The financial real estate model is unique. The three aspects of project capital and new business for the majority shareholders support the company as the only real estate listing platform under China Cinda, and has received full support from the majority shareholders in terms of project acquisition, financial support, and new business development. In terms of projects, in the disposal of major shareholders' non-performing assets, it is possible to take the opportunity to obtain higher quality and mature projects at lower costs. Currently, projects such as the Qionghai Project and the Jiayue Group have already been implemented, and it is expected that this project acquisition model will continue in the later stages. In terms of capital, implementing the “small stock trading” mode of operation in conjunction with the asset management business of major shareholders, reducing the financial pressure on land acquisition in large and medium-sized cities, and increasing the scale of real estate development are necessary ways for small and medium-sized real estate companies to achieve rapid expansion. In developing new businesses, we serve major shareholders in bad asset disposal business, and carry out export of real estate development and management capabilities. The company issued an additional 2 billion yuan to effectively reduce the company's debt level. The company issued an additional issuance plan. It plans to increase the issuance of shares by no less than 8.37 yuan/share, raise capital of not less than 2 billion yuan, and invest in the construction of three projects: Hefei Cinda Tianyu, Chongqing Binjiang Lanting, and Ningbo Grand Junting Phase I. At the end of the first quarter of 2015, the company's balance ratio reached 78.2%, which is at a high level in the industry. If the fund-raising plan is carried out smoothly, it will improve the capital structure, reduce the level of debt, and at the same time significantly speed up the construction process of core projects and increase the turnover rate. The real estate development business grew rapidly. Entering the harvest period in 2013 and 2014, the company's land acquisition rate accelerated, and the planned construction area of the new land was 2.8 and 4.6 times the sales area of that year, respectively. The company's new projects are concentrated in the Yangtze River Delta, Pearl River Delta, and central regions, which are also regions that have benefited the most from this round of real estate policy relaxation and market rebound. It is estimated that the company's sales in 2015 and 2016 will reach 8,010 billion yuan respectively. Looking at carry-over, at the end of the first quarter of 2015, the company received 5.15 billion yuan in advance payments, strong performance lock-up, 3.8 million square meters under construction, and a planned construction area of about 5.1 million square meters of reserve projects, which ensured the continuous increase in the company's carry-over scale. Risk warning Risk warning: (1) Sales conditions fall short of expectations; (2) majority shareholders' support falls short of expectations Profit forecasts and investment suggestions We believe that with the rich projects and capital resources of the majority shareholders, the region-focused layout strategy of the company's projects, the real estate development business is expected to grow rapidly. At the same time, the continued development of asset-light businesses such as financial real estate will effectively hedge against the impact of declining gross margin in real estate development business. It is estimated that the company's EPS from 2015 to 2017 will be 0.62/0.76/0.92 yuan, respectively, giving it a “highly recommended” investment rating.