Investment points: The company is a real estate company with Zheng Kuan as the actual controller. Mianshi Co., Ltd. is a listed company with Mr. Zheng Kuan as the actual controller. Currently, it directly and indirectly holds 12.30% of the shares in the listed company, and also serves as the company's chairman and general manager. The company has been listed since 1996. Since then, the main business has gone through many changes, and has officially changed to the real estate business since 2005. Currently, judging from 2015 data, its real estate business still accounts for more than 95% of revenue, which is still the main source of revenue. However, from the perspective of advance collection, the company's pre-collected accounts at the end of 2015 was only 67 million yuan, only 15% of current settlement revenue. Real estate business development is facing the problem of insufficient reserves; the company is gradually experimenting with business transformation. The company is gradually experimenting with business transformation. In 2015, the company began initial entry into fields related to high-speed rail special fiberglass, medical care, education, energy saving and environmental protection, mainly through the management of Changshenggu Hospital in Kangping, Qingdao, Changshenggu Hospital, 21st Century Online Education, and China Construction Ivy League. Among them, Kangping, Qingdao, is currently the largest company and the most important direction of transformation; incentives are in place to add additional weight to business transformation and development. The company announced its incentive plan in March 2016. The incentive plan includes two parts: a restricted stock incentive plan and a stock option incentive plan. Among them, the source of restricted stocks is the company's A-share tradable shares that the company buys back from the secondary market, and the source of stock options is the company's targeted issuance of new shares to incentive targets. The incentive target for this incentive plan is 62 core management of the company, involving 10.69 million equity shares, including 3.5 million stock options, accounting for 3.59% of the company's total share capital at the time the incentive plan was signed. Among them, the exercise price of the option is 10.25 yuan. The incentive target will exercise the rights in two installments within the next 24 months after the stock option expires 12 months from the date the stock option is granted. The grant price for restricted shares is $0, and the restriction period is 3 years; investment advice. The company's earnings per share for 2016 and 2017 are expected to be 0.30 and 0.39 yuan, respectively. As of May 10, the company closed at 11.12 yuan, corresponding to PE 37.06 times in 2016 and 28.51 times PE in 2017. Considering the strong expectations of the company's business transformation, the company was given 45 times the PE in 2016, corresponding to the target price of 13.50 yuan, covering the “increase in holdings” rating for the first time. Risk warning. The recovery of the industry fell short of expectations.