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　　 Changjiang Securities

　　 Cangzhou Dahua The results of the third quarter of 2012 were announced. The main contents are as follows: from January to September 2012, the operating revenue was 2.454 billion yuan, up 27.75% year on year; The net profit attributable to the owners of the parent company was 224 million yuan, up 650.35% year on year; The corresponding earnings per share is 0.86 yuan. The performance slightly exceeded the minimum range of the previous forecast. The performance exceeded expectations mainly from the TDI performance in September. For the future market, it is judged that the price will be slightly reduced. Maintain the previous earnings forecast of Cangzhou Dahua of 1.52 yuan and 1.96 yuan from 2012 to 2013. The current share price is 17.98 yuan, corresponding to 12 or 9 times of PE. It is judged that the company's performance in the fourth quarter will benefit from the rise of TDI price, and will still be in the period of profit expansion. Maintain the views on the industry and the company in the previous in-depth report and series of reports, and continue to "recommend".