The company's shareholding structure and financing capacity. The Hunan Expressway Construction and Development Corporation, which is under the Hunan Provincial Transportation Department, is the parent company of the company and holds 27.19% of the company's shares. Recently, the Hunan Expressway Group Finance Company was officially approved by the China Banking Regulatory Commission and became the first finance company in the national transportation industry. The Hunan Expressway can make full use of the finance company's rare financial license to achieve rapid capital expansion. The position of Hyundai Investment as a financing platform for listed companies is worth observing. The company's “one main and three wings” business structure. The company proposed a “one main and three wings” strategy. “One main” means continuing to use the 246-kilometer highway assets it already owns as the main business base and development entity, and “three wings” respectively refer to a financial asset platform with the wholly-owned subsidiary Dayou Futures Co., Ltd. as the core, a financial investment platform with the holding subsidiary Hunan Anxun Investment and Development Co., Ltd. as the core, and an industrial investment platform with the subsidiary Hyundai Weibote Technology Investment Co., Ltd. as the core. By stabilizing existing main highway business assets, gradually expanding financial asset platforms, financial investment platforms, and industrial investment platforms, we will build a steady new model of “one main and three wings” industrial development, and achieve sustainable development of enterprises. The company's highway business is developing steadily and is facing diversion pressure in the future. The company currently has three expressways: Changtan, Tanjiao, and Changyong, with a total motorway mileage of 246 kilometers. Among them, the Changsha-Xiangtan Expressway and the Xiangtan-Leiyang Expressway are the main sections of the southern section of the Beijing-Zhuhai Expressway in southern Hunan of the North-South Corridor. Among them, the Tanlei Expressway is the company's main source of revenue and profit, but this section of the road has reached its overhaul period since 2005. The company still mainly focuses on maintenance. The overhaul period is constantly being delayed. It is expected that the overhaul will begin next year, and the overhaul will be carried out in one direction at that time. The current situation of the Changyong Expressway facing the high-speed diversion of the airport still exists, and in the future, with the gradual implementation of the integrated plan of the three cities of Changzhu Tan, the Changtan Expressway will, on the one hand, become an urban road for the city, and on the other hand, it will be impacted by the diversion of the Changzhu Tan Intercity Railway. However, as the regional economy and vehicle ownership grows, we think the two roads will continue to increase traffic by around 8% in the next two years. The diversified development of the “Three Wings” is worth looking forward to, but caution is still necessary. The company's “three-wing” strategy has achieved certain results in the past two years. In particular, investment in the financial industry and environmental protection industry is very noteworthy. The business situation of Dayou Futures continued to improve, and operating profit increased steadily, gradually becoming a new profit growth point for the company. The waste treatment technology carried out by Hyundai Weibote Technology Investment Co., Ltd. is in line with the country's future industrial policy and has broad prospects for future development. However, considering that the company's diversified projects are more in the venture capital stage, there are still certain investment risks. Profit forecast and rating: Considering that the company will be affected by overhauls and diversions in the next few years, we expect earnings per share of 1.76, 1.91, and 1.95 yuan in 2010-2012, corresponding price-earnings ratios of 12 times, 11 times, and 10.9 times. Considering the risk of diversification, we have given a “Prudential Recommendation A” rating for the first time. Risk warning: macroeconomic fluctuation factors, diversification risks.