Backdoor-injection-set to increase three consecutive attacks, Zhongjiang Real Estate gorgeous turned to Jiuding investment, becoming the first share of China's PE. Jiuding Group acquired the control of Zhongjiang Real Estate through the purchase of 100% equity in Zhongjiang Group, and injected Kunwu Jiuding, the core of the group's PE business, into the listed company through asset restructuring, forming a parallel development model of PE business and real estate business. In the same period, it is planned to accelerate the expansion by increasing its own capital investment, and achieved amazing results in 2015 through a series of capital market operations. relying on the financial platform advantages of large asset management of Jiuding Group, through the platform of listed companies, the future development can be expected.

Taking advantage of the east wind of the policy, PE business ushered in a golden period of development. A series of policy guidance such as "mass innovation, mass entrepreneurship", state-owned enterprise reform and supply-side reform to promote industrial mergers and acquisitions directly benefit the PE industry. With the approach of the Shenzhen-Hong Kong Stock Connect, the landing of the new three-board layered system and the smooth launch of the future registration system, China's multi-level capital market system will be more sound, broaden the exit channels of PE institutions, and the improvement of exit efficiency and channel diversification will strongly boost the short-term and medium-term performance of the industry, inject a strong driving force for the company's performance growth, and the industry as a whole is expected to usher in a new round of high-speed development in the future.

Mature fund-raising management withdrawal manufacturing on the industry leader. Kunwu Jiuding, a wholly-owned subsidiary, has been awarded the "Top Ten Private Equity Investment in China" for seven consecutive years, and has always been in the forefront of the PE industry. The company's highlights are: (1) the capital side has a financing system with full coverage of all kinds of channels; (2) radiating national and even cross-border industry-wide project development and investment teams; (3) trial and error experienced risk control system and perfect merger and reorganization, new third board listing, IPO parallel exit mode, to create an assembly line PE factory belonging to Jiuding. The actual contribution scale of Jiuding Private Equity Fund, the comprehensive IRR of withdrawal projects, the amount of project under management and the comprehensive IRR of Jiuding Private Equity Fund are higher than those of the same industry. The outstanding performance mainly comes from the company's advanced management system, young management and efficient investment team. Based on the core point of view, we predict that the company's net profit from 2016 to 2018 is 831 million yuan, 1.334 billion yuan and 2.01 billion yuan respectively, and the EPS is 0.48,0.76,1.15 yuan respectively. Taking into account the rapid growth of the company and the potential of the industry leader, the target price for the first stage is 45.14 yuan, corresponding to a market capitalization of 73.8 billion yuan, with an upward space of 40%.

Risk hint: the schedule of the fixed increase plan is lower than expected, and the policy risk.