In accordance with the pre-increase announcement, the company net profit in 2009 more than 913 million yuan, we expect the company's 2009 net profit of 926 million yuan, is expected in 2009 - 2011, the company net profit year on year growth rate will reach 50%, 35%, 31% .

Usher in high-growth markets business. We expect a phase of International Trade 3 rental income in 2009 contributed nearly 10 billion yuan, the market business in 2009 contributed more than 2 billion yuan annual revenue growth of around 76%. International Trade 3 2 phase will be in October 2010 to achieve gains in 2010 is expected to contribute to rental income 131 million yuan, is expected to contribute to open full fiscal year after the rental income of about 524 million yuan. Reconstruction Huangyuan market will also contribute to performance of the second half of 2010 is expected to contribute to the full fiscal year, revenue 450 million yuan. Part of the remaining three stages of a rental shop will also bring nearly 1 billion in market rental income. 2011 will be a full-year contribution to the performance of all markets, we believe the market is expected to provide revenues to 33 billion yuan. The real estate business has developed steadily. 2010 Hangzhou Dongcheng impression of the project clearing an area of about 40000 square meters, we were conservative with the 20000 / square meter is estimated that by 2010 is expected to generate income 8 billion. Yiwu Golden Harvest Plaza is expected in 2010 will also bring in revenue of approximately 448 million yuan. Yiwu 2 billion project is expected to land a new film in 2011 in order to generate revenue. In the land bank, Commodity City, now about 25 million square meters of land reserves, 20.8 million reserve item, the company plans to control, yiwu city, released a year 1 / 3 to 1 / 2 share of land.

? Investment advice. We expect the company in 2009, 2010, 2011 EPS were 1.36 yuan, 1.85 yuan and 2.42 yuan, in 2010 and 2011 corresponds to the dynamics of PE, respectively 23.78 percent and 18.18-fold. Taking into account the company's unique business model, monopolistic market position, broad space for rent to enhance e-commerce development has brought the imagination of space and a wealth of assets into the subject, we have maintained a "buy