Incident: Longjian Road and Bridge Co., Ltd. recently received a winning bid notice from the Yichun to Nenjiang section of the Yichun to Nenjiang Highway (hereinafter: Yinen section) project construction headquarters in Heilongjiang Province, confirming that the company was the winning bidder for the Yichun to Bei'an section construction project and the Bei'an to Wudalian Chijing section bridge project A1, A5, A6, A8, B3, B4, and B5. The total bid amount won was RMB 1,466 billion. Comment: In the first half of the year, the company won a total of 23 projects and 56 bid sections, with a total bid amount of 3.881 billion yuan, including 3,582 million yuan within the province and 289 million yuan outside the province. Order acceptance declined over the same period last year. According to the “three-year battle” plan for highway construction proposed by Heilongjiang Province, this year was the year with the largest number of completed projects and the largest investment in the three-year battle, and the company's performance will enter the peak release period. We expect earnings per share for the next three years to be $0.09, $0.17, and $0.27, respectively. The current stock price corresponds to the three-year PE levels of 51X, 26X, and 17X. The valuation level is slightly higher than the industry average. Considering the possibility that the company's performance may exceed expectations and expectations for future integration of construction assets within the province, we maintain the company's “recommended” rating.