Finance and valuation We expect the company's earnings per share in 2012-2014 to be 0.76, 0.95, and 1.10 yuan, respectively. Combined with absolute valuation and relative valuation, we believe that the company's reasonable valuation is 17 times 12-year PE, corresponding to a target price of 12.92 yuan, maintaining the company's purchase rating. Risk warning high-speed rail diversion risk, safety risk, new business development risk, merger and acquisition risk