Core ideas:
       Benefit from the resumption of the main sections of the toll revenue growth, operating income increased 6.97% year on year the main source of revenue for the company holding the Guangzhou-Foshan Expressway, Buddha and the Jiujiang Bridge in high income, high-speed end of 2009, expansion has been basically completed Guangfo, making The road toll in 10 years to achieve revenue growth of 13% recovery; the other major sections of the Buddha to open before the end of rapid expansion, the negative impact of lower than expected traffic, toll revenue for 10 years maintained a small increase; the Jiujiang Bridge in 2009 in the open again since the passage of traffic picking up, making the 10-year operating income increased substantially revenue growth for the company to provide security.
       Completion of the main sections of the expansion makes the increase in depreciation of fixed assets, operating costs increase operating income by more than 10 sheets in the company 518 million operating costs, rose by 8.30%, an increase of more than operating income growth, mainly due to the company holding the Guangfo high-speed expansion and Jiujiang Bridge repair completion after completion, the expansion after the depreciation of fixed assets to increase significantly, making the company's overall operating costs increased rapidly.
       Benefit from the recovery in exports and the rapid growth of regional economy, shares a good highway asset management, a substantial increase in investment income, corporate profit growth far exceeded the increase in operating income benefited from the recovery in exports and the rapid economic growth in neighboring Guangzhou, the company shares the main products of Guangzhou-Zhuhai Expressway East high-speed and wide high-speed traffic showed a substantial benefit growth, making more than road toll in 10 years to achieve 20% revenue growth; also includes high-speed Mao Zhan Jiang production of high-speed toll road, including also showed steady growth, while financial cost of these road property substantially reduced its profit growth has also become a major factor, more than 10 years of positive factors have led the company 342 million of investment income, the level of 263 million yuan over the previous year increased by 29.89% year on year.
       Investment advice
       Performance of the company just over 10 years of market expectations, the next two years the main sections of the company to open high-speed expansion of the Buddha into the road construction, traffic will be more than 10 years the negative effect of the second half; new section of the company difficult to achieve good short-term benefits of negative corporate earnings impact will be gradually reduced; addition, by the Guangzhou-Foshan Metro, the West Second Ring Expressway, Guangzhou and the Pearl River Delta Intercity Rapid Rail factors such as the gradual realization of diversion, diversion effect and the expansion of the company holding shares of road property and the negative effects of traffic on its future performance growth continued to pressure; companies in the secondary sector equity investment in China Everbright Bank on November 12 is still lifting the ban, while the LED lighting investment remains to be seen, the company equity investment income secondary business will take time. Considering these factors, we forecast the company's profit for the 2011-2012 earnings per share of 0.26 yuan and 0.29 yuan, 4.92 corresponding to March 4 shares, corresponding to PE were 19X and 17X, the high valuation of the highway section is , while taking into account the company's future diversion, expansion and other negative factors, we temporarily give the company "neutral" rating.
       Risk Warning
       Than-expected diversion effect.