Highlight 1: The Pearl River New Town project is about to be developed. The project includes a floor area ratio of 8781 million square meters, and a floor price of about 2,181 yuan/square meter. It is expected to bring in sales revenue of at least 1.4 billion yuan, exceeding the total revenue of the company over the past three years. The development of the Pearl River New Town project will greatly enhance the company's performance. Highlight 2: The lower shareholding ratio of the majority shareholders has led to an increase in holdings that the largest shareholder and actual controller are expected to hold a total of 30.47% of the company's shares. The actual controller, only 2 of the 35 companies supervised by the Guangzhou Municipal State-owned Assets Administration Commission, are engaged in real estate business development. The lower shareholding ratio, combined with the assets of the actual controller, left room for imagination. There is a high possibility of explosive growth in performance. The development of the Pearl River New Town project will bring explosive growth to the company's performance, and the profitability of projects with low land costs is strong. The special nature of revenue recognition determines that the project's contribution to performance will be reflected in the 2009-2012 period. We expect earnings per share in 2009 to reach 0.537 yuan. Companies with high property revaluation values currently hold about 50,000 square meters of shops, office buildings, and parking lots. The book value is only 61.81 million yuan. The revaluation value is 1 billion yuan based on the current market price, and the value-added rate has reached 16 times. Investment advice: Purchases are calculated using both relative valuation and absolute valuation methods, and the company's current prices are all underestimated. The target price is 12 yuan.