The company disclosed its 2012 annual report. The company achieved annual revenue of about 720 million yuan, down 7.67% year on year; operating profit of 95.23 million yuan, up 326.67% year on year; net profit attributable to shareholders of listed companies was 111 million yuan, up 100.68% year on year; and basic earnings per share were 0.233 yuan. The company plans to pay a dividend of 0.70 yuan (tax included) for every 10 shares. Profit forecasting and investment advice. We expect the company's revenue to increase by -1.53%, 0.00%, and 0.00% year-on-year respectively in 2013-2015. The total transaction expenses of the four related transactions with major shareholders are estimated to account for 60.12%, 62.36%, and 63.57% of operating costs, respectively. It is estimated that EPS from 2013 to 2015 was 0.20 yuan, 0.19 yuan, and 0.16 yuan, respectively. The current stock price is 34.4 times PE in 2013. The company's business is simple and the business model is clear, but the fundamentals lack highlights. The company is a typical small company in a large group (operating mileage accounts for less than 5% of the subway lines belonging to the group). Historically, support from major shareholders (reduction in asset usage fees, vehicle placement, etc.) was the main driving factor for performance growth. We believe that the support of the group company is still inseparable from the group company in order to achieve future growth. Investment ratings will not be given at this time. risk factors. Passenger flow was lower than we expected; government subsidies were lower than expected, etc.