Summary of the report: there is no problem of overdue toll on Harbin-Dalian Expressway. The rate of return on net assets has remained above 4% in the past three years. The maintenance cost in 2010, the budget cost of the special project is 6.91 million yuan, and the highway operation and maintenance cost will be maintained at a low level in the past five years. There is no overdue toll problem in Harbin-Dalian highway, and the toll amount is not watery. Toll project investigation and highway toll reduction are expected to have no impact on the company's operation and toll collection.
Real estate development achieved zero breakthrough. The company participated in and successfully auctioned the 040 plot of Qunli New District listed by the Land Bureau of Harbin, which is intended to be built into a high-end community with modern business services, luxury high-level, high-end villas and leisure clubs. It is conservatively estimated that the total sales revenue of the project is 2.9 billion yuan, and the operation cycle of the project is about 3 years. According to the proportion of shares held, the company's investment in the project is expected to make a profit of 340 million yuan.
An additional investment of 70 million was made in taxi operation. The company plans to increase the capital of its subsidiary Longyun Hyundai by 70 million yuan. after the capital increase, its total equity will increase from 80 million to 150 million, and the company's shareholding ratio will change from 86.25% to 92.67%. The operating costs of subsidiaries will be effectively diluted and the operating efficiency will be further improved. when the number of taxis increases to 1000, it is expected that the annual net profit will be 16 million yuan, the annual net profit belonging to the company will reach 14 million yuan, and the rate of return on investment will be increased to 11%.
Asset injection expectations. Other investment projects the company plans to participate in include the reconstruction and expansion of Harbin Taiping International Airport, the catering and commercial retail projects after the airport expansion, and the tourism development of Heixiazi Island on the border between Heilongjiang and Russia. The company plans to pack and lease the right to operate gas stations in Harbin-Shuangcheng section of Harbin-Dalian Expressway for a time limit of 30 years.
