Event: we recently investigated Guodong Construction and communicated with the management of the company.

Brief comment: the company is the forest products industry enterprise with the largest scale and production capacity in the central and western regions, which mainly focuses on wood-based panel manufacturing and processing. Since the successful transformation of the company's main business from glass processing and construction to wood-based panel manufacturing in 2003, the revenue scale of wood-based panel has been expanding. At present, the company has three medium-and high-density fibreboard production lines under construction, which are expected to be put into production in the first half of next year, when the production capacity will be greatly expanded to more than 1.2 million cubic meters of wood-based board. These three lines of products are located in the thin plate market with relatively high gross profit margin, which will make a great contribution to the company's performance in the next two years. We predict that the company will earn 0.19,0.33 and 0.55 yuan per share from 2009 to 2011. According to the closing price on December 2, corresponding to the 2009-2011 PE is 50.8,29.2x and 17.5x, the current valuation has no obvious advantage and is given an investment rating of "overweight".