We lowered the company's 2008 and 2009 results to 0.26 yuan and 0.30 yuan. Based on the closing price of 3.97 yuan on June 23, the 08-09 dynamic price-earnings ratio was 15.27 times and 13.23 times, respectively, and there was no valuation advantage among domestic highway listed companies. Furthermore, since the company's existing road sections tend to be saturated, Zheng Shi Expressway cannot reverse losses in the short term, so it is given an investment rating of “wait and see” in the short term and “increase in wealth” in the long term. Risk warning: Contracting some sections of National Highway 107 in Henan Province is likely to continue to lose money; the company's capital expenditure will be huge in the next few years, and there is a risk of capital pressure and cost increases; when the new toll road rights transfer method will be introduced will affect the company's road property acquisition process.