Sales are expected to rebound slightly in the fourth quarter. The non-public offering will help the company continue to operate and give it an “increase in holdings” rating. The private offering of Xiamen Engineering Co., Ltd. will expand the company's excavator production capacity, establish a strategic loader base covering the central and western regions, and supplement the company's working capital, which will help the company continue to operate. We predict that the company's EPS for 2011-2013 will be 0.90 yuan, 0.98 yuan, and 1.36 yuan respectively. We give an investment rating of “increase in holdings”. The 6-month target price range is 12-15 yuan, which corresponds to the 2011 PE range of 13.33-16.67 times. Major uncertainties. 1) Policies have been tight for a long time, and industry sentiment continues to decline; 2) The growth rate of new real estate construction area has declined, and funding for guaranteed housing and water conservancy construction is insufficient.