Investment Highlights 1. The large bid amount will have a positive impact on the company's performance. The bid amount reached 24.90% of the company's total audited revenue in 2015, and is expected to have a clear effect on increasing the company's business performance in the next few years. 2. The company is actively expanding the general aviation business, and continues to increase the general aviation airport construction and management company, taking advantage of its experience in constructing airport field projects over the years, is actively developing the general aviation airport business. It has already laid out and invested in the construction of general aviation airports such as Anji in Zhejiang, Gaoyou in Jiangsu, Rudong in Jiangsu, and Huangshan in Anhui. Among them, the runway and main building of Anji General Aviation Airport have already been completed, and it is planned to apply for a civil airport license this year to carry out general aviation operations. The company acquired Theme Latitude and Zhejiang Zhongqing through private fund-raising. Theme Latitude is mainly engaged in the planning and design of general aviation towns and themed industrial parks. Zhejiang Zhongqing focuses on general aviation airport investment, construction and service. Currently, the company has business capabilities covering the entire life cycle of general aviation airports in the construction and operation of general aviation airports. 3. The liberalization of the general aviation market requires “opportunity” to be built first. The company will first benefit from the liberalization of the general aviation market, putting great demand for general aviation airport construction. Currently, the domestic general aviation market only has more than 100 seats. It is estimated that by 2030, the demand for general aviation airports in China will reach more than 2,000, and the market space will exceed 300 billion. China will build more than 500 general aviation airports during the “13th Five-Year Plan” period, and the company will first benefit from the industry with its perfect general aviation airport construction and operation layout. 4. The profit forecast predicts that the company will achieve net profit of 367 million, 493 million, and 562 million yuan in 16-18, corresponding EPS of 0.21, 0.28, and 0.32 yuan, and corresponding PE of 37X, 27X, and 24X, maintaining the recommended rating. 5. The risk suggests that the general aviation market is developing less than expected.