Comment: The Lianhuo Expressway to Yongdeng Expressway section of the Jining to Qimen Expressway is located in Yongcheng, Henan Province. The route starts on Ligouya Northeast G30 (Lianhuo Expressway) in Xuehu Town, connects the Jining to Qimen Expressway to the end of the Lianhuo Expressway section, southbound via the east side of Yongcheng District, and ends at the southwest side of Baishan Market in Houling Township -- this project route intersects with the S32 (Yongdeng Expressway). It is also an important part of the G30 (Lianhuo Expressway). An important connecting line with S32 (Yongdeng Expressway). The entire line is built using a two-way 4-lane highway. The design speed is 120 km/h, the total length of the route is about 41.277 kilometers, and the total estimated amount is about 1,888 billion yuan. The project plans to use the BOT operation model. Of the estimated investment of 1,888 million yuan, Zhongyuan Express raised 468 million yuan (25% of the total investment); the rest was loaned by banks of 1.39 billion yuan (about 75% of the total investment). Once the road is put into operation, the loan is repaid year by year by collecting vehicle tolls, and profits are earned as a return on investment. According to the evaluation report issued by China Highway Engineering Consulting Group Co., Ltd., according to the 30-year operating period, the total financial internal rate of return (FIRR) of the project after tax is 8.68%. Based on the number of kilometers of the project and the estimated investment amount, the cost per kilometer is about 45 million yuan. In recent years, with the increase in highway construction standards, the cost of a new highway per kilometer has gradually increased. Each kilometer costs about 80 to 90 million yuan. The price of the Yongcheng section of the Jiqi Expressway project is relatively cheap. As far as the project itself is concerned, the project is a connecting line within Henan Province. Although the northern section is connected to the Lianhuo Expressway, the southern section is connected to the Yongdeng Expressway. The Yongdeng Expressway is also a connecting line within Henan Province. The geographical location is not very good, so after the opening of traffic in 2013, traffic will not necessarily be well guaranteed. Furthermore, the main part of the Jiqi Expressway is within Shandong and Anhui, and these two provinces benefited the most after the entire line was completed. The company currently has nearly 400 kilometers of road production, and the project accounts for 10% of the company's existing road production. Assuming that the number of cars passing through the maturing period is 30,000. Based on the calculation of 0.45 yuan for two-way four-lane bicycles, the annual revenue that can be achieved is 200 million yuan, accounting for about 10% of revenue. Based on the average net interest rate of 36% of listed companies in the highway industry in 2009, the road production can contribute about 72 million yuan in profit and 3 cents of performance to the company after reaching maturity. Therefore, whether in terms of mileage or performance contribution, this road product will have little impact on the company's performance in the future. By 2013, the company planned to have many reconstruction and renovation projects, large capital expenditure, and investment during the construction period of the project would continue until 2013, and bank loans ranging from 400 to 500 million dollars would be added every year, making matters worse for the company's balance ratio of over 73% and short-term financial pressure. By 2013, the project will cause the company to add 1.39 billion yuan in bank loans, and the company's balance ratio will reach 75%, which will surely affect the company's performance in the next few years. Maintain the company's “neutral” rating.