1. According to the company's listing announcement, operating income in 2010 was 850 million yuan, up 87.29% year on year; net profit attributable to issuer shareholders was 576.613 million yuan, up 50.99% year on year; operating income and net profit for the first quarter of 2011 were 230 million yuan and 12.383 million, respectively, up 66.39% and 60.18% from the same period last year. 2. The operating income and net profit for the first quarter of 2011 increased by 66.39% and 60.18%, respectively; the company disclosed in the listing announcement that the reason for the increase in performance was “the impact of the international financial crisis on the company was eliminated in 2010, the scale of production and sales continued to expand, and the main business maintained a rapid and steady growth trend”; however, considering that the company's sales volume from January to September 2010 had reached 54,800 tons (production capacity 68,000 tons), and capacity utilization had reached a high level. It is expected that the company's product sales volume in 2011 will be relatively difficult to achieve significant growth. Growth. At the same time, due to a decline in product gross margin due to rising silicon steel prices, the company's net profit growth for the full year of 2011 is expected to be lower than the level of the first quarter. 2. Based on the total share capital of 127 million shares after issuance, earnings per share after issuance in 2010 were 0.454 yuan; considering changes in the company's production, sales and gross margin in 2011, the earnings per share in 2011 are expected to be about 0.55 yuan. 4. Referring to the current average PE41.4X of listed companies in the industrial machinery industry and the average PE39.75X in the SME board, combined with the future development prospects of the industry and the company's performance growth potential, the company was given a valuation of 35X-40XPE. 5. According to the estimated valuation of EPS and corresponding PE levels in 2011, the current reasonable valuation should be 19.25-22 yuan;