The investment hot spot in China during the Eleventh five-year Plan period is Tianjin Binhai New area, and the area with the highest "gold content" in the Binhai New area is the Binhai High-tech Zone, which is the "pilot zone" of the Binhai New area.

Binhai High-tech Zone is the "navigation zone" of Binhai New area, the only "national high-tech zone", and the main base to promote national independent innovation and science and technology development strategy in the future. Therefore, the development and construction of Binhai High-tech Zone must be viewed from the perspective of national development strategy.

Haitai holding Group, the controlling shareholder of the company, will lead the development and construction of the Binhai High-tech Zone, and is very likely to inject a large amount of land assets into the listed companies in the starting area of the Binhai High-tech Zone, which means that the company will become the main developer and builder of the Binhai High-tech Zone. this makes the company face important development opportunities, and will become the biggest beneficiary in the development and construction of Binhai High-tech Zone.

We think that the EPS of the company in 2006, 2007 and 2008 is 0.20 yuan per share, 0.34 yuan per share and 0.65 yuan per share. The company's target price in the next 6-12 months is 11 yuan, given a "highly recommended" rating.