The number one national brand in the chicken extract and chicken powder industry: The company's main business is R&D, production and sales of chicken powder and chicken essence products. The company's sales volume of chicken powder and chicken essence ranked third in the industry, with a market share of 7%; the sales volume of chicken powder was second in the country, with a market share of 19%. Industry development highlights: (1) The condiment industry is developing rapidly and has entered the third-generation compound condiment era, leading companies are becoming more dominant; (2) Consumption upgrades, healthy eating, and referring to 80% usage rates abroad, chicken essence and chicken powder will gradually replace monosodium glutamate as the main flavorings, and there is plenty of room for future development. Company Overview: (1) Rapid growth in revenue and net profit, with a compound revenue growth rate of 56.6% and net profit compound growth rate of 97.3%; (2) Chicken powder accounts for 63% in the revenue structure; (3) High gross profit and high net profit. The company's gross margin has basically remained above 35% in the past three years, with a net margin of around 20%. The current production capacity is 12,000 tons, and the capacity utilization rate has now exceeded 100%; (4) The main sales area is in Central China, North China, and Northeast China; (5) It has a whole industry chain and can effectively control costs. Company highlights: (1) The company's products are mainly sold in the catering industry, and customers are not sensitive to prices, and the company will benefit from the rapid development of the catering industry; (2) using differentiated marketing strategies to prioritize the development of the mid-tier catering market in second- and third-tier cities, the growth rate is expected to be faster than the industry's growth rate; (3) using Henan as a pilot to successfully implement flattened marketing system reforms, with remarkable results, and will be extended to 10 other provinces and cities in the future. The main investment in the fund-raising project: This public offering will raise 239 million yuan in capital, which will be used for the company's annual production of 20,000 tons of chicken essence, chicken powder production base, technology research and development center, and marketing network construction project. The construction period of the project is 1 year. Valuation forecast: We forecast the company's revenue for 2010-2012 to be 2.82/355/ 479 million, net profit of 0.69/0.91/118 million, and EPS of 0.67, 0.88, and 1.13 yuan respectively. We gave the company a valuation of about 35 times that of 2011. The corresponding reasonable price was 28.44-32.82 yuan. The recommended inquiry range was 22.76 yuan to 26.26 yuan, and the median value in the recommended inquiry range was 24.51 yuan.