Inquiry conclusion: We expect the company's fully diluted earnings per share in 11-13 to be 0.56 yuan, 0.75 yuan, 0.91 yuan. Comparable to the dynamic price-earnings ratio of listed companies in 2011 and 2012, we recommend an inquiry range of 11.94-12.39 yuan in the primary market. Main basis: 1. The company is a professional manufacturer of Roots blowers. The company's revenue has remained the highest in the domestic industry for ten consecutive years, and its products are widely used in chemical, cement, sewage treatment, steel, electricity, metallurgy, coal, grain and oil industries. The company has a provincial technology center, undertook and completed 2 major national technical equipment science and technology research projects, completed a total of 35 national, provincial and municipal technological innovation plans, and developed 16 new technologies to fill gaps in the country. The company's competitive advantage in the coal chemical, water treatment, cement and vinylon industries is obvious. The company's market share in the vinylon and coal chemical industries is over 90%, and the sewage treatment market share is over 50%. 2. Strong demand in traditional fields and emerging markets. The chemical, cement, and steel industries are the three most important application industries for Roots blowers. With the introduction of China's industrial optimization, industrial upgrading, energy saving and emission reduction policies, etc., policies such as eliminating backward production capacity and upgrading equipment have provided new opportunities for traditional markets. Sales of Roots blowers are growing rapidly in this industry. As a general air source device, Roots blowers also have many potential application fields. Once the potential market matures, the market capacity will grow rapidly. 3. Increased production capacity can be expected. The company publicly issued 40 million RMB common shares to the public, raising capital of 334.48 million yuan to invest in 3 projects. Among them, 1) The new energy-saving Roots blower project has a total investment of 144.15 million yuan, achieving an annual output of 7,000 new energy-saving Roots fans after delivery, with annual sales revenue of 224 million yuan and a total profit of 51.59 million yuan. 2) Centrifugal blower project. The total investment of the project is 120,32 million yuan, with an annual output of 1,200 centrifugal blowers, achieving an additional annual revenue of 23.8 million yuan after delivery, with a total profit of 47.35 million yuan. 3) The pneumatic transmission production (engineering) base construction project. The construction period is 1 year, and production is fully completed in the third year. After delivery, it is expected to achieve annual revenue of 12 million yuan and a total profit of 26.43 million yuan. Risk warning: 1. Risk of declining demand in downstream policy-regulated industries