Give a "neutral" rating within the next six months

The company's exclusive development and operation of land in Tieling New District is consistent with the interests of the government. the gross profit margin of primary development is higher, benefiting from rural urbanization and the construction of Shenyang Railway Industrial Corridor, land transfer is expected to reach a new high this year. and in the future may increase horizontal replication in the province and cross-regional development efforts.

It is estimated that the company's net profit for 2013-2015 is 777 million / 875 million / 9.59, equivalent to 1.41 yuan / 1.59 yuan / 1.74 yuan for EPS, corresponding to the dynamic PE about 6X/5X/5X, it is suggested that the company should be "neutral".