Maintaining an increase in holdings rating and raising the target price to 15 yuan (+3 yuan, +25%), the company is the most direct beneficiary of the Pingtan concept. We expect an EPS of 0.15 yuan in 2014 and an increase of 0.50 yuan (+0.05, +11%) in 2015. Refer to the free trade zone to compare the company's Waigaoqiao valuation, and raise the target price to 15 yuan (30 times PE in 2015). Benefiting from high-standard positioning and strong policy dividends, Pingtan Island has entered a full range of opening hours, and it is expected that policy support will be further strengthened in the future. 1) Since 2014, the Development and Reform Commission and other relevant ministries and departments, as well as Fujian Province, have issued several documents clarifying Pingtan Island's position on Taiwan, providing strong policy dividends from various aspects such as industrial policy, trade policy, taxation and finance, etc.; 2) Pingtan's opening up to Taiwan is progressing smoothly and has now entered a full range of opening hours: in the first 7 months of 2014, Pingtan added 100 new **** enterprises; by the end of August, the Pingtan-Taiwan passenger liner had carried more than 300,000 passengers. Taking advantage of Pingtan's development Dongfeng, the company actively sought transformation. Phased results continued, and high future performance grew into a probable event. 1) The company has signed a strategic agreement with the Pingtan Management Committee, and is currently actively transforming into the three major directions of health and medical tourism, modern warehousing and logistics, and financial industries; 2) The company plans to raise no more than 2 billion dollars with no less than 10.68 yuan/share and no more than 187.3 million shares to raise no more than 2 billion dollars for tourism and leisure resort start-up projects and the Pingtan Strait Medical Park construction; 3) This tourism and medical park project will enhance the probability of the company's future high performance growth. It is expected that new projects will continue to progress in the future. Risk warning: Project acquisition risk, policy risk, lower-than-expected sales catalyst: acquisition of new projects, smooth progress in fixed growth, ideal removal of the Building Materials City, favorable policies