The increase in performance in the third quarter report was in line with expectations: operating income was 1,248 billion yuan, down 7.35% from the same period last year; net profit attributable to owners of the parent company for the first three quarters was 58.0725 million yuan, an increase of 67.40% over the same period last year, with basic earnings per share of 0.09 yuan. Operating income for the third quarter was 447 million yuan, down 2.75% from the same period last year; net profit attributable to owners of the parent company was 18.8602 million yuan, an increase of 144.24% over the same period last year, with basic earnings per share of 0.3 yuan. The increase in performance is in line with expectations. The construction of the new project is progressing as scheduled: the differentiated DTY nylon filament project with an annual output of 20,000 tons is the company's fund-raising project, with a total investment of 313 million yuan. The civil construction bidding and equipment selection and order were completed in the second half of 2012. Construction began in March 2013. Up to now, the civil engineering project has reached its peak, equipment installation is ongoing, and production is scheduled to be commissioned in May 2014. The differentiated nylon filament project with an annual output of 50,000 tons is the company's own capital project, with a total investment of 629.5 million yuan. Construction began in April 2012. It is expected that equipment installation will begin at the end of 2013, and commissioning production will begin in June 2014. The completion and commissioning of the above two projects will further increase the differentiation rate of the company's civilian nylon filament products, optimize the product structure, meet market demand, consolidate the company's leading position in the high-end civilian nylon filament market, and build core competitiveness. Hangzhou Hangding Nylon Technology Co., Ltd.'s “nylon (polyamide) slicing project with an annual output of 80,000 tons”. Up to now, the civil engineering work has been completed, equipment installation is underway, and production is expected to be commissioned in December 2013. The project was completed and put into operation, enabling the integration and expansion of the company from the nylon filament industry to the upstream nylon slicing industry, which will greatly enhance the company's competitive advantage in the market and enhance the profitability of the enterprise. Investment suggestions: The company's revenue growth rates from 2013 to 2015 are expected to be -0.9%, 33%, and 25%, and net profit growth rates of 0.9%, 55%, and 36% respectively; maintain a neutral - A investment rating, with a target price of 4 yuan for 6 months, equivalent to a dynamic price-earnings ratio of 20 times in 2014. Risk warning: rising raw material prices, falling product prices