In 2009, the company achieved operating income of 340 million yuan, down 15.10% from the same period last year; operating profit was-98.6408 million yuan, down about 10 times compared with the same period last year; net profit belonging to the parent company was-83.7707 million yuan, down 9 times from the same period last year; earnings per share was-0.23 yuan, which was not distributed this year.

Overview of the company's fundamentals: the company's main business is real estate development and sales, soybean processing business and pharmaceutical business. The major shareholder of the company is Xinhu Group, which has a registered capital of 660 million yuan, the business scope is industrial investment and development, and is the actual controller of Xinhu Zhongbao, a listed company in Shanghai. Harbin Hi-Tech focuses on soybean deep processing business. Harbin Hi-Tech Soybean Food Co., Ltd. is a demonstration enterprise of the national soybean action plan. The company introduces 110 sets of advanced equipment and adopts many advanced technologies such as the production of more than 30 kinds of soybean protein isolate extraction technology and formula, oligosaccharide tertiary membrane separation technology and so on. The real estate business is another performance pillar of the company. The "New Lake Kangqiao" project, developed in 2008 in Daoli District, Harbin, is currently the main project on sale, and the sales situation is good.

The loss of soybean deep processing business is the main reason for the company's loss. The soybean deep processing business operated by the subsidiary Harbin Hi-Tech Soybean Food Co., Ltd. achieved an income of 209 million yuan in 2009, down 16.60% from the same period last year, resulting in a loss of 19.19 million yuan due to an 8.26% increase in operating costs. The rising price of steam for production and the high price of raw materials in stock have increased production costs. at the same time, due to the decline in foreign demand, the price of finished goods and sales have declined, which is one of the main reasons for the company's losses. In 2010, as external demand is difficult to recover quickly, the development of the company's soybean deep processing business may still face some difficulties.

The increase in costs led to a decline in gross margins in the real estate business. The "New Lake Kangqiao" project, which was developed in 2008 in Daoli District, Harbin City, is the main project sold by the company in 2009, and the sales are good, but because part of the purchase money received does not have the conditions to be recognized as sales revenue, it is not reflected in the company's revenue and profits in 2009. In addition, due to the early planning and demolition of the "Jingjie" real estate project in Daoli District, Harbin City, by Harbin Hi-Tech Group Real Estate Development Co., Ltd. in 2009, the cost increased, so the real estate business gross profit margin decreased significantly, and the housing development business gross profit margin decreased by about 30 percentage points to 7.84% compared with 2008. In 2010-2011, with the recognition of the sales revenue of the "New Hukangqiao" project and the pre-sale of the "Jingjie" project, the company's real estate business gross profit will gradually recover.

Profit forecast and rating: we predict that the net profit attributed to the parent company in 2010-2011 is 4.87 million yuan and 5.35 million yuan respectively, and the corresponding EPS is 0.01yuan and 0.01yuan respectively. According to the closing price of 7.02yuan on March 25th, the dynamic PE is 521times and 474times respectively, which means the valuation is too high. In 2010, the company had an arduous task of reversing losses in the development of soybean deep processing business, and the real estate business project reserve was insufficient, so the company was given a "neutral" rating for the first time.