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2. The decline in gross profit margin in the first quarter was mainly due to structural changes: the gross profit margin of the first quarter was 27.97%, which was basically the same as the previous year, down 5.8 percentage points from the previous year. The decline in gross profit margin was mainly due to structural changes, and the proportion of sleepers with lower gross profit margins increased; at the same time, due to the fierce competition, the prices of products were adjusted.
3. Future product structure planning: In the past two years, the company has focused on the development of large-scale machine tools such as squat and gantry milling. Among them, the proportion of squatting in machine tool revenue has increased rapidly, and gantry milling has also achieved sales last year. The company plans the future product structure: the complete set of lying rafts, the quality of the floor raft, the series of gantry milling, the focus of the horizontal machining center and the development of core functional components.
4. Future capacity expansion plan: After the scale of large-scale machine tools, the company's total installed capacity has certain bottlenecks; at the same time, in order to meet the environmental assessment targets, the foundry needs to move to the suburbs. The company's Yanglin Industrial Zone reloading and casting base is to meet the assembly and bearing capacity of large machine tools. At present, the first phase of the first phase of the project has just started to invest, mainly for the construction of workshops and supporting facilities. The capital requirement is 315 million yuan, and the plan is 119 million yuan this year. If the construction progress is accelerated, the self-owned funds will not be satisfied.
5. The overall listing operation of Shenji Group is difficult: We expect that from the operational level, Shenji Group will complete the acquisition in the secondary market, which is costly and difficult. The shareholding structure of the two shareholder industrial investment companies has also changed, except for the Yunnan Provincial State-owned Assets Supervision and Administration Commission, which also includes local methods and people.
6. Income tax incentives continue to be maintained, and the VAT refund policy ceases to affect non-operating income. The company has been recognized by high-tech enterprises. After the preferential policies for the development of the western region are about to expire, the preferential tax rate of 15% is expected to be maintained. After the 50% VAT refund and retreat policy for CNC machine tools was suspended in 2009, the non-operating income will decrease this year.
7. We expect that the company will realize earnings per share of 0.61, 0.75 and 0.91 yuan respectively from 2010 to 2012, and maintain the target price of 18 yuan and “overweight†rating. 
1. The increase in orders in the first quarter mainly came from small-sized squats: in the first quarter, orders were 357 million yuan, a year-on-year increase of 53.22%, a year-on-year increase of 34.72%. From the perspective of structural distribution, we expect that the small-sized horizontal squats and the large-sized machine tools will account for about half of the floor rafts, respectively, compared with 30% and 70% in the whole year.