Profit forecast: After adjustments to automobile trade, highway and other businesses in 2008, the company's profitability increased greatly in 2009. We expect the company's revenue for 2009, 2010 and 2011 to be 1,167 billion yuan, 1,348 billion yuan and 1,728 billion yuan, respectively. Among them, real estate began to be profitable in 2010, which will contribute to the company's performance. We predict that the company's EPS for the next three years will be 0.203, 0.281, and 0.441 yuan/share, and the corresponding PE will be 24.73, 17.85, and 11.37. Investment advice: The company's water business has strong advantages in the local area. After restructuring in 2008, the company's water industry has entered a new stage of market-based operation and industrialization. In 2009, the company's automobile trade brought new revenue growth. Since transportation production in Fujian Province is still developing rapidly, it is expected that the company's automobile trade revenue will continue to grow rapidly. Through the share acquisition in the first half of the year, the company already holds 100% of the shares in Zhangzhou Xinbao Real Estate Development Co., Ltd. Real estate development projects will be a new source of growth in the company's performance, and real estate revenue is expected to bring the company 0.085 and 0.266 earnings per share in 2010 and 2011, respectively. The company's stock price on August 20 fell from a recent high of 6.85 to 5.39 yuan. Considering the company's strong regional advantage in water performance, good automobile trade growth, and good real estate performance, the company's earnings expectations will be 0.203, 0.281, and 0.441 yuan/share for the next three years, and the corresponding PE is 24.73, 17.85, and 11.37. We raised the investment rating and gave it a “recommended” investment rating.