IPO gathering. Hangqi Qianjin is a national high-tech enterprise with the widest range of product applications in China's gear industry, the largest sales scale of marine and construction machinery transmission devices, and the most comprehensive competitiveness. The main business is the design, manufacture and sale of various gear drives, powder metallurgy products and large-scale precision gears. The company has focused on the research and development of gear transmission devices and friction materials and friction plates for many years. It has deep technical accumulation and R&D platforms for transmission devices in various fields. The technical level and R&D capabilities are in the leading position in the industry; the market share of marine gearboxes produced and sold has ranked first in the country for many years; it is also the enterprise with the highest share of transmissions in the domestic construction machinery industry. Investment analysis. Considering that the company's products are used in a wide range of fields and have certain advantages within the industry, in line with the current market environment, Galaxy Securities gave the company a first-day listing valuation of 32-37 times dynamic PE in 2010, corresponding to a stock price operating range of 8.96-10.36 yuan on the first day of listing. The company's fixed issue price was 8.29 yuan, so the increase on the first day was 8.08%-24.96%. Referring to the valuations of comparable companies related to the machinery and equipment manufacturing industry, taking into account the current market environment, Nanjing Securities gave the company a first-day listing valuation of 30-35 times its dynamic price-earnings ratio in 2010. Corresponding to the stock price operating range of 8.1 to 9.45 yuan on the first day of listing, the first-day increase was -2.29%-14%. Risk warning. (1) Prices of wind power growth boxes have declined as competitors have increased, affecting the gross profit margin of products; (2) the growth rate of construction machinery gearboxes has declined; (3) the government has introduced policies that have a significant impact on the real estate and infrastructure industries.