Event: From January to June 2013, the company achieved a total operating income of 2,578 billion yuan, an increase of 98.55% over the previous year, and realized net profit attributable to shareholders of listed companies of 174 million yuan, an increase of 105.51% over the previous year, exceeding our previous expectations. Comment: Major projects are progressing smoothly. During the reporting period, the company's major construction projects progressed rapidly. With the gradual release of new orders signed in 2012 during the reporting period, the company's main business grew rapidly, and construction revenue increased 99.1% year on year; construction gross margin also continued to rise, with gross margin reaching 14.76%, up 0.45 percentage points year on year, mainly due to the increase in the share of municipal projects and the deepening of the company's accurate management, and it is expected to maintain a steady upward trend in the future. Successful additional issuance to enhance financial strength. The company successfully completed public issuance in July. The capital raised this time is intended to be used for BT project investment. Before the capital raised this time is in place, the company has invested in advance with self-raised capital, which will be exchanged after the capital raised is in place. The investment income of related projects will be reflected in 2013. However, after the increase in issuance, with the rapid increase in capital strength, the company's ability to take orders will also increase, and the signing of new orders is expected to accelerate in the second half of the year. Maintain the buy-B investment rating, with a target price of 13 yuan. In 2013-2015, we expect the company's main revenue growth rates to be 20.8%, 24.7% and 31.7%, respectively, and net profit growth rates of 50.7%, 36.7%, and 32.9%, respectively. The company's capital strength increased further after the successful issuance of additional orders. New orders are expected to accelerate in the second half of the year, and performance is expected to continue to grow rapidly, maintaining the buy-B investment rating. The six-month target price is 13 yuan, corresponding to 13.6 times the dynamic PE of 2013. Risk warning: business area concentration risk, BT project repurchase risk.