Key investment points: The company is one of the few suppliers in China that can provide automated production line assemblies. The company's recent construction machinery industry orders have risen rapidly, and the prospects for performance growth can be expected. The company's fund-raising project will effectively increase the company's production capacity and lay the foundation for the company's performance growth. The company's main business is R&D, design, production and sales of intelligent automated equipment systems, including automated assembly production lines, automated welding production lines, and automated coating production lines. Currently, it is mainly used in automobile manufacturing. Recently, the company has focused on developing automated production line assembly capabilities, and is focusing on foreign developing countries. The company has strong R & D strength. Out of more than 600 employees, there are more than 220 technicians, accounting for 1/3 of the total number, which is the technical foundation for the company to develop production line assemblies. The intelligent automated equipment system design and integration technology currently owned by the company has good portability and can be promoted and applied in various fields such as construction machinery, logistics and warehousing, home appliances and electronics, and modern farming. Currently, in addition to automobiles, the company is also involved in providing a full set of specialized solutions for intelligent automation equipment systems for construction machinery manufacturers. Among the company's orders in 2011, Sany Heavy Industries orders were particularly prominent. The company has received more than 0.1 billion yuan of orders from Sany Heavy Industries in recent years. Meanwhile, the company is also currently in contact with major domestic construction machinery companies such as Xugong, Liugong, and Zoomlion Heavy Industries, and is expected to receive orders from corresponding companies. The company began pre-investment and construction of fund-raising investment projects in 2011, and it is expected that production will be put into operation in 2012, quickly easing the company's production capacity bottleneck. After the fund-raising project is completed, a total of 18 automated production lines will be added, including automated assembly production lines, automated coating production lines, and automated welding production lines. It is estimated that 350 additional employees will be needed, including 120 engineers and technicians and 230 production employees. Profit forecast. The company is an integrated supplier of intelligent automation equipment systems and will benefit from the localization process of automobile equipment in China, and the automated production line equipment for construction machinery recently developed by the company provides ideas for further expansion of the company's business field. We expect the company's EPS for 2011, 2012, and 2013 to be 0.67 yuan, 0.89 yuan, and 1.13 yuan respectively. Based on the current reasonable valuation of 28-36 times, the company's target price is between 18.76 yuan and 24.84 yuan, and the recommended subscription price range is 15.00 to 19.87 yuan. Risk warning. If the company's fund-raising project progresses slowly, or if major equipment problems occur due to technical problems, it will affect the company's future development space.