The company is mainly engaged in R&D, production and sales of organic coated boards and their substrates. The main products include high clean boards, high toughness, antistatic boards, ordinary panels and substrates, which are mainly used in the production of new energy-saving and environmentally friendly wall materials and exterior components for household appliances. Downstream applications also cover food, cosmetics, medicine, medicine, IT, electronics, photovoltaic manufacturing, etc. The company currently has a production capacity of 80,000 tons of organic coated boards and 200,000 tons of substrates. In 2010, the revenue of substrates and organic coated boards accounted for 57.8% and 38.2% of total revenue, respectively. From 2008 to 2010, the compound growth rates of the company's operating income and net profit were 7.46% and 61.19%, respectively. The company's market shares in high clean panels and antistatic panels are as high as 16% and 28% respectively. Its position in the industry is second only to Baosteel, and has increased rapidly in the past few years. The company's issuance price is 10.1 yuan, corresponding to the static price-earnings ratio after issuance in 2010, which is 18.7 times. The company's earnings per share for 2011-2012 are expected to be 0.55 yuan and 0.61 yuan respectively, and the price-earnings ratios for 2011 and 2012 are 18.36 times and 16.56 times, respectively, under the corresponding issue price. Yangzi New Materials has a certain competitive advantage in the domestic functional organic coating board segment, has strong technical research and development capabilities, and is expected to double the net profit contributed after the fund-raising project is fully delivered. However, the low overall gross margin level of the industry, together with increasingly intense competition and the risk of fluctuations in raw material prices, will bring uncertainty to the company's future growth. Therefore, we gave Yangzi New Materials a pricing range of 9.3-11.95 yuan on the first day of listing.