Recent situation: The company's recent orders have benefited from the positive trend of mechanization, weight reduction, and import substitution; based on exchanges with several downstream beverage vendors and commercial agents, the company's downstream demand situation is optimistic. Comment: Beverage vendors are willing to expand their business layout and expand production, and the demand growth of upstream equipment vendors is guaranteed. Due to good demand trends and large long-term space, several beverage giants have indicated that they will expand Chinese investment and seize share. Exchanges with mainstream beverage vendors and commercial agents have also confirmed that related investments are progressing at an accelerated pace. As the highest quality complete line equipment supplier in China, downstream demand is clearly growing rapidly in the next 2 years. mechanized. Beverage companies previously paid the most attention to filling speed and efficiency in the production process, and currently they are also paying great attention to the degree of automation and efficiency of product packing and distribution processes. Secondary packaging equipment such as film wrapping machines and palletizers is therefore facing stronger demand than the host or whole line; in fields with low mechanization levels such as daily chemicals and condiments, as an application carrier for high-viscosity filling technology, the company's product technology is mature, and there are plenty of application cases (such as Procter & Gamble, Blue Moon, Haitian, etc.), and is also facing a slightly faster demand situation than the beverage industry. Lightweight. The company's lightweight equipment can help beverage companies save 30% of preform costs (taking pure water as an example, corresponding to a total cost savings of about 18%). Coca Cola pioneered application and has begun large-scale promotion in the pure water business sector. Under the outstanding demonstration effect of Cola's “ice dew” pure water in the terminal market this year, the company is facing the opportunity to become a supplier for more large-scale beverage vendors. Judging from the recent situation, the previously anticipated phased goal of the company's lightweight all-in-one machines to achieve sales orders of 10 sets or more this year has basically been achieved (mainly within the Cola system), and has become the company's driving force for growth. Looking ahead, it is still reiterated that if more large beverage companies change their current attitude of experimentation to comprehensive follow-up, the company's fundamentals will change qualitatively. Import substitution. The domestic beverage equipment market is a field with a significantly low localization ratio in the light industry. Although the company currently ranks first among domestic enterprises, the current market share of about 5% is far lower than the share of equipment imported from Europe (based on competitors' annual report information, it is estimated that the three domestic equipment companies imported from Crones, KHS, and SIDEL account for 40 to 50% of the domestic share). Looking ahead, the company's equipment has already entered the procurement system of large domestic beverage vendors. The successful development of every major customer may rapidly increase the share of domestic equipment. Judging from the competitive comparison, the company's share of domestic equipment is remarkable in terms of product price and after-sales service. Leading the way. In recent years, the catch-up effect in product efficiency (reflected in filling speed and efficiency) has been remarkable. Based on the pioneering Coca Cola case, it is recommended to look at this trend and long-term space optimistically. Investment advice: The downstream of the company is beverages, and demand is good; judging from the trend of mechanization, weight reduction, and import substitution, it is facing opportunities for rapid increase in sales scale and market share. Currently, the inflection point of the business is gradually becoming clear, and there is significant room for long-term growth. The current stock price corresponds to the price-earnings ratio of 2011/12 and 26x, respectively, and I repeat the recommendation.