The 2009 performance report was announced. In 2009, the company achieved operating income of 534 million yuan and net profit of 83.62 million yuan, a year-on-year increase of 1.34% and 0.28%, and earnings per share of 0.46 yuan, which was lower than our and market expectations. A number of factors led to poor performance in the fourth quarter. The company reported operating profit of 80.29 million yuan for the third quarter, annual operating profit of 8.56 million yuan, and operating profit for the fourth quarter of less than 5 million yuan, significantly lower than the previous three quarters. The main reasons are as follows: First, there were many related expenses in the fourth quarter, such as employee bonuses; second, large-scale heavy-duty gearbox for the company's IPO fund-raising project was put into operation in the fourth quarter, and some tooling jigs were purchased, taking into account related expenses; third, the gross margin of products declined in the fourth quarter, mainly due to the decline in the price of new orders received by the company in 2009 due to the impact of the financial crisis. Downstream demand is relatively stable. In 2009, the metallurgical industry was not doing well. New metallurgical projects were reduced, gearbox orders for new construction projects decreased a lot, and the proportion of spare parts gearbox orders increased. Due to the small number of orders for spare parts and gearboxes, there is a lot of pressure on the company's technology and production process. In addition to the metallurgical industry, the company is also actively expanding demand in other industries such as cranes. The expansion of new customers is relatively smooth, but currently the overall scale and volume are not large. Currently, orders in the new industry are mostly orders for new products in small batches. Customers accept the company's products, and mass procurement still requires a certain process. The depreciation of the IPO program had a slight impact on the company in 2010. The company's IPO fund-raising projects have basically been put into operation, and projects under construction have basically been transferred to fixed assets to account for depreciation. The commencement of the IPO fund-raising project will add more than 22 million yuan in depreciation to the company's fixed assets, which may have a certain impact on the company's profit level in 2010. The wind power gearbox project is likely to obtain approval from the Development and Reform Commission in the first half of the year. The wind power gearbox expansion project is the focus of market attention, and approval from the Development and Reform Commission is likely to be obtained in the first half of the year. The implementation of the wind power gearbox project will bring new room for growth to the company. Profit forecast. We expect the company's EPS for 10-11 to be 0.58 yuan and 0.71 yuan. Currently, the corresponding dynamic price-earnings ratio is 29 times and 24 times, so the valuation is basically reasonable. However, the company's additional issuance price is clearly attractive. The company plans to issue no more than 55 million additional shares, and the reserve price for the increase is only 12.02 yuan. The valuation advantage is obvious, and it is clearly attractive.