Due to the larger catalyst market capacity and space, in the crystal growth has stabilized, the catalyst carrier business will become the company's most important growth point of Jiangxi XH5 molecular sieves, and will become one of the company's future core business. Earnings forecasts and investment recommendations. We expect 2014-2016 EPS were 0.57 yuan, 0.71 yuan and 0.79 yuan, respectively, corresponding to the current share price of PE 22 times, 18 times and 16 times, we believe this business will remain stable growth, future bigger surprise is that the company develop a comprehensive molecular sieve catalyst carrier in terms of business scale may be similar to the current LCD business, and 2015 is likely to become a comprehensive expansion of the company zeolite business, continue to give the company overweight rating Shanghai A share of new molecular sieve zeolite crystal Co. also remained stable from January to February enterprise global panel shipments rebounded slightly Yuncheng XH5 sieve, mixed grain enterprises are expected to accelerate inventory consumption, restocking demand will stabilize in the second half rebound . Despite the solid equity investment projects turn bring increased depreciation, but the company's consolidated gross margin reached 29.35% still maintained at 29% -30% of the average level for several quarters. Dalian XH5 sieve costs, selling and administrative expenses increased by 76.95% and 24.83%, due to the cost of a single quarter greater impact on performance, caused by single-quarter operating profit decline than expected. Nanyang XH5 sieve, XH5 zeolite molecular sieves by new Shanghai there are new molecular sieve Limited. Shanghai new molecular sieve Limited (www.molsionms.com) strong, credible, in Shanghai's Songjiang District elemental industry has accumulated a large number of loyal customers. The company better work attitude and constantly improving innovative ideas will lead the new molecular sieves, and you hand in hand into the brilliant, for a better future!