Disclaimer:

The individual stock analysis involved in this article comes from brokerage research reports, which are only the personal views of analysts on the individual stocks and do not represent the views of China Securities Network. The stock market is risky and investment should be cautious.

1. Digital Video: Overseas expansion accelerates and maintains a buy rating

Investment highlights:

Company announcement: It plans to use its own funds of US$2 million to acquire 51% of the equity of LARCAN. After meeting the conditions agreed in the investment agreement, it has the right to use its own funds of US$3.25 million to continue to acquire 19% of the equity of LARCAN. At the same time, in order to better complete the company's overseas mergers and acquisitions, restructuring, and strategic investments, and expand the company's business and scale, it is agreed that the company will use its own funds of US$9.9 million to establish a US subsidiary.

Overseas expansion is accelerating. In 2012, the company's overseas contribution revenue was 74.8 million yuan (accounting for 14%), a year-on-year increase of 179% compared with 2011. However, compared with the radio and television equipment market in North America alone, which has an annual revenue of US$1 billion, there is still a lot of room for expansion. This acquisition has enabled the company to expand its overseas brands and channels. In the future, it will also be able to integrate technology, and relying on China's low-cost advantage, it can accelerate the expansion of overseas markets.

The company's long-term value lies in the content integration application platform. Since the previous in-depth report, we have always insisted that the company's investment logic is to increase the valuation in the transformation of "equipment, channel, content, and service". Film and television, games, and e-commerce will be the three areas with great commercial value on TV screens in the future, and the company has already achieved layout. We are most optimistic about the company's expansion potential in the fields of e-commerce and games, mainly because the company has a payment license and channel resources of radio and television (it can cooperate with operators to develop value-added application platforms without letting consumers buy new set-top boxes). If the living room resources are developed in the future, the company will have a "positioning" advantage in the radio and television channels.

In the era of cross-border integration, the potential realization value of hardware when combined with software cannot be ignored. With the development of information technology, integration and cross-border have become keywords in the IT industry, and "software and hardware integration" has also become a trend. The company has been deeply involved in the field of radio and television for a long time. Although CA cards and front-end equipment are hardware equipment, their potential monetization value cannot be ignored. For example, CA cards can fully grasp the user's TV viewing data by integrating with the user management system. Although the ownership of the data belongs to the operator, the data analysis results have great value for application fields such as advertising and TV shopping, and are valuable "big data" that can be mined in the "living room resources".

Maintain the "buy" rating. We maintain our profit forecast and expect the company's EPS to be 1.02/1.25/1.50 yuan in 2013-2015, corresponding to PE of 26/21/17 respectively. We are optimistic about the company's transformation from a radio and television equipment supplier to a converged application platform supplier and maintain the "buy" rating. (Shenyin Wanguo Zhang Jiansheng Guo Peng)

2. 3D Communication: DAS may become the protagonist of 4G indoor distribution and a reversal is expected

1. Event Overview:

Recently, we conducted a field survey on 3D Communication. We believe that as DAS system becomes the mainstream indoor distribution solution for 4G, the company's iDAS products are expected to achieve large-scale sales in both China and overseas markets in 2014, driving the company to achieve a turnaround in performance.

2. Analysis and judgment:

DAS is expected to become the mainstream solution for China Mobile's 4G indoor distribution, and will enter the large-scale construction period in 2014.

The company's core product for 4G network research and development, the DAS system project, is progressing smoothly and has participated in pilot operations in many places. We learned from the industry that DAS is compatible with 2G, 3G, LTE (TDD/FDD), and WLAN, and supports MIMO technology. Due to its low overall cost and high spectrum utilization, the DAS system is expected to become one of the mainstream solutions for China Mobile's indoor coverage in the next stage. In addition, the DAS system can theoretically also be compatible with the systems of the three operators. In the long run, it can help operators achieve co-construction and sharing, greatly reduce the capital investment of operators, and also improve the competitiveness of the product itself. Especially after entering the 4G era, the massive data flow requires that the indoor distribution system must also be connected with optical fiber, and the DAS system has a broad prospect. At present, the company has established DAS test networks in some provinces. It is expected that with the in-depth development of 4G next year, the DAS system will enter a large-scale construction period.

The company's iDAS system can connect multiple RUs and can achieve accurate fault location.

The company's new generation of iDAS system has a wider coverage capability. Each AU (access unit) can connect hundreds of RUs (remote units), and the RU is connected to an external distributed antenna to achieve a wide range of coverage. The installation of RU in the corridor also reduces feeder losses and enhances coverage. At the same time, the network management of the iDAS system can quickly determine the fault topology nodes at all levels from the antenna to the AU, including the antenna, and achieve accurate error location. This solves the problem that passive DAS cannot be monitored, realizes comprehensive monitoring of indoor distribution systems, and greatly reduces the operation and maintenance costs of operators.

The network optimization coverage industry chain is complete, and the growth potential of new businesses is huge.

At present, the company has formed a complete network optimization industry chain covering network optimization coverage, network optimization services, network optimization products, passive components, digital TV transmitters, WLAN, etc., and the synergy effect will be further manifested in the future. The company has been successfully shortlisted in the recent centralized procurement of distributed system antennas, dry placement and passive components of China Mobile, and has achieved good results. In 2013, the company will focus on the development and batch supply of RRU, DAS, PA and other products; open up the Chinese and international markets by accelerating the research and development of DAS systems; and open up new fields and new markets by expanding the application of coal mine communications and Tianyi intercom industries.

III. Profit forecast and investment advice:

We expect the company to achieve net profits of 36 million yuan, 122 million yuan and 168 million yuan in 2013-2015, with a CAGR of 23.08%; and to achieve earnings per share of 0.09 yuan, 0.30 yuan and 0.41 yuan respectively. Maintain the "strong recommendation" rating, the reasonable valuation range is 9 yuan to 10.5 yuan, corresponding to the PE of 2014 EPS between 30 and 35 times.

IV. Risk warning:

The market development of new products is lower than expected; the prosperity of the network optimization coverage industry is delayed. (Minsheng Securities Zhang Tongyu)

3. Huatian Technology: Apple's fingerprint recognition squeezes out WLCSP production capacity

Matter:

In the early morning of September 11, Beijing time, Apple released its new smartphone iPhone5S, which has the TouchID fingerprint recognition function, which is considered to be one of the biggest innovations of the new iPhone. According to comprehensive industry chain information, the mass production of Apple's fingerprint recognition chips has squeezed out part of the WLCSP's original production capacity for CMOS image sensor packaging.

Comment:

The fingerprint recognition chip of Apple iPhone5S is mainly packaged by Taiwan Jingcai, and some orders flow to Jingfang Semiconductor.

Apple iPhone5S fingerprint recognition chip industry chain: According to industry information, the fingerprint recognition sensor chip of Apple iPhone5S was designed by AuthenTec, a fingerprint sensing technology developer acquired by Apple for US$356 million in the second half of 2012, and was cast at TSMC, then packaged by TSMC's equity-holding subsidiary Jingcai Technology (3374. TWO), and then wired and SiP was performed by ASE. According to the latest industry chain information, due to the problem of the yield rate of the Jingcai fingerprint recognition chip packaging, the supply of fingerprint recognition chips for Apple's new machine is not as expected. In order to maintain sufficient supply, Apple has transferred a small amount of fingerprint recognition chip packaging orders to Suzhou Jingfang Semiconductor, the world's second largest WLCSP professional packaging and testing service provider.

The demand for Apple's fingerprint recognition chip packaging is bound to squeeze WLCSP production capacity, causing a tight capacity situation.

The current application demand for WLCSP mainly comes from the packaging of CMOS image sensors. On the other hand, the demand comes from the penetration of traditional packaging application fields, mainly including the incremental growth of emerging application fields such as MEMS and LED. The main business of the world's top professional WLCSP packaging and testing manufacturers such as Jingcai Technology, Jingfang Semiconductor, and Kunshan Xitai Micro, a subsidiary of Huatian Technology, also comes from the packaging of CMOS image sensor chips. It can also be seen from the results of Yole Developpement's forecast of global TSV chip wafer demand that the current main demand for WLCSP-TSV comes from CMOS image sensors.

Apple's fingerprint recognition chip packaging is an emerging application demand for WLCSP, causing global capacity tension. The latest Apple iPhone 5S smartphone has a fingerprint recognition function. The fingerprint recognition chip is manufactured by TSMC as a wafer foundry and then packaged by Jingcai. According to the latest supply chain information, the current monthly shipment of TSMC's fingerprint recognition chips has reached 15,000 pieces, driving Jingcai's fingerprint recognition chip utilization rate to quickly climb to full production in August. Due to Jingcai's yield rate, the output can no longer meet Apple's needs, and a small number of orders have flowed to Jingfang Semiconductor. The new iPad that will be released later is also likely to have a fingerprint recognition function. In addition, if other brands of mobile phones also follow suit and release smartphones with fingerprint recognition functions, it will inevitably further aggravate the global WLCSP capacity shortage.

Global WLCSP packaging and testing business competition pattern.

Taiwan Jingcai Technology and Suzhou Jingfang Semiconductor are the world's top two WLCSP professional packaging and testing service providers. Jingcai Technology was founded in September 1998 and is mainly engaged in integrated circuit wafer-level chip size packaging and testing services. It obtained ShellcaseOP technology license in 2000. In 2004, TSMC strategically invested in Jingcai Technology and became its largest shareholder, holding 40.18% of the shares. OmniVision, the world's largest image sensor supplier, is Jingcai Technology's largest customer. In 2012, the company's revenue was NT$3.14 billion, and the shipment volume of wafer-level packaging products used in camera phones accounted for more than 20% of the market share.

Jingfang Semiconductor was founded in June 2005 and is currently the first company in mainland China and the second in the world that can provide large-scale wafer-level chip size packaging (WLCSP) mass production technology. Its main customers are GalaxyCore, BYD, and Hynix.

Huatian Technology's subsidiary, Kunshan Xitai Microelectronics, is a new star in the global WLCSP industry that has emerged in the past two years, becoming China's WLCSP professional packaging and testing manufacturer with production capacity second only to Jingfang Semiconductor. Kunshan XiTi was established in 2008. After about two years of technology digestion and absorption, it achieved small-scale production of TSV packaged CMOS image sensors in 2010. It has started mass production in 2011 and 2012, and achieved monthly profitability in October 2012. Currently, the company's TSV production capacity is in short supply, and GalaxyCore, Aptina, and Superpix are all competing for production capacity. The current production capacity is about 10,000 pieces/month, and it will be expanded to 15,000 pieces/month by the end of the year. In terms of customers, GalaxyCore was successfully introduced as the largest customer in 2012. GalaxyCore is currently one of the top five chip design companies in China and the largest mobile phone image sensor manufacturer in China. The previous largest customer was Aptina, a CMOS image sensor company under Micron, which has world-leading core technology.

Kunshan XiTi, a subsidiary of Huatian Technology, will benefit from the rise of emerging WLCSP application demand. Huatian Technology's profit forecast is raised and the "recommended" rating is maintained.

We believe that Xitai Microelectronics will benefit from the emerging application demand of fingerprint recognition in WLCSP in two ways. First, Apple's fingerprint recognition chip has squeezed out part of the production capacity of Jingcai and Jingfang. It is possible that some orders for CMOS image sensors will flow to Xitai Microelectronics or cause WLCSP packaging service prices to increase. On the other hand, Apple is a manufacturer leading the innovation trend in the field of smartphones. It is the first to apply fingerprint recognition functions to smartphones, which may cause other mobile phone brands to follow up and increase the demand for fingerprint recognition sensor chip packaging. Xitai may also receive fingerprint recognition sensor chip packaging orders from other mobile phone brand manufacturers in the future.

The subsidiary Xitai Microelectronics will benefit from the rise of emerging application demand for fingerprint recognition in WLCSP. We have raised our earnings forecast for Huatian Technology to 0.32/0.40/0.51 yuan EPS in 2013/2014/2015. Maintain the "recommended" rating. (Guoxin Securities Liu Xiang Chen Ping Lu Wenhan)

4. Sinochem International: Logistics and trade transformation into a fine chemical leader

Investment highlights:

The logistics and trade leader is accelerating its transformation into a fine chemical leader.

The company is a large state-owned holding company engaged in international operations such as logistics, distribution, and trade in the fields of chemical logistics, distribution, rubber, agrochemicals, fine chemicals, metallurgy and energy; while maintaining its market position in trade logistics, the company strategically develops the real industry, and the proportion of industrial profits has increased from only 8% ten years ago to 96% in the first half of this year; it has successfully achieved the transformation from a trading company to a fine chemical industry group, and has created a complete industrial chain in the main fields of fine chemicals and rubber, with a strong industrial foundation and development potential.

The prosperity of agrochemicals is maintained, and the integrated advantages of the entire product line have been formed.

The company holds 40.5% of Yangnong Group, 14.7% of Yangnong Chemical indirectly, and 29.2% of Nantong Jiangshan Shares. Benefiting from the continuous growth of genetically modified crop area, which increases demand, and the improvement of safety and environmental protection standards, which promotes industry access, the prosperity of glyphosate is expected to continue. As the only company in China with an international high-end pesticide brand, the company's agrochemical distribution relies on Monsanto's strong brand to expand overseas marketing channels such as Southeast Asia and Australia, and has formed an upstream and downstream integration advantage.

The company holds a controlling stake in Jiangsu Shengao Chemical, and the prospects for rubber additives are broad.

Jiangsu Shengao, which the company acquired 61% of the shares in November last year, is the world's largest professional rubber antioxidant 6PPD, IPPD and intermediate RT base production enterprise, and is the global market leader of PPD products, with the world's largest market share; it has the core technology and cost advantages of 6PPD antioxidant; after winning the lawsuit with Flex, exports will achieve explosive growth. In addition, new products such as insoluble sulfur and highly dispersed white carbon black have great potential.

Using GMG as a platform, the company is preparing to acquire rubber plantations on a large scale, and is expected to become a global natural rubber giant.

The company's self-produced natural rubber is expected to increase from 20,000 tons to more than 100,000 tons in the next few years; the current rubber processing and sales capacity is about 800,000 tons, ranking first in China and second in the world, and will soon reach 1 million tons. The company uses GMG as an overseas strategic platform for its rubber business and will continue to expand upstream natural rubber resources. It is expected to become a global natural rubber giant in the next few years.

Investment advice: The company's EPS is expected to be 0.56 yuan, 0.74 yuan and 0.87 yuan in 2013-2015 respectively (before additional issuance and dilution); the company plans to issue no more than 691 million shares, and the issue price will not be lower than 5.79 yuan per share. The transformation of the company's business structure and the change of its business model will bring about a revaluation of value, and the valuation level is expected to increase. We upgrade the company to a "recommended" rating. (Qiu Xiaofeng and Wang Qiang of Galaxy Securities)

5. Shuobei: Investment in advanced packaging has a promising development prospect

The company invested in 3D advanced packaging, and its production capacity ranked among the top three in China. The company used its own funds of RMB 63 million to increase the capital of Suzhou Keyang Optoelectronics to obtain 56.76% of its equity, upgraded and renovated its existing factory buildings, and invested in a 3D advanced packaging project with an annual output of more than 120,000 pieces, becoming China's third professional 3D advanced packaging manufacturer after Suzhou Jingfang and Kunshan Xiti.

3D advanced packaging has strong profitability, and there is huge demand in imaging, MEMS and other fields.

The technical difficulty and process complexity of 3D advanced packaging far exceed traditional packaging technology, and the equipment expenditure is high. Only a few manufacturers in the world have achieved mass production, and the market is in short supply. The gross profit margin and net profit margin of China's largest Jingfang in 2011 were as high as 56% and 37%. At present, the technology is still in the early stage of market introduction, and is mainly used in CMOSSensor, MEMS, LED, memory chip stacking, RFID, etc. At this stage, optical imaging is its largest application market, especially suitable for products such as medium and low pixels and array cameras. Market research institutions predict that the industry's compound growth rate will exceed 55% in the next five years.

Relying on mature management experience and major customer resources, the company is expected to achieve platform-based business development: the company has formed mature management experience in the antenna industry and has accumulated major terminal customers such as Samsung, Lenovo, Huawei, and TCL. The company's development of 3D advanced packaging business will indirectly enter the upstream of optical imaging, MEMS sensors and other products. With the help of management and customer advantages, it is expected to form a platform-based business layout around the input and output of smart terminals in the future.

The EPS is expected to be 0.40, 0.77 and 1.70 yuan in 2013-15. The company's "buy" rating is maintained and the target price is raised to 31 yuan. The company has entered the blue ocean of 3D advanced packaging, with production capacity ranking among the top three in China and good market prospects. It is expected that the company's profits will grow significantly in 2015; products such as LDS and two-color injection molding antennas have entered the stage of mass production; NFC antennas and wireless charging products have begun to be shipped, and the company has a first-mover advantage and a leading position in the Chinese market. We are strongly optimistic about the company's future platform development prospects and raise the target price to 31 yuan, corresponding to 40X14PE. (Shen Jianfeng, Hongyuan Securities) 6. Wasu Media: Relying on cable support to deploy Internet TV The company has a clear strategy and relies on traditional cash cow business to accelerate the layout of Internet TV business. The company is a video-centric service provider with cloud-pipe-end integration as its operating model. The company has a clear future development strategy. On the basis of provincial network integration, relying on the 20 million cable users of the entire group, the company will leverage the value of traditional cable TV business and new media interactive TV business with cable network as the transmission channel. At the same time, it will increase efforts to expand mobile TV, Internet TV and Wasu TV online video business with broadband network as the transmission channel.

Around the competition of three-network integration and multi-screen video services, the company's advantages are: (1) cable and broadband operation qualifications; full license advantages based on multi-screen, including IPTV and Internet TV; (2) content reserve advantages and rich experience in video service operation; (3) relying on the current 20 million potential users of Wasu Group, further promote Wasu TV operation platform and tap user value.

Accelerate the layout of Internet TV through open cooperation. The company actively promotes the terminal sales of Internet TV set-top boxes and all-in-one TVs to expand the user scale of Wasu film and television platform. The company's all-in-one model started in 2010, and the current scale of all-in-one users remains the market leader. Recently, Wasu and Alibaba have joined forces to promote the "Wasu Rainbow" box through Juhuasuan, which is expected to achieve rapid growth in set-top boxes.

Relying on the 20 million user scale after the integration of the provincial cable network, the company's interactive TV business has great potential value. Interactive TV has formed a successful "Hangzhou model", with a penetration rate of 35% among cable users in Hangzhou. As the provincial network integration is completed in the next few years, Wasu is expected to replicate the Hangzhou model to the entire Zhejiang region, and the group's 20 million users are expected to be converted into interactive TV users, improving the overall Arpu value of cable users.

Investment strategy: In the long run, under the trend of three-network integration and multi-screen integration, as a video-centric service provider with cloud-pipe-end integration as its operating model, Wasu has the potential to become a four-screen film and television platform and a TV screen entry platform. In the short term, Wasu Media relies on its video service capabilities to form a strong alliance with the Alibaba TV ecosystem, and relies on the powerful channel capabilities of the Taobao system to rapidly increase the user scale of Wasu boxes. We estimate the company's EPS to be 0.29, 0.41 and 0.53 yuan in 2013-2015, corresponding to the company's 100X, 70X and 55XPE in 2013-2015, with a target price of 28.1-29.8, and give an "overweight" rating. (Chen Yunhong, Qilu Securities) 7. Sunbird: The leader in the yacht industry adds new growth momentum. The new product, steel-glass boat, has a clear trend of replacing all-steel boats, and the market space is expected to exceed that of fiberglass boats. Steel-glass boats have the advantages of high safety and good stability of all-steel boats and the beautiful appearance and relatively light weight of fiberglass. They can increase passenger capacity, reduce energy consumption, and improve operational efficiency. They have a clear trend of replacing all-steel boats, and have a good replacement effect on large-sized fiberglass composite boats. The future market size is expected to exceed that of fiberglass boats. At present, the company's steel-glass boat business has been well developed, with cumulative orders exceeding 100 million, and this year it is expected to confirm revenue of more than 80 million.

The demand for special boats is still strong, and the first batch of bidding is expected to start this year after the reorganization of the Ocean Administration.

China's marine rights protection force is relatively weak. The "Implementation Plan for Accelerating Structural Adjustment and Promoting Transformation and Upgrading of the Shipbuilding Industry (2013-2015)" points out that it is necessary to "substantially increase the configuration of administrative law enforcement ships, enrich law enforcement forces, improve the maritime rights protection and law enforcement capabilities as soon as possible, strengthen the configuration of administrative law enforcement ships, and increase the number of maritime administrative law enforcement ships." After the reorganization of the Ocean Administration, it is highly likely that the scale of bidding will increase. Considering that the "three determinations" work may cause the start time of special boat bidding to be delayed compared with previous years, but considering the characteristics of government budget expenditures, it is expected that the first batch of bidding will be launched this year.

The business boat industry has achieved a steady growth of about 15%, surpassing the growth rate of the tourism industry.

According to the planning goals of the "12th Five-Year Plan for the Development of China's Tourism Industry", by 2015, the number of Chinese tourists will reach 3.31 billion, with an average annual growth rate of 9%, and the average annual growth rate of China's tourism revenue will be 11%. As a new type of tourism, water tourism meets people's pursuit of environmental protection, low carbon, leisure and comfort. It is constantly heating up, driving the demand for business boats for sightseeing purposes. It is expected that the growth rate of business boats will exceed that of the tourism industry and achieve a steady growth of about 15%.

The yacht business is optimistic in the long term, and yacht clubs will be an important driving force for the development of the industry in the short and medium term.

According to the statistics of the "2012 Hurun Report", there are about 2.7 million people in China with assets of more than 6 million, of which 5% have the intention to buy yachts, and the number of billionaires with assets of more than 100 million is about 63,500, of which 15% have the intention to buy yachts. The Cruise Yacht Industry Association predicts that by 2020, the number of yachts in China will increase from 3,000 in 2012 to 100,000, the yacht transaction volume will reach 50 billion yuan, and the average annual compound growth rate of the number of yachts will be 21.51%. Chinese governments at all levels attach great importance to the development of the yacht economy and frequently release encouraging policies. With the continuous improvement of related hardware supporting facilities such as yacht docks and berths in China, especially the vigorous development of yacht clubs, China's yacht industry will enter a high-speed development channel.

Maintain "buy" rating, the first target price is 20 yuan.

The development of the steel-glass boat market has exceeded expectations, and there is a broad space to replace all-steel boats. The demand for special boats is still strong, and commercial boats are growing steadily. We are optimistic about the prospects and space of private yachts in the long term. It is estimated that the company's EPS in 2013-2015 will be 0.52 yuan, 0.66 yuan, and 0.78 yuan respectively, corresponding to the current stock price PE of 26X, 21X, and 18X, and maintain a "buy" rating.

Risk warning:

The start time of the bidding of the Coast Guard Bureau is uncertain. (Huang Liquan, Founder Securities)

8. Xinda Real Estate: Continue to acquire high-quality land reserves

The company issued two land acquisition announcements: On September 12, 2013, the company's wholly-owned subsidiary Ningbo Xinda Zhongjian Real Estate Co., Ltd. acquired the Ningbo Dongqian Lake 07-7 land parcel by bidding, with a transaction price of 959.202 million yuan. The land parcel area is 137,520 square meters, the land use is urban residential land, the plot ratio is 1.5, and the floor price is 4,650 yuan/square meter.

The Ningbo Dongqian Lake area is a new district in Ningbo, and the surrounding area is mainly high-end residential projects. The price of Xinda's land acquisition this time is comparable to the price of Zhonghai Real Estate's land acquisition in the surrounding area on the same day. Based on the plot ratio of 1.5 and the existing products in the surrounding area, we expect the project to be built in the form of a foreign-style house + villa. According to the average price of about 15,000 yuan for the surrounding properties on sale, and taking into account the company's various expenses, we estimate the gross profit margin of the project to be around 41%.

In addition, the company's wholly-owned subsidiary Anhui Xinda purchased the No. 1322 plot of land north of Tangqiao Primary School in Jinghu District, Wuhu City on the 12th, with a transaction price of 712.6 million yuan. The total area of the plot is 119,595.4 square meters. The land use is residential, commercial, and office, with a plot ratio of <2.0, and the floor price is 2,979 yuan/square meter. The plot belongs to Jinghu District, the main urban area of Wuhu. The surrounding supporting facilities are mature and the commercial atmosphere is strong. The only new project on sale is the Lotus Pond Moonlight project under Xinda Real Estate. The project has not yet been launched, and the expected opening price is about 8,000 yuan. It is estimated that the company's future gross profit margin for this plot will be 24%.

Since the beginning of this year, the company has acquired 5 plots of land with a total construction area of 727,000 square meters and a total land price of 3.03 billion yuan. As of now, the land area has reached 59.6% of last year's 1.22 million square meters, and the land price is the same as last year. The company's overall layout is still focused on the Yangtze River Delta region. The land reserves account for about 60% of the company's total land reserves and contributed more than 50% of the annual revenue in 2012. The addition of high-quality land resources this time will help strengthen the company's advantages in the Yangtze River Delta region and lay a good foundation for the company's future development.

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