The company is a leading enterprise in the large diameter PHC pipe pile industry. The company is mainly engaged in the production and sale of prestressed high-strength concrete pipe piles. Prestressed concrete pipe piles are one of the main pile foundation materials for various types of engineering construction. In particular, PHC pipe piles are widely used in land construction projects such as high-rise buildings, highways, elevated roads, large power plants, etc., and in the infrastructure construction of water construction projects such as ports, wharves, shipyards, and large-span bridges. Of the nearly 350 manufacturing enterprises in the entire industry, few entrepreneurs have formed large-scale mass production, and the vast majority are concentrated in the field of small-diameter PHC pipe piles below φ600. There are only about 7 companies with the ability to produce and sell large-diameter concrete pipe piles and PHC pipe piles. Among them, in addition to our company, the most important one is CCCC Third Navigation Engineering Bureau Co., Ltd. The large diameter PHC pipe pile industry is in short supply. Currently, the total annual production capacity of the large diameter PHC pipe pile industry is close to 3.2 million meters, and compared to the industry's overall demand of 7 million meters, supply is still in short supply. As infrastructure investment continues to be high, we expect that the industry's short supply situation will not change in the next few years. The company's cost advantage is obvious. Since large diameter PHC pipe piles are mainly aimed at the hydraulic construction market and the products themselves are large in size, long in length, and heavy in weight, their main mode of transportation is directly transported to the project site via large tonnage carriers. This is one of the main obstacles that currently limit most domestic pipe pile companies from entering the field of large diameter PHC pipe piles. Our company is located in Fengxian District, Shanghai, close to Huangpu River, with 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. Due to its large terminal grade and good water depth conditions, it can accept the entry and exit of large carriers with a maximum tonnage of 4,000 tons, which is conducive to reducing the unit transportation cost of products, thereby enhancing the competitiveness of products. At the same time, after this launch, the company plans to use the capital raised to build a 4,000T excavated port pool pile exit pier and purchase 5 new special pile carriers to expand the terminal's handling and water transportation capacity, and further enhance the company's regional and water transportation advantages. We expect the earnings per share of Zhizhong Construction to be 0.44 yuan, 0.56 yuan, and 0.96 yuan, respectively, after dilution in 09-11. We believe that the reasonable value of the company is 13.6-16.8 yuan, and the recommended inquiry range is 13.2-16.3 yuan. Risk factors: macroeconomic decline, large fluctuations in raw material prices, risk of market competition.