Core view: The main business has been adjusted many times. The current profit depends on investment Since its launch in 01, the business structure contributing to the company's main business revenue has changed many times. After 10 years, due to the sale of hydroturbine power generation equipment and pharmaceutical assets, the company's main business revenue scale has shrunk. Currently, revenue mainly depends on the investment income of the company's participating companies and interest income from entrusted loans. The participating company Dading Mining contributes stable profits every year, and Yunshan Automobile is involved in the field of new energy. Entered first-level land development and tested the PPP business model. In November 2014, the company cooperated with the government to carry out first-level land development on about 13,000 mu of land in the southern new town of Xingning City. The contract largely guarantees the interests of the development company, sets a land concession plan and minimum price for the next few years, and grants the project company a number of special compensation. Level 1 development will contribute to the company's stable business in the next few years, and the PPP business model is expected to be further promoted. The majority shareholder participated in the 15-year expansion plan, raising 2 billion dollars for the first-level development project in the southern district of Xingning City. The majority shareholder Shenzhen Jin Xinan and his co-actors all subscribed. The shareholding ratio will rise from the current 20% to 42.5% after the increase is completed. The majority shareholders are currently in the biotechnology and ecological agriculture industry, and their high percentage participation in this increase shows confidence in the company's future development. The company's EPS for 15 and 16 is estimated to be 0.61 and 1.35 yuan/share. Maintaining a “buy” rating, the company's current NAV is 3,716 billion yuan, which corresponds to an RNAV of 10.93 yuan/share per share. After the issuance was completed, RNAV per share was 12.16 yuan/share, and the current stock price premium rate compared to RNAV is basically the same as the industry average. Since land concessions began to be settled in '16, the company's profitability will increase significantly, and the relative valuation level is lower than the average value of park development enterprises. The risk suggests that after the majority shareholders complete the increase in their holdings, there is uncertainty about further business expansion.