paired tapered bearing the company will continue to face growing pressure.

Expected 14 years, 15 years, the company's EPS was 0.15 yuan, 0.18 yuan, to May 8 share price 7.23 yuan calculation, PE was 47.63 times and 41.22 times, compared to the corresponding 2014 results for the current calculation of comparable companies bearing class 29.10 times average 38.50 times earnings, the significantly higher valuation of no advantage.
Cyclical companies downstream Tapered roller bearings industries in the current downturn in the macroeconomic backdrop, the downstream demand continues to slump, while domestic technological content of paired tapered bearing  their own limited, intense price competition. In view of this, we believe that the industry is difficult to get rid of the short-term downward trend, the company will continue to face growing pressure.
Higher levels of the company's own technology, the future is expected to enter the high-end bearings with technical superiority relative ease competition in the area. Meanwhile, 2014 - 2015, the company raised a number of equity investment and non-investment product precision bearings lines will be gradually put into production, introduction of new products or the company will open a new room for growth. However, we believe that technology into a decisive impact on company performance for the timely release of products and product launch time is reasonable point in time, remains to be seen.
In addition, the current reform of state-owned Henan relatively slow action, equity incentive also seemed cautious, limited incentives for the company's share price.
Taken together, we believe that a few years ago by a large shaft bearing technology research project investment industry as a whole and adversely affect downstream performance downturn; future with the release of production capacity is expected to achieve gradual recovery performance; addition allotment price of the company's stock price suppression obvious, the first rating for its "neutral" rating.