The 2015 annual report of Dongguan Holdings was disclosed. It achieved revenue of 1,097 million yuan, an increase of 17.21% over the previous year, net profit attributable to listed companies of 817 million yuan, an increase of 38.3% over the previous year, and net profit after deduction of 763 million yuan, an increase of 40.58% over the previous year. It is planned to distribute $3.00 (tax included) for every ten shares. A number of factors contributed to a steady increase in toll revenue. Affected by factors such as the cancellation of tolls on neighboring roads (Meiguan Expressway, Yanpai Expressway) and the increase in private car ownership, the mixed traffic flow of the entire Guan-Shenzhen Expressway increased by 10.91% in 2015. Correspondence, the company achieved toll revenue of 934 million yuan in 2015, an increase of 16.36%, and an increase of 8.5%. Due to differences in the radiation area between the Guanshen Expressway and surrounding roads, the direct competition relationship is weak. It is hoped that with the improvement of the surrounding road network, the traffic growth rate on the Guanshen Expressway will be maintained. Investment income grew rapidly and became the main source of net profit. The company achieved investment income of 425 million yuan in 2015, accounting for 52.02% of net profit, an increase of 73.13%. Of the investment income, 66.6% of the investment income, totaling 283 million yuan, came from the 20% shares of Dongguan Securities held by the company, mainly due to the high activity in the secondary market in 2015. Other major shareholding companies such as Humen Bridge and Dongguan Trust also remained steady in 2015. The dual drive of industry and finance has gradually deepened, and the financial layout has blossomed more. In 2015, Rongtong Leasing became a wholly-owned subsidiary of the company, achieving annual revenue of 138 million yuan and net profit of 457.712 million yuan, with year-on-year increases of 137.88% and 26.19% respectively. In February 2016, the company's decision to increase capital to finance leasing was approved by the Development and Review Committee of the Securities Regulatory Commission. It is worth looking forward to the continued expansion of the business scale of this sector. Overall, the company's financial layout has gradually become the climate. Currently, it holds 100% of the shares of Rongtong Leasing, 20% of the shares of Dongguan Securities, 6% of the shares of Dongguan Trust, 5% of the shares of Dongguan Chang'an Village Bank, and 20% of the shares of the Songshan Lake Microfinance Company. Investment advice: We expect the company's revenue growth rates in 2016-2018 to be 14.1%, 11.5%, and 12.8%, respectively, and net profit growth rates of 0.1%, 12.9%, and 8.1% respectively. Considering that the company's main highway business is stable and the financial sector has plenty of room for expansion, we have given an investment rating of 10.8 yuan for 6 months, which is equivalent to 15 times the price-earnings ratio in 16 years. Risk Warning: Changes in expressway toll policies; expressway tolls cannot be extended; financial sector development falls short of expectations