The company is mainly engaged in the production and sale of prestressed high-strength concrete pipe piles (PHC pipe piles). It is one of the important manufacturers of PHC pipe piles with the widest variety and the strongest comprehensive strength in the domestic prestressed pipe pile industry, and is also one of the most important production bases in the domestic field of large diameter PHC pipe piles with a diameter of φ600 or above. Compared with other major pile foundation materials, the advantages of PHC pipe piles are mainly reflected in the following points: 1. The bearing capacity of a single pile can be increased by 70% to 80% compared to the original soil, and the friction resistance on the pile side can be increased by 20% to 40%; 2. The design range is wide and suitable for various soil types and construction types; 3. The pile quality is reliable, and the pile structure is defined and standardized; 4. The unit cost is far lower than that of steel pipe piles, and the production cycle is shorter. The future market space for the large diameter PHC pipe pile industry is quite broad. Downstream industries such as ports, wharves, and shipbuilding are in huge demand, and with the successful application of large diameter PHC pipe pile products in high-speed railway construction projects, China's large-scale and intensive investment in high-speed railways over the next 10 years will bring huge market demand to the large diameter PHC pipe pile industry. Currently, there is a gap between supply and demand in the large diameter PHC pipe pile industry. The supply is smaller than the market demand. The current market demand for large diameter PHC pipe piles in the above industries is about 7 million meters or more per year. Currently, there are only seven enterprises with large-scale PHC pipe piles, and the total annual production capacity of such companies is only about 3.2 million meters. The company's competitive advantages are mainly reflected in product structure advantages, cost advantages, and regional and water transportation advantages. The company plans to publicly issue 35 million shares to the public. The capital raised will be mainly used for three major projects: 1. Renovation and expansion of large-diameter PHC pipe piles and supporting terminals; 2. Purchase and construction of pile-carrying vessels; 3. Build a new R&D center. The company's earnings per share for 2009, 2010 and 2011 are estimated to be around $0.42, $0.47, and $0.76. Referring to the valuation level of listed companies related to the building materials industry and the company's issuance price, and taking into account the recent increase on the first day of the SME IPO, we predict that the price range on the first day of listing may be 25.87-29.85 yuan. Risk warning: the risk of raw material price fluctuations, industry competition increasing the risk, and the risk of implementing fund-raising projects.