Guide to this report: The company's “rent first, sell later” business model is unique and has strong profitability. After Electric Construction Real Estate became a central enterprise real estate company, the company is expected to bring in resources and financial support from various sources as a whole. Investment points: For the first time, coverage gave an increase in holdings rating. It is predicted that the company's 2016-2018 EPS will be 0.31/0.37/0.45 yuan, a year-on-year increase of 1632%/20%/22%. The company's “rent first, sell later” business model is unique and has strong profitability. It is expected that the entry of power construction real estate will bring more resources and financial support from various sources. Optimistic about the company's growth, the target price is 6.7 yuan, corresponding to 21 times the performance in 2016. The company's “rent first, sell later” business model is unique and has strong profitability. 1) The company has a unique business model. It leases first, sells later, determines sales prices based on rent, and uniformly manages properties. This model has many advantages, including avoiding the use of large amounts of capital, helping to increase overall property value, etc. 2) As of the end of 2015, the company operated a total of 739,000 square meters of commercial properties. Most of them had superior geographical locations and good profits. 3) The company's benchmark project is Wuhan Home Improvement, with an annual investment return of more than 10%. Power Construction Real Estate's real money acquisition of the company's shares highlights the importance it attaches to the platform and brings resources and financial support. After the tender acquisition was completed, Dianjian Real Estate held 40.67% of the company's shares and became the largest shareholder and actual controller of the company. The Group is expected to bring multiple resources and financial support. It is expected that for commercial properties, power construction real estate will be more likely to cooperate with companies, such as building properties on subways; at the same time, the company will be given financial support through entrustment loans, etc. Deploy the cultural industry and accelerate asset-light operations. 1) The company joined hands with a power saving company and Chinese and Indian culture to actively lay out cultural industries and park real estate development. 2) The company signed strategic agreements with Wuhan Fangrong and Wuhan Wanjianglong Network to vigorously develop asset-light operations and O2O platform development. 3) The completion of the company's fixed increase will accelerate real estate business development and facilitate profit release and cash flow. At the same time, the majority shareholders have subscribed for 610 million yuan, demonstrating the importance of the company's platform. Risk Warning: Single Market Risk, Commercial Real Estate Market Adjustment Risk