In 2011, the revenue of scrapers and belt conveyors increased by 36.10% and 26.55% respectively, which was the main factor in the company's revenue growth, but hydraulic brackets not only lost 8.51% in revenue, but gross margin fell sharply by 5.95%, which had a great negative impact on the company's profit. In 2012, with the internalization of the heat treatment process for hydraulic supports, gross margin is expected to increase. In 2011, the company's management expenses increased by more than 20 million yuan, an increase of 66.85%; asset impairment losses increased by 6.06 million yuan, an increase of 98.13%. The projects that affected the sharp increase in management expenses were employee remuneration and R&D expenses, and the project that affected asset impairment losses was an increase of 21.9 billion yuan in accounts receivable. We believe that the excessive increase in accounts receivable is a result of intense competition in the coal machinery industry and tight liquidity of coal mining enterprises, and is also one of the main risks faced by the company. In 2011, the Yulin service project achieved net profit of 3.765,800 yuan, exceeding market expectations; at the same time, the company plans to shift the direction from simply providing products to simultaneously providing a complete set of services for coal mining within the next three years, establishing demonstration quarters, model projects, and general engineering contracts. We believe that the service strategy will lead the company's next round of rapid growth. Revenue and profit for the first quarter of 2012 fell short of expectations. The first quarter is the traditional low season for production in the coal machinery industry. The company's revenue and profit both declined slightly, slightly below our expectations, but we expect net profit to increase throughout the year as the company's various new products are introduced to the market and coal mining services enter the revenue confirmation period. The company's earnings per share for 2012 and 2013 are expected to be 0.86 and 1.48 yuan respectively, and the PE corresponding to the closing price on 2012/04/18 (15.74 yuan) is 18 and 11 times, respectively, maintaining the company's “buy” rating. The price of coal has fallen sharply; company orders have been drastically reduced; the price of coal machinery products has fallen sharply;