(1) The announcement status of the company's semi-annual report. In the first half of the year, the company achieved operating income of 646.28 million yuan, net profit of 39.89 million yuan, and earnings of 0.0304 yuan per share (if calculated based on the share capital after the increase was issued, earnings per share were 0.028 yuan).
(2) Outstanding location development advantages. The location environment gave Tsuhama a historic opportunity for rapid development and growth. The overall plan for Tianjin was officially approved by the State Council, positioning Tianjin as the “economic center of the North” and an “international port city”. At the same time, the Binhai New Area was included in the 11th Five-Year Development Plan, becoming China's third comprehensive reform pilot zone after Shenzhen and Shanghai Pudong. According to the country's functional positioning of the Binhai New Area and the need to readjust the land use plan within the area, the core area within the development zone is expected to be converted into commercial and residential land. If this policy is implemented, there is huge room for appreciation of the large number of industrial plants and land owned by Jinhama Development in the development zone.
(3) Abundant high-quality land and project reserves highlight the company's growth. After passing the issuance, the company will have more than 4.5 million square meters of land reserves and 3.7 million square meters of project reserves. It became the listed company with the largest land reserves in the Binhai New Area and Tianjin. The acquisition cost of these land reserves and real estate resources is low. Currently, the average value added is 100% to 400% compared to the prices of newly purchased land and buildings in the surrounding area. After the revaluation of reserve resources, the company's net assets increased by about 3.24 billion yuan, after deducting minority shareholders' rights, increased by about 2.57 billion yuan, and net assets per share after the issuance was completed.
(4) The increase in issuance contributed to the explosive growth of the company's performance after 2009. The company's current land reserves and project reserves will be developed and sold in the next 6-8 years. It is expected to achieve sales revenue of 36.3 billion yuan and project net profit after tax of 5.7 billion yuan. The company's performance will begin to explode after 2009.
(5) Give Tsuhama Development an “Highly Recommended, A” investment rating. The company is expected to achieve earnings of 0.061 yuan and 0.139 yuan per share (after the issuance is completed), net assets of 3.28 yuan per share, and a reasonable stock price of 26.2-27.9 yuan for the next 12 months, giving Jinhama Development an “Highly Recommended, A” investment rating.
