In 2012-2014, we expect the company's revenue to grow at 14%, 13%, and 13%, respectively, and EPS at 0.31 yuan, 0.34 yuan, and 0.41 yuan respectively. The company's closing price on August 6 was 7.41 yuan, which is 24 times the valuation in 2012. Compared with comparable listed companies, the valuation has no advantage. We gave the company a valuation of 26 times, maintained an investment rating of “increased holdings - A”, and the target price was 8.10 yuan. Risk warning: The growth rate of investment in manufacturing is slowing down. Risk of rising raw material prices and labor costs. The progress of the fund-raising project fell short of expectations. Market development is unfavorable, and competition is fierce.