The 2009 results were slightly lower than our expectations. In 2009, the company achieved operating income of 1,388 billion yuan, an increase of 60.59% over the previous year; realized a total profit of 180 million yuan, an increase of 20.46% over the previous year, and net profit of 155 million yuan, an increase of 19.83% over the previous year. The performance fell short of our expectations mainly because revenue growth fell short of our previous expectations. The company's profit distribution plan is to distribute a cash dividend of 1.29 yuan (tax included) for every 10 shares. In 2009, the company's projects under construction were 12.72 million yuan, mainly improving and optimizing existing production projects. The company plans to spend less capital in the next 1-2 years, and performance growth is mainly due to the release of existing production capacity and related product restructuring, leading to an increase in the company's profitability. The company's iron casting production capacity increased dramatically in 2009. Among them, wind power castings accounted for an important share. The state has introduced policies to strictly control industries with overcapacity, and wind power is one of the key regulated industries. At the same time, competition in the wind power industry has intensified. Due to the decline in the prices of wind power complete equipment, the prices of wind power casting products have also declined. With the release of the company's production capacity and the restructuring of wind power casting products, the company's gross margin level will gradually stabilize, but we believe that it is difficult for the company's gross margin level to improve significantly, and it is difficult for its profitability to increase significantly. The main pump shell product of the nuclear power plant nuclear island is a new product developed in cooperation with the company. Nuclear power will enter a golden period of development in the next 3-5 years, and related products have high profitability. The company has invested a lot of capital in the early stages of development and production of nuclear power products. Due to the long certification cycle for nuclear power products, we believe it will be difficult for nuclear power products to have a significant impact on the company's performance in the next 1-2 years. The company's 10-12 EPS is expected to be 0.83 yuan, 1.01 yuan, and 1.18 yuan respectively. The company's products will be mainly used in clean energy industries such as wind power and nuclear power, which is the country's future energy strategy development direction. Considering the current SME valuation situation and the company's future growth, we believe that the company's reasonable valuation in 2010 is 25-30 times PE, and the corresponding reasonable price range is 20.75-24.9 yuan. Currently, the company's stock price is basically reasonable, maintaining the company's “wait-and-see” rating.