Abstract: Real estate and international project contracting are the company's two core businesses. Real estate projects are mainly distributed in Beijing, Nanjing, Chongqing and other regions, and international project contracting projects are mainly located in Kenya and other African regions. The company's real estate business is widely distributed, and the Wuyi Garden project, located in the Tongzhou area of Beijing, covers a large area and has a lot of room for appreciation. The southern section of Wuyi Garden has not yet been completed. The project is located in the core area of Tongzhou, close to Universal Studios Beijing, and the surrounding supporting facilities are perfect. After completion of the project, the company's gross margin will rise steadily, and the company's performance will improve accordingly. The company closely follows the country's “Belt and Road” development strategy. The international engineering business is deeply involved in Kenya and surrounding markets, and is actively exploring new models of engineering business contracting. In the first half of 2015, the company's international contract engineering business achieved revenue of 511 million yuan. As of early December 2015, the contract amount for the company's international contract engineering business with Kenya and other places exceeded 1.6 billion yuan, which is basically the same as the total amount signed for the whole of last year. As of March 2015, the amount of projects under construction by the company was about 3.37 billion yuan. More than half of the projects are progressing more than half. It is estimated that they can be completed and delivered in 2015 or 2016, and 90% to 95% of the project payment can be recovered. Profit forecast: The company achieved operating income of 1,514 billion yuan, net profit of 72 million yuan, and earnings per share of 0.18 yuan in the first three quarters. The results for the first three quarters of 2015 increased slightly compared to the same period last year. The main revenue came from ongoing projects in Nanjing and other places. Among them, the Nanjing Wuyi Oasis project was settled on a large scale, and sales prices have increased significantly since this year. It is estimated that the company's EPS for 2015-2017 will be 0.31, 0.44, and 0.58 yuan respectively, covering the “increase in holdings” rating for the first time. Risk warning: 1) The risk that the sales situation of the company's properties for sale does not meet expectations; 2) the risk that the international project contract project is not progressing smoothly.