Investment points: There is huge potential for demand for functional organic coated boards. Demand for ordinary organic coated boards will basically not increase in the next 5 years; the increase will mainly be functional organic coated boards. In the future, the functional organic coating board market will benefit from huge market opportunities brought about by the increased special requirements of the production environment in the construction, IT, food and beverage, pharmaceuticals, and cosmetics industries. The share of functional organic coated boards will increase from 13% to 32% in 2015. The future leading company for functional coated boards. The company's market share in the functional coated board market with a high technical threshold has steadily increased, with a market share of 7.25% in 2010. With the launch of the fund-raising project, the company's advantage in this high-technology field will be further expanded. Company advantages. The company uses thin specification and functional products as the development direction to form differentiated competition with large steel companies such as Baosteel; sales are close to the market and customers, which guarantees the timeliness of service and supply; and flexible production satisfies the characteristics of many models and small batches in the industry. Performance forecasts and valuations. We estimate that the company's earnings per share in 2011 and 2012 were $0.72 ($0.54 after dilution) and $0.64, respectively. The company is one of the leading companies in functional organic coated boards in China. Referring to Hesheng Xincai, a listed company of the same type, we believe that the company's reasonable PE in 2012 on the first day of listing should be 18 to 20 times, and the corresponding stock price on the first day of listing was 11.52 to 12.80 yuan.