The company is a leading supplier of heat exchangers in China. In the context of the steady growth of the automobile industry, the company has the following highlights worth paying attention to: first, the company has mastered a number of key technologies in the heat exchange field, providing important support for new product development; second, the company is actively expanding the product line and developing products such as CPU water cooling systems and wall-mounted furnace heat exchangers, which are expected to provide new growth points. Leading domestic heat exchanger supplier. The company is a leading domestic heat exchanger provider. Currently, its main products include automobile radiators and car heaters. They are key components of automobile engine cooling systems and car body heating systems. In 2009, the company ranked second in domestic automobile radiator production, with an OEM market share of 10%. From 2009 to 2010, the company's operating income increased by 27% and 30%, respectively, and net profit increased by 27% and 37%, respectively. Actively expand the product line. The company's radiator products are widely used. In addition to passenger cars and commercial vehicles, they are also equipped with construction machinery special vehicles, agricultural vehicles, etc. The company takes advantage of its technological advantages in the field of heat exchangers to actively expand its product line, cooperate with customers to develop non-automotive products such as CPU water cooling systems, wall-mounted stoves (smart gas water heaters), heat exchangers, etc., to cultivate future growth points. Heat exchangers have advanced technology and are widely used. The melting point of copper hard brazing technology is as high as 620℃ or higher, and it needs to be carried out in an oxygen-insulated environment. The company is the sixth in the world and the only domestic enterprise that has mastered this technology and applied it to mass production of radiator products. Furthermore, the company has mastered technologies such as double wave heat sinks and tube belt high pressure resistant heat exchangers, etc., and has developed various new products based on this. Modular supply enhances the added value of products. Since 2008, the company has increased the supply ratio of modular products, adding accessories such as fans and motor assemblies to radiators. In 2009-2010, the modular supply ratio was 40.37% and 63.69% respectively. All of the radiators newly developed by the company in recent years are modular products. It is expected that the sales ratio of modular products will increase to 90% within the next two years, further increasing the added value of the products. Fundraising projects. The new production capacity of the fund-raising project includes 1.4 million aluminum radiators for passenger cars, 200,000 aluminum radiators for commercial vehicles, and 900,000 car heaters, which is conducive to solving the current production capacity bottleneck. At the same time, the company plans to invest 47 million yuan to upgrade the existing technology center, which will facilitate the company's new product development in sync with automakers, and provide R&D support and technical reserves for the horizontal expansion of the product line. The recommended inquiry range is 14.77-18.47 yuan. We forecast that the company's fully diluted earnings per share for 2011-2013 will reach 1.03 yuan, 1.29 yuan, and 1.54 yuan. Considering the high proportion of WeChat customer support among the company's main products, we gave the company a price-earnings ratio of 16-20 times in 2011, corresponding to a reasonable value range of 16.41 to 20.52 yuan. The recommended inquiry range is between 14.77 and 18.47 yuan. Risk warning: 1) the risk of falling demand in the automotive industry; 2) the risk of market development for non-automotive products; 3) the risk of raw material prices rising too fast.