Performance maintained rapid growth. The company achieved sales revenue of 417 million yuan in the first half of 2011, up 124.73% year on year, net profit attributable to the parent company of 61.32 million yuan, up 71.08% year on year, and achieved earnings per share of 0.31 yuan in the first half of the year, up 71.09% year on year. The company's performance was in line with expectations and continued to maintain rapid growth. The industry gradually recovered in the second half of the year. The company's business will be better than the decline in the European market in the first half of the year. The slowdown in production expansion by downstream manufacturers led to a decrease in demand for upstream equipment. As the industry recovers in the third quarter, the company's orders are expected to resume, and the overall business situation in the second half of the year will be better than in the first half of the year. Single crystal growth furnaces are still the company's main source of revenue Single crystal growth furnaces are the company's main source of revenue. In the first half of this year, 400 units confirmed revenue, achieving revenue of 239 million yuan, an increase of 37.62% over the previous year. Due to excellent cost control, the gross margin of its single crystal furnace reached 40.50%, a significant increase of 7.02% over last year. Polysilicon ingot furnaces are gradually opening up the market situation. The company's current polycrystalline ingot furnace is still slightly below expectations. In the first half of the year, about 10 units were ordered to confirm revenue, achieving revenue of about 20.08 million yuan. Gradually opening up the polycrystalline furnace market will create room for the company's future profits. The new products are in the gradual release stage. Some of the new products currently in the company's reserves have gradually matured. The 800 multi-wire cutting machine is expected to launch a prototype in the fourth quarter, and its traditional 442 cutting machine will continue to receive orders. Meanwhile, the company's other flagship product, the sapphire furnace, has also been mass-produced and is expected to receive orders in the second half of the year. MOVCD is expected to complete prototype development in early 2012 and will contribute revenue next year. At the same time, the graphite thermal field of Shanghai James and crucible products of Changzhou Tianlong light source material that it acquired will also begin to contribute revenue. Benefiting from the recovery of the industry in the second half of the year, we gave the company a “careful recommendation” rating. We predicted that the company's EPS for 2011-2013 would be 0.88, 1.26, and 1.65 yuan, respectively, corresponding to PE of 32, 22, and 17 times. Due to the gradual recovery of the industry in the second half of the year, the company's new products are gradually being scaled up. We expect the company to maintain a stable and rapid growth rate, giving the company a “careful recommendation” investment rating.