After the listing, the majority shareholders of the company underwent two changes in November 2002 and March 2012, respectively, and then switched back to the Hainan Provincial Department of Transportation to hold shares 10 years later, indicating that the company's strategic positioning is not yet stable and clear enough. According to the company's plan, the Hainan Expressway will continue to take good care of the development of the three major traditional industries in the future. One is highway construction and management, the second is the real estate industry, and the third is the hotel tourism service industry. Revenue from highway construction and management is gradually shrinking, and with another change in the majority shareholders, there may be new expansion in this area of business in the future. The hotel tourism service industry can only maintain its own balance, and it is unlikely to develop significantly in the future. The real estate business will be the main focus of the next few years, but it will not be explosive. Valuation and profit forecast: We expect the company's earnings per share from 2012 to 2014 to be 0.10 yuan, 0.14 yuan and 0.15 yuan, respectively; the revaluation of the company's net assets is 3.5 yuan per share, which is higher than the book value of 2.62 yuan, and the valuation is slightly undervalued. Investment rating: The company is an invisible real estate company with average future growth, but considering that the current valuation is not high, the company's monetary balance is high, and the financial risk is very small, it was given an investment rating carefully recommended by Hainan Expressway for the first time. Risk warning: Real estate macro-control over real estate exceeds expectations or uneven settlement of the company's performance will cause our performance forecasts to fall short of expectations; at the same time, the company's business is mainly concentrated in the Hainan region, which will be greatly affected by fluctuations in the regional real estate market.