Zhongcheng Co., Ltd. signed a contract with the Public Utilities Corporation of the Republic of Seychelles for a 33KV basic grid renovation and expansion project with a total price of RMB 196.581 million. The project contract included the construction or transformation of 33/11 KV substations along the transmission line, including the construction of 8 new substations and the transformation of 3 substations. The project was funded by Serbia itself. The contract period is not more than 30 months from the commencement date specified in the contract. The conditions for the entry into force of the contract are that the contract is formally signed and within 180 days after the contract is signed, the company receives an advance payment of 30% of the total contract price from the owner. The signing of this project will bring revenue and profit to the company in 08-10. We believe that the acquisition of the company's business is the result of the company's long-term tracking of potential projects. Guided by the company's idea of focusing on developing the import and export business of complete equipment, the company's resources are gradually concentrated on the export business of supporting equipment, so the probability that the company's potential tracking projects will be transformed into actual business is gradually increasing, which is consistent with our judgment in the previous report on the company's future business development. The company's project revenue recognition is mainly based on construction progress and takes into account the other party's payment method. The new contract signed by the company this time was not in line with our expectations, so we adjusted the company's profit forecast. The company's net profit for 07-09 is expected to be 106 million, 1.45 million, and 183 million yuan, respectively, up 119.1%, 36.6, and 26.3% year-on-year respectively, with corresponding earnings per share of 0.358, 0.489, and 0.617 yuan. Given a price-earnings ratio of 35 times in 2008, we think the company's target price is 17.1 yuan. At the same time, we also draw the attention of investors to the fact that since international project cycles are generally long and contracts have not yet officially entered into force, there are still certain risks and uncertainties in contracts.