Investment highlights: Performance review: During the reporting period, the company achieved operating income of 1,095 million yuan, a year-on-year increase of 6.42%; achieved post-tax core operating profit of 73.73 million yuan, a year-on-year increase of 27.94%, a year-on-year growth rate of 10.15 percentage points slower than the same period last year; realized an after-tax operating profit of 74.42 million yuan, a year-on-year increase of 10.22%, a growth rate of 41.04 percentage points slower than the same period last year; achieved comprehensive income attributable to shareholders of the parent company of 75.99 million yuan, a year-on-year increase of 11.17%, and a growth rate of 43.28 per cent slower than the same period last year Percentage points; the comprehensive earnings per share was 0.31 yuan. From the point of view of profitability, the effect of operating debt leverage is positive, and the effect of financial leverage is negative, but the effects of both are not strong. The return on equity is mainly contributed by the return on operating assets; the company's sales profit margin is at a low level and has gradually increased since 2008; the turnover ratio of net operating assets is also significantly lower than the typical value, and the increase has been very slow. The company's net operating assets have declined rapidly in recent years, so the slow increase in the turnover ratio of net operating assets essentially reflects the slow growth in the company's sales revenue. Judging from the growth capacity: the company's surplus income and remaining operating income are negative, but there is a trend of increasing year by year, mainly due to the continuous increase in equity yield and return on net operating assets; the change in equity yield is mainly due to the increase in the return on net operating assets; financial leverage is the main negative factor, and the negative impact is increasing, while the change in return on net operating assets is mainly due to the increase in core profit margins; changes in net financial liabilities are the main reason for changes in shareholders' equity in recent years, and in terms of strength, the net increase is gradually increasing; Operating assets declined drastically in 2009. The company should invest more in operating assets in the future. Only in this way can it better create value for shareholders. Earnings forecasts and valuations. According to an analysis of the company's operating conditions and financial conditions, the adjusted comprehensive earnings per share from 2010 to 2012 are expected to be 0.37 yuan, 0.38 yuan, and 0.51 yuan respectively, and the corresponding leveraged forward price-earnings ratios are 32.03 times, 26.76 times, and 23.92 times, respectively; the corresponding leveraged net market ratios are 2.67 times, 2.83 times, and 3.29 times, respectively. According to the residual operating income (ReOi) model, the value per share of the company at the end of 2010 was about 12.26 yuan. Combined with sensitivity analysis, we believe that the company's current stock price is reasonable, giving the company a “neutral” investment rating