Operating income is growing steadily. Although sales of the company's products were affected to a certain extent by the slowdown in domestic economic growth, the company achieved a steady increase in operating income. Revenue for the first quarter was 67.5 million, up 12.19% year on year. The continued decline in gross profit led to loss of net profit. The price of copper, the company's main raw material metal, rose significantly in the first quarter, and labor wages increased, causing the gross margin of the company's main business to drop by nearly 1 percentage point to 36.46% compared to the same period last year, making the company's net profit growth rate lower than the growth rate of operating income. Vigorously explore domestic and foreign markets. As the company makes a breakthrough in the development of a full range of pressure-connected 6500V thyristors, the company will expand more application fields, especially domestic high-end customers. The company's devices have already entered the international high-end market, and will vigorously expand the international market through various means such as cooperation with foreign peers, aiming for export sales to account for 20% of the company's total sales. Efforts to develop new technologies and products have been stepped up. The company has stepped up research and development of new technologies such as full-pressurized high-voltage thyristor technology, FRD chip manufacturing technology, IGBT packaging technology, welded modules, and standard power components, and is focusing on developing a new generation of high-power semiconductor devices. The increase in R&D investment has led to an increase in the company's management expense ratio, but in the long run, it will provide products and technical guarantees for the growth of the company's future performance. Production capacity continues to expand. With the continuous release of production capacity from the company's fund-raising projects, the company's annual production capacity of power semiconductor devices reached 1.8 million by the end of 2011. It is expected that the fund-raising projects will be completed by the end of this year, with an annual production capacity of 2.05 million units. The expansion of production capacity also provides a guarantee for the growth of the company's future performance. Earnings forecasts and valuations. With the gradual release of the company's fund-raising and production capacity and the launch of the company's new products, we expect the company to maintain a steady increase in performance in the next few years. The 2012-2014 EPS was 0.74 yuan, 0.86 yuan, and 0.97 yuan respectively, and the current price corresponding to the price-earnings ratio is 18 times, 15 times, and 14 times, maintaining the buying rating.