Incidents. The company published its 2015 annual report. During the reporting period, the company achieved operating income of 991 million yuan, an increase of 4.92 times over the previous year; net profit attributable to shareholders of listed companies of 132 million yuan, a sharp increase of 4.4 times over the previous year; and achieved basic earnings per share of 0.20 yuan. The company plans to distribute a cash dividend of 0.20 yuan (tax included) for every 10 shares to all shareholders. In 2015, the increase in the company's industrial carrier settlement increased the company's revenue by 4.92 times and net profit by 4.4 times. The company's 2015 annual report revealed that in 2015, the company achieved real estate sales revenue of 778 million yuan and realized real estate rental revenue of 156 million yuan, a significant increase compared with last year. During the reporting period, the number of projects under construction developed by the company itself reached four, with a total construction area of 500,000 square meters. The total construction area owned by listed companies reached about 300,000 square meters. As of December 31, 2015, Juneng Bay Company had incubated 119 nursery projects, 190 incubator companies, and 38 accelerator companies. Since 2015, the company has competed for 6 plot projects, with a total equity construction area of 150,000 square meters. In July 2015, the company leased more than 10,000 square meters of housing lease contracts; the company cooperated with Kehua Hengsheng in cloud computing infrastructure and other fields. Since 2015, the company has cooperated to establish two companies with an investment of 457 million yuan. In March 2015, the company increased the construction of incubators to lay out science and innovation dividends. In October 2015, the company invested 49% of Xinyun's shares and increased the development of the 14-06 plot project. In February 2016, the company set up a special asset management plan of 1.25 billion yuan to issue loans to its subsidiary Shanghai Development Company. In 2016, the total construction area of the company's ongoing and newly started projects will reach 500,000 square meters. Investment advice: Benefiting from the construction of science and technology innovation centers, reserves are expected to grow rapidly. The company is positioned as a “boutique park” integrated operator, service integrator and investor. It has laid out the 3.13 square kilometer North High-tech Industrial Park in Zhabei City, Shanghai, and the 5.2 square kilometer Nantong Science and Technology City Industrial Park. Currently, the economy of the Shibei High-tech Park is growing at a high rate of 30% every year, and the proportion of the park's productive service industry has exceeded 90%. The company holds a total of 1.18 million square meters of equity. Meanwhile, in the next 5 years, the Shibei High-tech Park can develop 2.6 million square meters and reserve 4,200 acres of land in Nantong. After the industrial chain of the free trade zone is upgraded, some productive industries and auxiliary enterprises will be transferred to the Qidong Industrial Park around Waigaoqiao to bring indirect benefits to the company. In recent years, the company has increased its investment in venture capital business, and future development can be expected. We expect the company's EPS to be 0.31 yuan and 0.39 yuan in 2016 and 2017. As of March 30, the company closed at 30.81 yuan, corresponding to PE in 2016 and 2017, 99.4 times and 79.0 times, respectively. Currently, the “Double Auto Linkage” company - Zhangjiang Hi-Tech's valuation in 2016 was 53.5XPE. Considering that the company is within the Greater Zhangjiang River, it is expected to enjoy favorable policies related to the Science and Technology Innovation Center in the future. At the same time, it will benefit from the merger of the Jing'an and Zhabei districts, and the target price and rating will not be given for the time being. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.