The company is the largest supplier of exterior components for televisions in China. The company is mainly engaged in the design, production and sale of external structural components for televisions, with a market share of 6%, ranking first among suppliers. The main customers are machine manufacturers Haier, Konka, etc., and the products have also been extended to white power, automobiles, IT and other fields. It has become a development trend for machine manufacturers to outsource exterior structural parts. The advent of the tablet era has placed higher demands on the appearance of televisions, and the rapid growth of the tablet market has also caused machine manufacturers to outsource more exterior structural parts. By 2008, the outsourcing ratio reached 36%, and is in a trend of continuous expansion. The company's core competitiveness is the effective combination of “design power” and “manufacturing power” to industrialize industrial design. Currently, there are 13 television exterior structure suppliers with annual sales volume exceeding 600,000 sets in China, but most of them are mold makers or injection molding manufacturers, and their industrial design capabilities are weak. The company's management is from industrial designers. The team has won many internal and external design awards, and has outstanding professional industrial design capabilities. The unique DMS (Design, Designing, Service) has successfully industrialized industrial design, and the scale is more than 5 times that of the second largest in the industry. The main future growth points are: 1) television exterior structure production capacity release; 2) expansion into the white power and automobile fields. The fund-raising project solved the production capacity bottleneck in the television field; it improved the shortfall in mold manufacturing in the industrial chain. Risk disclosure: Core customers are too concentrated, and the television industry is growing less than expected. We expect the company to fully dilute EPS in 10, 11, and 12 to be 0.45 yuan, 0.59 yuan, and 0.75 yuan. Combined with the average valuations of the black electricity and plastics industries, a 10% design advantage premium will be given. The target PE for 10 and 11 will be 29 times and 21 times, respectively, and the corresponding reasonable prices will be 12.3 yuan to 13.0 yuan. Special Reminder: The IPO pricing predicted in this report is not the price performance on the first day of listing, but rather a reasonable price range when the current market environment remains largely unchanged.