Key points of investment: It is the only listed company in the airport park category in China. Its performance has been growing steadily in recent years. Since entering the 13th year, the company has frequently acquired land. Other underdeveloped projects have also entered the right track in the early stages. The airport development zone, high-end industrial base, and ecological park have made concerted efforts to ensure continued high performance. Report summary: The company's performance is growing steadily. In the first quarter of 2013, the company achieved operating income of 180 million yuan, a decrease of 2.36% over the previous period; realized net profit attributable to common shareholders of the parent company of 273.11,000 yuan, an increase of 21.58% over the previous period. The company's gross sales margin and net sales interest rate have increased steadily in the past three years. The company's territory has expanded on a large scale. On February 27, the company obtained first-level development rights for 1,300 acres of land at Zhaofeng Industrial Base in Zhaoquanying Town. In addition to the company's high-end industrial base in Mulin Town, the southern industrial base in Longwantun Town, and the land development rights of the Tianzhu Comprehensive Free Trade Zone in recent years, the company's development projects have been expanded on a large scale in recent years. The good news helped the company's 13-year performance. A large amount of accounts receivable from the company's previous projects will arrive in 2013. The ping pong school project has already been transferred, the sales license materials for the North District of the Enterprise Park Phase III have been submitted to the Beijing Municipal Construction Commission, and the 22,000-square-meter R&D center structure of the enterprise park has been capped and accepted. Multiple positive news will cause the company's performance to explode in 2013. The company ushered in a period of rapid and steady growth. The preparation of the company's “Airport Stock Development Strategy Plan (2012-2020)” has been completed. As the company's current development projects are gradually on the right track, the future Airport Zone C, the high-end industrial base in Mulin Town, the southern industrial base in Longwantun Town, and the Tianzhu Comprehensive Free Trade Zone will make concerted efforts, which will enable the company's performance to maintain steady and rapid growth in the next few years. Profit forecasting and valuation. According to our profit forecast model, the company's revenue for 13-15 is estimated to be 1,197 billion yuan, 1,440 billion yuan, and 1,696 billion yuan; EPS is 0.46 yuan, 0.80 yuan, and 1.13 yuan; corresponding PE is 12.5, 7, and 5 times; and the target price for the next 6 months is 7.5 yuan, giving it an “increase in holdings” rating for the first time.