The company is a leader in the domestic prestressed concrete pipe pile industry. Mainly engaged in the production and sale of prestressed high-strength concrete pipe piles (PHC pipe piles). Currently, the company is one of the important manufacturers of PHC pipe piles with the most comprehensive variety and comprehensive strength in the domestic prestressed concrete pipe pile industry, and is also one of the most important production bases in the domestic field of PHC pipe piles with a diameter of φ600 or above. The large diameter PHC pipe piles produced have been tested by the Shanghai Institute of Science and Technology Information and have been certified as an international advanced level, and have an ISO 9001:2000 quality system certification certified by UKAS in the UK. The product structure is mainly based on large diameter PHC pipe piles, and the overall gross margin is high. Large diameter PHC pipe piles reflect the most advanced production technology and technology for concrete pipe piles in China. Due to factors such as relatively high entry thresholds and restrictions on product transportation conditions, the market is currently in short supply. The price of the product is relatively high, and the profit margin is relatively large. It is currently the main development direction of domestic prestressed concrete pipe pile enterprises. The company has formed a production and operation pattern mainly with large diameter PHC pipe piles above φ600 and complemented by small-diameter PHC pipe piles below φ600 (inclusive), so the company's main business has maintained a high comprehensive gross profit margin. The company has core technical advantages, regional and water transportation advantages. The company is located in Fengxian District, Shanghai, close to the Huangpu River, and has convenient land and water transportation. The company itself has a 318-meter waterfront line and has built a 4,000T excavated port pool sheet pile exit pier, so that the company can fully rely on and utilize the golden waterways of the Huangpu River and Yangtze River basin, making it extremely convenient to transport products by water. At the same time, after years of exploration and accumulation, the company has developed a unique set of techniques to optimize the design ratio of concrete, and has passed the ISO 9001:2000 quality system certification. The concrete strength of all products has reached C90 or above, surpassed the national standard (C80), and reached the international advanced level. Raise capital to solve the production capacity bottleneck of large-diameter PHC pipe piles to meet the needs of the market and company development. After the capital raised this time is in place, the company will renovate and expand some of the existing large-diameter PHC pipe pile workshops to solve production capacity bottlenecks; at the same time enhance supporting water transportation capacity; and build a new enterprise product research and development center to meet the needs of business development. The company will enter a period of rapid development. Valuation and investment suggestions: Based on the calculation of 135 million shares after issuance, we expect the company's EPS to be 0.39, 0.57, and 0.80 yuan respectively. The company is a segment of the construction materials industry - cement manufacturing. Therefore, we select a relatively representative company listed in the building materials industry on the small and medium board as a comparable company. Referring to the arithmetic average value of the price-earnings ratio of comparable companies, we take 45-55 times PE. The reasonable price range for the secondary market is 17.55-21.45 yuan. Assuming that the issuance price is discounted by 20% compared to the secondary market price, we recommend 20% discount. The inquiry range is 14.04-17.16 yuan.