Costs and expenses are well controlled, and profits from the main business are stable. From January to September 2014, the company's gross margin was 19.00%, up 2.1 percent from the same period last year; operating costs were 473 million yuan, down 6.34% year on year, greater than the decline in operating income; the period expense ratio was 15.51%, a slight increase of 1.86 percentage points over the same period last year. Among them, the management fee rate/financial expense ratio decreased by 0.16 and increased 0.1 percentage points respectively over the same period last year, and remained stable. The sales cost rate alone increased by 1.92 percentage points, mainly due to the increase in sales volume of the subsidiary Fujian Zhongrong Concrete Co., Ltd. during the same period, the increase in concrete freight charges, and the subsidiary Fujian Zhongfu Strait Building Materials City Co., Ltd. entered the promotion stage during the current period, and the increase in sales expenses during the same period. The company's operating profit for the first three quarters was 16.2923 million yuan, up 3.72% year on year. The increase and decrease in external operating income was a major factor in the year-on-year doubling of net profit. During the reporting period, the company achieved a total profit of 54.814,800 yuan, of which non-operating income reached 39.137 million yuan, an increase of 25.417,300 yuan over the same period last year, an increase of 185.26%. Mainly section 1) Incorporate tax rebates increased in the current period into non-operating income. 2) The company reached a settlement agreement with Zhejiang Industrial and Commercial Trust Investment Co., Ltd., and after the company paid RMB 1 million within the agreed period, the other party released the company's guarantee liability, and the estimated cumulative debt of 8.935,600 yuan was carried over accordingly to non-operating income. Meanwhile, the company's non-operating expenses for the current period were 614,500 yuan, down 39.80% from the same period last year. This is an estimated debt of 375,000 yuan accrued in the previous period and will no longer be accrued in the current period. The increase and decrease in external revenue was the main factor behind the sharp increase in the company's net profit of 106.59% in the first three quarters. A definite increase will enter the health and medical tourism industry. On October 18, the board of directors of the company reviewed and approved the plan to issue no more than 187.3 million shares to no more than 10 specific targets at a price of 10.68 yuan/share, raising no more than 2 billion yuan in capital. The net capital raised after deducting the issuance fee is intended to be used for the Pingtan Haitianfudi Beautiful Village and Tourism and Leisure Resort Comprehensive Development Project, the Pingtan Strait Medical Park Construction Project (Phase I), supplementary working capital, and bank loan repayment. The completion of this fund-raising project will greatly enhance the company's tourism development and medical service capabilities, form a new profit growth point, and lay a solid foundation for strategic transformation. Risk warning. The construction progress and return of the fund-raising project fell short of expectations. Profit forecasting and valuation. We expect the company's EPS in 2014-2016 to be 0.12 yuan/0.50 yuan/0.65 yuan respectively, corresponding to PE138/33/25 times, maintaining the “gain” rating.