The company is an important manufacturer of PHC pipe piles with the most complete variety and the strongest comprehensive strength in the domestic prestressed concrete pipe pile industry. It is the most important domestic production base in the field of large-diameter PHC pipe piles above φ600, with a market share of 25% for large-diameter pipe piles, ranking second in the country. The rapid growth in infrastructure investment has brought huge market opportunities to the prestressed concrete pipe pile industry, especially large diameter PHC pipe piles. According to China's “Eleventh Five-Year Plan,” China's transportation infrastructure investment scale will continue to grow rapidly in the next few years, and in particular, investment in waterway construction such as ports and wharves will show explosive growth. The three-year compound growth rate was 23%. Revenue increased 38.46% and 46.42% year-on-year in 2006 and 2007. Affected by the financial crisis in the second half of 2008, the company's pipe pile sales declined markedly, and annual revenue increased 4.05% year-on-year. In the first half of 2009, with the recovery of the economy and the development of foreign markets, sales rose steadily and steadily. Fund-raising projects. The capital raised this time was invested in the renovation and expansion of the large diameter PHC pipe pile workshop and supporting the construction of a new 4,000-ton excavated port pool sheet pile terminal and the purchase of 5 pile carriers. It is expected that additional production capacity will be realized in 2011, and profitability will increase. Estimates and investment ratings. The company is expected to achieve earnings of 0.43 yuan, 0.60 yuan and 0.81 yuan per share from 2009 to 2010, respectively. The reasonable valuation range is 22 yuan to 26.4 yuan, and the PE level corresponding to 10 years is 36.7-44.0 times. The valuation level is close to Western Construction, which has just been listed, but higher than Guotong shares, which are also small and medium sized. Risk warning. Investment in water transport such as ports and terminals fell short of expectations, and there is a risk that the prices of raw materials such as steel will fluctuate.