Investment points: At present, domestic PET bottles are mainly used in soft drink packaging. China's total soft drink production has maintained a rapid growth trend for many years. Especially in recent years, the domestic soft drink market has maintained an average annual growth rate of 15-20%, bringing good development space for the development of PET bottles. Furthermore, the development of the beer and other hard drink markets will bring great surprise to the PET packaging market. The company has now become a leading domestic bottling company. The PET bottles it produces mainly serve major customers such as Coca Cola, Pepsi, and unified enterprises, accounting for 50% of Coca Cola's domestic procurement volume, 20-30% of Pepsi's domestic procurement volume, and 20-30% of unified domestic procurement volume. The company has established production and sales networks in central cities and overseas markets all over the country to reduce product costs and better serve target customers. The main business follows the steady growth of customers. The gross margin of the company's beverage packaging products has been relatively stable in recent years. About 30% of the company's raw material sources are purchased. The rest is mainly of the nature of incoming material processing. Calculated with Liangle Company on the basis of approved raw material prices, the price of PET slices, the main raw material, fell 30% year on year in the first half of 2009, resulting in a significant increase in the company's gross margin. The gross margin of beverage packaging products was 17.04%, an increase of 1.16 percentage points over the previous year. The company's newly added beverage processing business relies on a beverage packaging production base to provide customers with a one-stop service. The gross margin of this business is also rising steadily. We forecast that the EPS of Zhuhai Zhongfu in 2009-11 will be: 0.28, 0.30, and 0.34 yuan, respectively. Since the controlling shareholder of the company itself was a foreign-funded private placement, the acquisition cost at the time was 8.27 yuan per share, and shares will definitely be transferred when conditions are ripe in the future. Therefore, we believe that the company will strengthen management and operation in the future and promote a continuous improvement in performance. We received a reasonable price of 7 yuan for shares according to 25 times PE, and gave the company a “recommended” investment rating.