Revenue has continued to grow steadily - the Group's revenue has been growing steadily in recent years. The combined annual growth rate of the Group's revenue from FY2014 to FY2017 was 8.2%, higher than the 5.7% compound annual growth rate of the overall revenue of fast food restaurants in Hong Kong during the period, reflecting an increase in the Group's market share. The Group's revenue rose during the period, mainly due to Dafaihuo's continuous increase in the average sales unit price, which led to an increase in Dafaihuo's same-store sales every year during the period, and an increase in the number of Dafaihuo branches. We expect that in FY2018 and FY2019, the annual growth rate of the Group's revenue will be able to remain at the level of 7%; according to conservative estimates, the Group's revenue will reach 2.77 billion yuan and 2.96 billion yuan respectively in FY2018 and FY2019. Sales costs are manageable - the group's costs are well controlled. The combined annual growth rate of the group's sales costs from fiscal year 2014 to fiscal year 2017 was only 7.4%, which is lower than the compound annual growth rate of revenue during the period. The group uses global procurement to effectively control food costs, and also uses strategic location selection to control rent costs, so that overall sales costs can be controlled appropriately. Profitability is higher than that of peers - Group gross margin has improved in recent years, and is superior to Dale Group (341.HK), which has only maintained a stable gross profit margin. The increase in the group's staff and rent costs is similar to the increase in revenue, so in a situation where the increase in food costs is lower than the increase in income, the group's gross margin has increased. The Group's sub-brand specialty restaurants have a relatively high gross margin, but the number of branches is small, and some of the restaurants are newly opened, and there is no scale effect for the time being. The Group expects that it will take 2 to 3 years for the sub-brand restaurants to balance income and expenses. If the group's expectations come true, the group's gross margin is expected to improve despite rising employee costs and rent costs. Also, looking at the last 10 financial years, the Group's average shareholder equity return rate is higher than that of Dajiya Music Group, which also reflects the Group's strong profitability. Valuation - Since the Group's dividend payout ratio has remained stable and at a high level in recent years, we use the Dividend Discount Model (DDM) for valuation. According to the model, Fairwood Holdings Limited is valued at HK$30.40, which is 0.3% lower than today's closing price. The investment strategy was to increase sales unit prices and the number of branches, which led to a steady increase in revenue; while through global procurement, the group effectively controlled food costs, and also used strategic location selection to control rent costs to keep gross margin stable; furthermore, the group temporarily reduced underrepresented mainland business and focused on Hong Kong business, making the group's performance more stable and guaranteed. Furthermore, the group also tried to expand operations larger than Hong Kong with a secondary brand, which is expected; of course, the temporary reduction in mainland business was also reduced Our vision that the Group's performance can improve significantly; we believe that the current price of the Group's shares generally reflects its Stable performance and prospects. After valuation using DDM, a “neutral” rating was given, with a target price of 30.40 yuan.