Investment points: 1. Since its establishment in 1995, the company has been engaged in R&D, design and manufacture of glass deep processing technology and equipment. Its main products include flat curved glass tempering units, Low-E coated glass units, and some deep processing glass products, which are the main pioneers and promoters of the localization of glass deep processing equipment. After more than ten years of refinement, Beibo has now become the glass tempering equipment R&D and manufacturing enterprise with the largest production scale and the strongest R&D and testing capacity in the world. A total of 2,181 tempered glass production lines are in operation all over the world in more than 50 countries and regions, including China, the United States, Britain, France, and Germany. Since 2002, the company's leading product, flat-curved glass tempering units, has accumulated a domestic market share of close to 50%, continuing to rank first in the same industry at home and abroad. 2. The company's industry has broad market development space. Deep-processed glass mainly includes tempered glass, laminated glass, insulating glass, and coated glass. It has the characteristics of high safety, high strength, thermal stability, energy saving, etc., and is widely used in construction, means of transportation, electronics industry and military industry. Although China is currently the largest producer and consumer of glass in the world, the deep processing rate of glass is clearly low. In 2010, China's deep-processed glass production accounted for only 36.8% of total glass production. Compared with the world average of 60% and the deep-processing rate of developed countries of more than 80%, there is still room for exponential growth. At the same time, demand for deep-processed glass mainly comes from real estate and automobiles. Coupled with the furniture industry, which is closely related to real estate, the demand has reached 95% of deep-processed glass, and these industries are in a stage of rapid growth in China, so the growth of the downstream industry itself has also brought huge demand for deep processing, bringing broad space for the company's development. 3. The company currently has the highest technical capacity, technical level and comprehensive strength in the industry. A number of high-end innovative glass deep processing technologies have been successively applied to major projects and iconic buildings in countries or regions such as the National Grand Theatre, the “Sunshine Valley” and “Sixteen Shops Wharf” at the World Expo, and the Olympic National Stadium “Bird's Nest” and “Water Cube”. In 2010, the company also used its unique curved tempered glass processing technology to create Apple's flagship store “Crystal Pillar” in Shanghai, which attracted worldwide attention, and began a cooperation plan with Apple to build a Hong Kong flagship store, so that Beibo established a high brand awareness within the industry. Beibo's new technology led the market, and the market also promoted new technology research and development, making the company synchronize with the international community in terms of product technology, quality and performance, and become a leader in the domestic industry. 4. The IPO solved the bottleneck in production capacity and brought performance into a stage of high growth. The company's current fund-raising plan is invested in two projects for technological transformation of energy-saving glass tempering units. It is expected to increase the production capacity of glass tempering equipment by 200 units, increasing production capacity by more than 50% compared to 2010, and increasing production capacity of Low-E equipment by 20 units. According to more conservative sales estimates after delivery, sales revenue can be increased by 897 million, an increase of 115% over 2010, and a net profit of 189 million yuan, an increase of 213% over 2010. The implementation of the investment project will greatly improve the level of equipment in Beibo, R&D capacity, and processing capacity and manufacturing accuracy of key components, Further enhance and meet the demand for energy-saving tempered technology equipment and high-strength safety glass in domestic and foreign markets, accelerate the industrialization process of low-emission coated glass technology (LOW-E) with remarkable energy-saving effects, raise the company's overall profit level, promote the development of China's deep-processed glass technology industry to a higher level, and participate in international competition with greater strength, so that Beibo Co., Ltd. has formed a three-legged development trend in the solar photovoltaic technology industry, the low radiation coated glass technology industry, and the high-strength safety tempered glass technology industry. Risk factors: 1. Risk of market competition and decline in gross margin; 2. Risk of implementation of fund-raising projects: If during the implementation of this fund-raising project, changes in market environment factors or poor market development cannot be absorbed, the company may face the risk of partial failure of the investment project, so it will not be able to achieve the expected returns. Profit forecast: The company's 2011-2013 EPS is expected to be 0.45, 0.58, 0.70 yuan. Investment Strategy: Referring to the valuation of the A-share market industry, we believe that the reasonable price range of the company after listing is 13-15 yuan.