Investment Essentials 1. The winning bid amount is huge, which will have a positive impact on the company's performance. The winning bid amount reached 24.90% of the company's total audited operating income in 2015. It is expected to have an obvious effect on increasing the company's business performance in the next few years. 2. The company is actively expanding general aviation business, and continues to increase general aviation airport construction and management. The company is actively developing business in the field of general aviation airports with the advantages of years of experience in constructing airport field projects. It has already 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 the Anji General Aviation Airport have already been completed. It is planned to apply for a civil airport use license this year to carry out general aviation operations. The company acquired Theme Latitude and Zhejiang Zhongqing through private capital 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 “aircraft” construction first. The company will first benefit from the industry and the liberalization of the general aviation market has placed great demand on general aviation airport construction. Currently, the domestic general aviation market is only over 100. It is estimated that by 2030, China's general aviation airport demand will reach more than 2,000, with a market space exceeding 300 billion. China will build more than 500 general aviation airports during the “13th Five-Year Plan” period. The company will benefit the industry first with its perfect general aviation airport construction and operation layout. 4. The profit forecast predicts that the company will achieve net profits of 367 million, 493 million, and 562 million yuan attributable to the parent company in 16-18, corresponding to EPS of 0.21, 0.28, and 0.32 yuan, and corresponding PE of 37X, 27X, and 24X, maintaining recommended ratings. 5. The risk suggests that the development of the general aviation market falls short of expectations.