I have been comparing Asia Carbon Industries latest earnings report to their 2010 financial statements and only see great improvement and a continuing trend in growth an revenue. It seems that they are one of only a few Carbon Black producers in China and one of the few public company's in the world that produce this compound. Their revenue was up 154% in Q1 2011 vs Q1 2010 and that was with 10 days of Chinese New Year's. This little known gem is quickly gaining market share in China's growing auto industry as Carbon Black is used in reinforcing tires. They posted a $0.04 EPS for Q1 '11 whereas they on posted a $0.07 EPS for all of 2010. 4 cents of that came in Q4 after they switched from a dry to wet process.
One of the many things I looked into was how well this company presented their accounting or what they did to help keep clean books. According to a statement from CEO, Yao Guoyun, ACRB went public through a Form S-1 rather than a reverse merger. More from that article here.
Pretty much, Asia Carbon Industries checks out as a safe, growing investment opportunity. It is insnely undervalued and will allow for 2x, 3x growth in the next 12 mos. They are continuing to develop and will show continued profitability as time goes on! I would suggest getting in now while it is so low!