18, 7.2 and 5.11 percentage points respectively. Due to the substantial increase in sales revenue, the gross profit margin of submarine cables fell by 15.8 percentage points to 30.1%; due to fierce market competition and the company's equipment cable project is still under construction, the scale effect has not been reflected, affecting the overall profitability of power products.

The sales expense rate and financial expense rate were basically the same as the previous year, and the management expense rate increased by 1.69 percentage points to 5.19%. The expense rate during the period rose slightly, and the increase in gross profit margin was the main reason for the rapid growth of net profit.

The main business grew steadily, and the new business gradually took shape.

The company's main business of optical fiber cables and power cables is still the company's most important source of income. From the perspective of future trends, the investment in operators' transmission network construction and national smart grid construction remains high, and the optical fiber, cable and power cable industries will continue to maintain steady growth. The expansion of the company's high-gross-margin business revenue scale, such as optical rods and submarine cables, will offset the pressure of declining gross margins in traditional optical fiber, cable and cable businesses. The main business will continue to maintain steady growth in the next few years. The company is actively deploying outside of traditional businesses to find new growth points. New businesses include photovoltaic materials, energy storage companies and equipment cables. The company's backplane business and distributed photovoltaic power generation system have been initially completed, and are expected to become new growth points for the company in the future. The rapid growth of overseas business will also drive the company's long-term stable growth.

Investment advice.

The company has maintained a steady growth of 15-20% in the past, and all businesses are at the leading level in the industry. We are optimistic about the growth prospects of the company's new business, and the company is expected to continue to maintain steady growth in the future. It is estimated that the company's operating income in 2013 and 2014 will be 7.32 billion yuan and 8.408 billion yuan respectively, and the net profit will be 483 million yuan and 607 million yuan respectively. The current stock price corresponds to a PE of 12.99 times in 2013, which is a low valuation. The company's "recommended" rating is maintained.

Risk warning.

The decline in prices of optical fiber and cable has led to a decline in gross profit margin; the development of new business is not as expected

(Risin Securities)

Hualu Baina (300291) Annual Report Comments: Steady performance, pay attention to the performance improvement brought by the release of new films

We are optimistic about the company's stable and high-quality characteristics of TV series business, and pay attention to the release of new films in the near future.

The company's TV series production business has always been stable. The production plan of 12-14 films this year is expected to be successfully completed, and a number of high-rated films with market influence can be produced. At the same time, the price of TV series copyrights, especially high-quality TV series copyrights, has a warming trend in 2013, and it is a high probability event that the company's volume and price will rise. It is estimated that in 2013 and 2015, the EPS will be 2.70 yuan, 3.29 yuan and 4.18 yuan respectively, and the corresponding PE will be 26.99 times, 22.20 times and 17.44 times respectively.

"Kintaro's Happy Life" is a recent stock price catalyst, and the "strong recommendation" rating is maintained.

Risk warning.

The recovery of accounts receivable is seriously delayed (the company's current accounts receivable growth rate is much higher than the growth rate of operating income. Although there are characteristics of the TV drama industry itself, risks still need to be strictly controlled), affecting the company's capital turnover and cash flow level. The cost of the TV drama market continues to increase, thereby reducing profit margins.

(Nissin Securities)

Bayi Steel (600581): Quarterly profits gradually recover and look forward to the commissioning of the South Xinjiang project

1. Event

The company released its 2012 annual report. The company achieved operating income of RMB 26.586 billion for the whole year, down 4.88% year-on-year; the net profit attributable to the listed company was RMB 154 million, down 67.96% year-on-year.

2. Our analysis and judgment

(1) Q4 turned from loss to profit, but the full-year performance still fell 68.2% year-on-year. The company's full-year EPS was RMB 0.20, down 68.25% year-on-year, which basically met our expectations.

1) Q4 achieved a net profit of RMB 85 million, turning from loss to profit. The reasons include two points: a. The cost control effect was obvious. The three expenses in Q4 were RMB 413 million, down 19% month-on-month; b. The company had a large amount of steel and raw material inventory at the end of Q3, which brought floating profit as the price rose; 2) The gross profit margin declined significantly throughout the year, and the plate products dragged down the performance significantly. In 2012, the company's output of building materials and plates increased by 6.95% and 19.06% respectively, and the production and sales ratio remained basically the same, but the profit still dropped sharply, indicating a significant decline in profitability, especially in plates, with the annual gross profit margin being only 4.38% (down 6 percentage points year-on-year).

(2) Dividends enhance investor confidence

The profit distribution plan for 2012 was announced: based on the total share capital at the end of the year, a cash dividend of RMB 0.70 per 10 shares was distributed to all shareholders, with a total profit distribution of RMB 0.54 billion, accounting for 34.78% of the annual net profit. The company has achieved cash dividends for three consecutive years, boosting investor confidence.

(3) Nanjiang Steel is about to start trial production

The Nanjiang project, which has been acquired, has a designed production scale of 3 million tons, including 2.99 million tons of molten iron, 2.97 million tons of steel billets, 600,000 tons of wire rods, and 1.7 million tons of bars. This move will increase the company's production capacity from the current 8 million tons to about 11 million tons, and total assets from 14 billion yuan to 18 billion yuan. The project is scheduled to be put into trial production in the second quarter of 2013. Since the South Xinjiang project is located in the southern slope of the Tianshan Mountains where demand is relatively good, the product structure is long products with relatively stronger profitability, and it is a full-process enterprise, it is expected that its profitability will be stronger than that of the headquarters in the future. We look forward to the South Xinjiang project being put into production and improving the company's overall profitability.

(4) 2013Q1 performance still has upward momentum

Steel prices in Xinjiang, especially long product prices, were relatively elastic in the first half of the year, which is conducive to the company's profit recovery. According to the company's ex-factory price, the company's ex-factory price of plates in 2013Q1 will be increased by at least 300 yuan/ton, which is significantly higher than the cost side. Therefore, it is expected that the company's performance in 2013Q1 is expected to continue to recover.

3. Investment advice

The company's EPS in 2013 is expected to be 0.35 yuan, corresponding to a PE of 15.2 times, and the "cautious recommendation" rating is maintained.

(Galaxy Securities)

Shanghai Jahwa (600315): Revenue growth accelerates, expenses highlight scale effect

The main winter brands have good growth momentum

The company's main brands Herborist and Maxam were sold well in the peak season in the fourth quarter of 2012, accelerating growth, which significantly increased the company's revenue growth in the fourth quarter, exceeding our previous expectations. We believe that Herborist can still achieve a growth of more than 30% in 2012 without launching new products, thanks to the strengthening of brand appeal and the rapid development of the company's e-commerce business, which has laid a good foundation for high growth in 2013; Maxam has a good brand foundation and new products have begun to work hard, and the growth rate in the fourth quarter may be

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