Incident description: Beijing Investment Yintai announced its 2015 annual report and 2016 quarterly report: In 2015, it achieved operating income of 8.436 billion yuan, a sharp increase of 141.99%, net profit of 115 million yuan, an increase of 358.89%; a net profit margin of 1.37%, an increase of 0.65 percentage points over the previous year, and EPS of 0.16 yuan. The first quarter of 2016 achieved operating income of 1.02 billion yuan, a sharp increase of 1718.13% year on year, net profit of 36 million yuan, up 154.34% year on year; net profit margin was 3.6%, up 123.92 percentage points year on year, and EPS 0.05 yuan. Incident reviews concentrated carryover compounded a sharp drop in the cost rate, and the reversal of performance continued to materialize. In 2015, the company's net profit increased sharply by 358.89% year on year. On the one hand, Beijing projects such as New Mileage, Kun Yufu, and Park Yuefu entered the carry-over period, and operating income increased sharply by 141.99% year on year; on the other hand, the company strictly controlled various expenses in 2015, and the three expenses dropped sharply to 4.96%, almost half of 2014. The debt ratio has declined to a high level, and short-term financial pressure is expected to ease. The company's balance ratio at the end of 2015 was 89.82%, and the actual debt ratio was 87.29%, down 2.86 and 3.68 percentage points from last year, respectively; monetary capital coverage rebounded slightly to 0.27, and short-term financial pressure has yet to be relieved. The company has expanded its financing channels in various directions. Since 2015, a total of 1,779 billion yuan of corporate bonds have been issued. At the same time, financial institutions have sufficient credit lines, and the company's short-term financial pressure is expected to ease. The equity issue has been resolved, and the right to control the company's development is stable. Yintai Group, the former second-largest shareholder of the company, transferred 20.78% of its shares in the listed company to Cheng Shaoliang. Cheng Shaoliang became the second-largest shareholder of the listed company. China Yintai only held 4.05% of the shares, and the two were no longer consistent actors. The largest shareholder currently holds 31.19% of the listed company's shares. The listed company's control is stable, which is conducive to the acceleration of the company's development. The value of the investment was recognized by insurance funds. Sunshine Insurance Group began increasing its stock holdings of listed companies in early 2015, and reached the listing conditions on November 30. Since 2015, the phenomenon of listed insured real estate companies has been frequent. Most of the listing targets are targets with good performance, stable cash flow, and long-term investment value. The listed company has now been listed by Sunshine Insurance, which indicates that the investment value has been recognized by insurance capital. Investment advice: Resolving the company's equity issues will help accelerate development, while the investment value is recognized by insurance capital. EPS is expected to be 0.18 and 0.24 yuan/share in 2016 and 2017, respectively. Corresponding to the current share price PE, it is 51.41 and 38.83 times, which is the first time it is covered and given a “buy” rating. Risk warning: policy impact, property market fluctuations, poor financing