Southwest Securities pointed out that the decline in profitability of organic silicon dragged down performance and the expense ratio was stable and the operation was stable. The profitability of the company's phosphorus chemical products has increased, which is expected to benefit from the supply-side reform of the phosphorus chemical industry. Guizhou Phosphate Group was introduced as a strategic partner to strengthen the competitive advantage of electronic grade hydrofluoric acid. Due to the decline in the profitability of the silicone sector, the company's net profit attributable to its mothers in 2019-202 will be reduced to 440 million yuan, 570 million yuan and 700 million yuan, corresponding to EPS of 0.48 yuan, 0.63 yuan, and 0.77 yuan, and corresponding PE of 21X, 16X and 13X, maintain "Buy" rating.