The company issued 35 million A shares this time, and the total share capital after issuance was 135 million shares. The company's largest shareholder holds 70.44% of the shares, and the actual controllers are Lu Renjun and Jiang Lufeng. The company is mainly engaged in the production and sale of prestressed high-strength concrete pipe piles (PHC pipe piles). Its products include PHC pipe piles and steel pipe piles. The company is currently one of the manufacturers with the most complete range of products and specifications in the domestic PHC pipe pile industry, and is also an important production base for large diameter PHC pipe piles in China. The outlook for the industry is good. Currently, only a few domestic enterprises produce large diameter PHC pipe piles, and the gross margin of the product is high; large diameter PHC pipe piles are mainly used in water engineering, which restricts the entry of other enterprises due to their high technical requirements; port and wharf construction in the eastern coastal region is driving demand for large diameter PHC pipe piles. Currently, large diameter PHC pipes are basically in short supply. The competitive advantage is clear. The company is located in the Yangtze River Delta region. The region is an important area for the construction of domestic ports, wharves and cross-sea bridges, and PHC pipe piles are in high demand; since the production site is close to the Huangpu River, the company uses waterway transportation advantages to reduce the transportation costs of the company's raw materials and products; on the premise of ensuring the quality of PHC pipe piles, the company uses high-quality quartz powder to replace high-grade cement in equal amounts, reducing the cost of pipe piles. Fund-raising project analysis: The company's fund-raising projects include renovating and expanding the existing large-diameter PHC pipe pile production line and supporting terminals, purchasing pile carriers, and establishing a research and development center. After the completion of the fund-raising project, the production capacity of large-diameter PHC pipe piles will be directly expanded by about 800,000 meters/year. At the same time, production capacity for steel pipe piles, which has been restricted due to transportation issues, will also be released. It is expected that the company's revenue and profit will increase significantly after 2010 compared to 2008. Profit forecasting and valuation. Based on the company's total share capital of 135 million shares after issuance, EPS is estimated to be 0.40 yuan, 0.59 yuan, and 0.76 yuan respectively from 2009 to 2011. Referring to the dynamic price-earnings ratio of comparable companies and SMEs in 2010, we think we can give the company a price-earnings ratio of 25-29 times in 2010. Based on the 2010 EPS of 0.59 yuan, the reasonable valuation range is 14.8-17.1 yuan. The main risks faced by the company: the risk of fluctuating raw material prices; the risk of developing overseas markets; and the risk of operating pile-haulage vessels.