Performance growth was in line with expectations: operating income of 80,15946 million yuan during the reporting period, a year-on-year decrease of 9.72%; product gross margin increased 2.9 percentage points over the same period last year; realized operating profit of 463.193 million yuan, a year-on-year increase of 69.32%; net profit attributable to the parent company was 39.212,200 yuan, equivalent to EPS 0.06 yuan, an increase of 45.40% over the previous year. The increase in performance is in line with expectations. The construction of the company's new project is progressing according to plan: the company's “DTY nylon filament project with an annual output of 20,000 tons” has completed, equipment installation is scheduled to begin in October 2013, and commissioning production in May 2014; “The 50,000 ton differentiated nylon filament project” is expected to begin equipment installation at the end of 2013, and commissioning production will begin in June 2014; “Hangzhou Hangding Nylon Technology Co., Ltd.” The annual output of the nylon (polyamide) slicing project is over, and is expected to be adjusted in December 2013 Trial production. Investment advice: Maintain a neutral-A investment rating, with a target price of 3.8 yuan for 6 months. We expect the company's revenue growth rates from 2013 to 2015 to be -0.9%, 33.2%, and 24.9% respectively, and net profit growth rates of 0.9%, 54.7%, and 36.3% respectively, maintaining a neutral - A investment rating. The target price for 6 months is 3.8 yuan, which is equivalent to a dynamic price-earnings ratio of 20 times that of 2014. Risk warning: the price of nylon has declined sharply