In 2010, the company achieved operating income of 539 million yuan, a year-on-year increase of 26.78%; operating profit of 76.09 million yuan, a year-on-year increase of 700.71%; net profit attributable to owners of the parent company of 62.730 million yuan, a year-on-year increase of 757.77%; and diluted earnings per share of 0.12 yuan. Revenue growth is leveling off. Affected by the reduction in German subsidies, the growth rate of the photovoltaic industry leveled off in the first quarter, and the company's revenue increased 26.78% year on year and fell 15.2% month on month. Squeezed by falling component prices and the pressure on raw material costs, the company's consolidated gross margin was 17.9%. This was a year-on-year increase due to the low level of comprehensive gross margin in the same period last year, but it still maintained the downward trend since the third quarter of last year, falling 3 percentage points month-on-month. The exchange rate effect changed from negative to positive. The company's products are mainly exported to Europe, and the depreciation of the euro will have a certain negative impact on the company. The company's financial expenses for the same period last year reached 42.43 million yuan, mainly due to exchange losses, bringing the period fee rate to 13.4%. Today, the increase in the company's exchange earnings in the first quarter brought financial expenses to -3.52 million yuan, and the period expense ratio was only 5%, resulting in a significant increase in the company's profit over the same period last year. Production capacity was put into operation smoothly. In 2010, the company's battery and module production capacity increased from 175 MW to 210 MW, and the 100 MW fundraising project will be fully put into operation in 2011/5. At that time, the company's production capacity will reach 275 MW. If it changes from 6 inches to 8 inch batteries, the production capacity will reach 300-350 MW. Compared to other battery module manufacturers that went public during the same period, the company's plans to expand production are still relatively conservative. Focus on the upstream layout. The company used overfunded capital to launch a polycrystalline silicon wafer production project. The industry chain design ingots and slices, including the production of 3,900 tons of polysilicon ingots, then processing them into 160 million 8-inch polycrystalline silicon wafers. The planned production capacity has already exceeded the company's fund-raising projects to reach the production capacity of cells and modules after delivery, so it is not ruled out that the company's battery and module production capacity will expand further. At the same time, the company plans to participate in a polycrystalline silicon enterprise, Jiaozuo Coal Industry (Group) Hejing Technology Co., Ltd., with a shareholding ratio between 15-25%. The company currently has a polycrystalline silicon production capacity of 1,800 tons and a planned production capacity of 18,000 tons. Profit forecast and rating: The company's 2011-2013 EPS is expected to be 0.77 yuan, 1.02 yuan, and 1.34 yuan respectively. Based on the closing price of 23.80 yuan on April 25, the corresponding dynamic price-earnings ratios are 31 times, 23 times, and 18 times, respectively. We are optimistic about the company's upstream development strategy and maintain the company's “increase in holdings” investment rating. Risk warning: risk of fluctuations in raw material prices; risk of policy adjustments in support of photovoltaic demand countries.