1. Vigorously develop the PCB business and compete for the top position in the industry. The company's main business includes the production and sale of PCs and related products and printed circuit boards (PCBs). Among them, the PCB business is currently the company's main capital investment. Between 2006 and 2008, the compound growth rate of the company's PCB business revenue was 57%, and in 2009, when the economy was sluggish, there was also an increase of about 30%. The company acquired Zhuhai Fangzheng Technology Multilayer Circuit Board Co., Ltd. in 2003 and officially entered the PCB industry. Currently, the production, sales and management of the company's PCB business are still mainly concentrated in Zhuhai, while also being deployed in Chongqing and Hangzhou, but both account for a small share of revenue. The company's PCB business products are mainly HDI, high-multilayer boards, and system backboards. Among them, HDI board sales revenue with high gross margin accounts for 55% of total PCB business revenue, backboards about 25%, and multi-layer boards about 15%. HDI boards are mainly used in consumer electronics such as high-end mobile phones. The downstream of the company is mainly enterprises in the communication industry such as mobile phones and switches, and the main customers include Huawei, Tianyu, Longqi, and ZTE. The Zhuhai HDI project raised by the company in the early stages has reached production. As the Chongqing PCB Industrial Park, which is the backboard of the main production system, is put into operation, the company's PCB production capacity will be further increased. Under a favorable market environment and normal operation and production of the company, the company's HDI forecast output will reach about 4 million feet throughout 2010. The estimated production of the backplane and system board will reach about 3 million feet. The company's current production capacity is at full capacity, and expanding production capacity will facilitate the rapid development of the company's PCB business revenue. We believe that the company's PCB products can be supported by market demand, continue to grow rapidly in the next 2 years, and the share of revenue and profit will further increase. 2. The PC business aims to develop smoothly. In terms of PC business, the company aims to maintain sales volume, stabilize market share, and achieve steady development. According to 2008 statistics, the company's PC market share is about 7.5%, ranking second among domestic manufacturers and fourth in the overall market. Currently, competition in the PC industry is fierce. Affected by the price war between manufacturers and the entry of low prices into the countryside for home appliances, etc., from January to June 2009, the gross margin of the company's PC business fell 0.72 percentage points year-on-year to 5.98%. It is expected that this part of the business will maintain its current scale and contribute stable profits. 3. Awaiting approval for allotment of shares, there are currently no asset injection plans. Earlier, since financial giant Soros expressed interest in investing in Fangzheng Group, it drew attention from various circles about the possibility that Fangzheng Group might inject assets into Fangzheng Group. As the only A-share listed company under Fangzheng Group, the company said it has submitted an allotment plan and plans to raise capital to expand the Zhuhai HDI project and increase capital in the Chongqing PCB Industrial Park. There are no short-term asset injection plans. 4. Profit forecasts and ratings. The company's earnings per share for 2009, 2010, and 2011 are estimated to be 0.05 yuan, 0.08 yuan, and 0.11 yuan respectively. Based on the closing price of 5.32 yuan on December 8, 2009, the corresponding dynamic price-earnings ratio is 106 times, 66 times, and 48 times. We are optimistic about the company's PCB business development, but considering the company's current high valuation, we maintain the company's “neutral” investment rating.