1. The company is mainly engaged in utility industries such as road tolls, tap water supply and sewage treatment. In addition, the company is also involved in automobile sales and real estate. Highways and water services will contribute stable profits to the company; the company's future profit growth will mainly be in the real estate business. 2. It is predicted that in 2007 and 2008, the EPS contributed by expressways was 0.130 yuan and 0.168 yuan respectively; the EPS contributed by Water Services to the company was 0.015 yuan and 0.040 yuan respectively; and the real estate business contributed 0.071 yuan of EPS to the company every year. Due to the good relationship between the company and the local government, with the rapid development of the Zhangzhou economy, the company will develop quite a bit in the real estate business. 3. The company's share buyback not only solved the problem of shareholders encroaching on the assets of listed companies, but also increased earnings per share; the company's government background, while receiving policy support, we are also worried that corporate governance will also be disturbed by the government; the company's real estate business is vulnerable to national macro-control; the company's balance ratio is increasing year by year, and it is predicted that water services and highways will contribute 50 million in profit in 2007. If the company plans to participate in real estate development projects, the company's financial situation is worth paying attention to. 4. According to the valuation of the company by industry, we believe that the company's stock value in 2007 was 4.235 yuan/share, and the closing price of the company's stock on March 12 was 4.82 yuan/share, corresponding to the PE values in 2007 and 2008, respectively. Considering that the company may have exceeded our expectations in terms of automobile sales and real estate development, we give it a “careful holding” rating.