Maintaining the “buy” investment rating, we expect the company's EPS in 2012-2014 to be 0.64 yuan, 0.82 yuan, and 1.09 yuan, respectively, and the corresponding dynamic PE will be 11.8 times, 9.2 times, and 6.9 times, respectively. We maintain the company's “buy” investment rating for the following reasons: (1) the company's performance in 2012 was basically high; (2) the majority shareholders' hidden land reserves were large; (3) the prospects for regional economic development in Ningbo are good.