The company issued 36 million shares this time, accounting for 25.49% of the total share capital after issuance. The issue price is 13 yuan per share, and the proposed capital is 468 million yuan, and the net capital raised is 437 million yuan. The company mainly produces precision copper tubes and has a high comprehensive profit level. Jingyi Co., Ltd. is a domestic copper processing enterprise. The business is divided into precision copper tubes, copper processing equipment and copper tube deep processing products. Currently, it has a production capacity of 30,000 tons of precision copper tubes and 3,000 tons of copper deep processing products, and the annual output of copper processing equipment is more than 20 units. The company's precision copper tubes mainly earn processing fees, and the share of revenue and profit has remained around 80% and 60%, which is the main profit growth point. Since products with high gross margin, such as copper processing equipment and copper tube deep processing, have raised the company's overall profit level, its comprehensive gross margin is higher than that of ordinary copper processing enterprises. Advantages: The industrial chain is complete, and the technical advantages are obvious. Disadvantage: The scale is still too small. The company is the only processing enterprise with a complete industrial chain model in the domestic copper processing industry. The three links of copper processing equipment - precision copper tubes - copper tube deep processing products complement each other in operation, making the company have obvious technical advantages and cost advantages in product production and development. However, the current production scale is small, and the precision copper tube production capacity is only 30,000 tons, which is a big gap compared to large domestic copper processing companies such as Jinlong and Hailiang. While expanding the company's production capacity, the fund-raising project will further optimize the company's product structure, and the gross margin level will gradually rise in the future. Risk disclosure. Downstream customer concentration is too high and bargaining power is strong, and the company's performance may be hampered by it. We expect the company to fully dilute EPS in 2009, 2010, and 2011 to be 0.50 yuan, 0.67 yuan, and 0.86 yuan. Based on the principle of prudence, we will give 30-35 times PE in 2009, and a reasonable price of 15-17.5 yuan after listing.