Overview of first-quarter results: In the first quarter of 2010, the company achieved operating income of 118 million yuan, an increase of 51.33% over the previous year; net profit attributable to shareholders of the parent company was 119 million yuan, an increase of 295.33% over the previous year. Basic earnings per share are $0.077. Overview of main business. The company's main business includes land development, real estate sales, real estate leasing and property management. The business area is mainly the Shunyi Airport Area in Beijing. It is located in the core area of the new international airport city and has a location advantage. First-quarter results increased sharply year on year, mainly due to a sharp increase in land sales and real estate sales. During the reporting period, the gross margin of the company's main business was 41.91%, an increase of 3.57% over the same period of the previous year, and the period expense ratio was 16.41%, down 5.55% from the same period last year, mainly due to a 5.28% decrease in management expenses. The company's balance ratio is 67.49%, which is slightly higher. The “Rinkong Economy” is blessed with advantages and is worthy of long-term optimism. The company has licensed land development rights for the Tianzhu Airport Industrial Zone in Beijing and the Tianzhu Export Processing Zone. The developed Tianzhu Export Processing Zone and the Tianzhu Airport Industrial Zone have been included in the Rinkong Economic Zone, which is a key integrated plan in Beijing's 11th Five-Year Plan. At present, the company has initially established a business system based on land development business and land value-added business as the development direction. The company's business is currently not limited to the airport area, but has expanded to the Zhaofeng Industrial Base in Shunyi District. Currently, in principle, the state does not approve the establishment of new development zones, which provides a relaxed environment and sufficient policy support for the development of existing development zones. Targeted additional distribution boosts the company's development. The company announced a targeted issuance plan in October 2009. It plans to issue no more than 90 million shares at a price of no less than 6.91 yuan/share, and raise no more than 599 million yuan in capital for the following three projects: 43323 million yuan to increase capital of Beijing Airport Tianrui Real Estate Investment Co., Ltd., to build the third phase of the D-04 plot of the Beijing Airport Enterprise Park; 116.08 million yuan to build the Beijing Airport Creative Industry Center project; and supplement the company's working capital of 50 million yuan. The plan is awaiting approval by the Securities Regulatory Commission 。 After the launch is successful, the company's balance and liability situation will improve, while the Airport Creative Industry Center will attract more companies to settle in and become a new growth point for the company's future performance growth. Since the refinancing approval of housing enterprises is currently at a standstill, there is great uncertainty about whether the company's targeted additional issuance will pass. Profit forecast and rating: The company's earnings per share for 2010 and 2011 are expected to be 0.27 yuan and 0.36 yuan respectively (based on current share capital). Based on the company's closing price of 8.49 yuan on April 23, the corresponding dynamic price-earnings ratio is 31 times and 24 times, respectively. Considering that the company's stock price does not currently have a valuation advantage, the release of performance is yet to be fully recovered from the macroeconomy, and a “neutral” rating is given.