The company is a leading plastic air conditioner fan company, with a market share of about 26% in air conditioning fan products, ranking first in the industry. The company takes plastic air conditioner fan design as the core, and has mold design and manufacturing, and modified plastic formula R&D and production capabilities. It is one of the few professional plastic air conditioner blade manufacturers in the industry with comprehensive supporting capabilities. In 2011, the company achieved total revenue of 1.4 billion yuan, a compound increase of 47% over 2009; net profit of 109 million yuan in 2011, a compound increase of 39.5% compared with 2009. The actual controllers of the company are Mai Renzhao, Li Dongcheng, Yang Guotian, and He Shuhua, who indirectly hold 71.56% of the company's shares. The third largest shareholder, Shunyao Trading, holds 3.5% of the company's shares. Its shareholders are mainly the company's management personnel and core technical personnel. It is planned to issue 40 million shares this time, and after the issuance is completed, the share capital will be expanded to 160 million shares, mainly to expand production capacity and improve product quality. The company's core competitive advantages include: (1) high-quality customer advantages; (2) complete industrial chain advantages; (3) leading design and R&D advantages; and (4) complete quality control system. After the company achieves IPO financing, it will strengthen its capital advantage and scale advantage, expand the company's popularity, and expand the development space in the industrial field. It is expected to widen the gap with competitors and seek greater market share. The company's future growth points include: (1) The air conditioning industry continues to grow steadily, leading to an increase in fan market capacity. (2) Limited by production capacity, the company currently has a market share of nearly 25%. In the future, with the release of production capacity, the company's market share is expected to increase steadily. (3) The company has mastered technical advantages and is expected to expand into the building ventilation system market. Industrial fans enjoy a high gross profit margin, which can optimize the product structure and increase the level of profit. (4) The company has plans to expand into the fields of air-cooled refrigerators, air purifiers, automobile water tanks, etc., and there will be major expansion areas in the future. The recommended inquiry range is 13.89-15.62 yuan. We believe that the air conditioning industry will maintain steady growth for the next 3 years. Currently, raw material prices have stabilized, and the profit levels of mainstream air conditioning manufacturers such as Gree and Midea have rebounded, and the pressure on the company's operations will gradually ease. At the same time, as the country gradually relaxes money supply, future corporate financing costs will drop significantly. Based on comprehensive considerations, based on the calculation of 160 million yuan of share capital after issuance, the company's EPS is expected to be 0.87 and 1.09 yuan after dilution in 12,13. The recommended inquiry range is 13.89-15.62 yuan. Risk warning: downstream demand is uncertain, and raw material prices fluctuate.