The company disclosed the three-quarter report: during the reporting period, the company completed operating income of 1,242 billion yuan, an increase of 29.55%; realized operating profit of 452,233 million yuan, an increase of 8.92%; and net profit attributable to the parent company was 43.8361 million yuan, an increase of 5.24% over the previous year. Among them, the operating income for the single quarter increased 25.03% year on year and net profit attributable to the parent company increased slightly by 1.72% year on year. The completion of the layout promoted a steady increase in revenue scale, and profitability remained stable in the third quarter. The company's revenue for the third quarter increased 25.3% year-on-year, and the growth rate remained stable. The main reason is that in recent years, the layout of the six major regions has basically been completed, the business has spread to domestic and foreign markets, and the revenue scale has continued to expand. The construction of energy-saving doors, windows, and curtain wall production lines in the company's fund-raising projects in Sichuan and other places has begun to release results. Furthermore, the construction of the company's production bases in Guangdong, Jiangsu, Liaoning, Heilongjiang and other places has also basically been completed, and trial production has begun. The company's profit growth rate during the reporting period was relatively average, with only a slight increase of 1.72% over the same period last year. The main reason is that the company's non-operating income during the reporting period decreased significantly compared to the same period last year (the company's non-operating income in the third quarter of this year was 2.45 million yuan, and the non-operating income for the same period last year was 4.86 million yuan). In fact, the company's profitability was relatively stable during the reporting period, and the gross margin for the third quarter was basically the same as the previous year. Furthermore, since this year, the company has added a lot of new orders, and in the 1st to 3rd quarter, the company achieved a cumulative contract amount of about 3.5 billion yuan, an increase of 71% over the previous year. The revenue scale is expected to grow rapidly in the next two years. Entering retail to build e-commerce platforms, in the future, industry-focused companies will maintain high investment in technology research and development in the door, window and curtain wall business, and have a clear competitive advantage in high-end doors and windows. Previously, in the past, the company mainly implemented the big customer strategy. Large real estate developers mostly preferred low-end products, the gross margin of the products was low, and the repayment period was long. In order to cope with changes in the market environment, the company began to enter the retail business market, launch customized services for high-end products, and create an e-commerce platform combining online and offline. Currently, the company's retail business has been launched on a small scale through experiential stores, etc., and it is expected that there will be significant progress in the next year. In addition, the company plans to increase its liquidity by 860 million yuan. This move will greatly improve the company's financial structure and promote the company's continued healthy growth in an environment where industry prosperity is declining. Affected by the real estate cycle, problems such as disorderly competition within the industry that were previously shrouded by rapid development are gradually emerging, and industry concentration is expected to gradually increase. However, as an industry leader, the company has strong industry integration capabilities. In the future, the company will carry out integrated horizontal and vertical mergers and acquisitions in fields such as main business, smart homes, and e-commerce platforms. Investment advice: Maintain the buying rating of Jiayu Co., Ltd. as a leading enterprise in the door, window and curtain wall industry. It has outstanding talents, resources and technical advantages, strong ability to integrate industry resources, and huge room for future growth. The company recently disclosed a fixed increase plan. If successfully completed, on the one hand, it will further optimize the company's equity and financial structure, and on the other hand, it will also effectively incentivize the company to grow stronger and bigger. The company has begun to place orders since this year, which will drive the trend of next year's performance growth rate to pick up. We expect the company's EPS for 2014-2016 to be 0.21, 0.31, and 0.48 yuan (without considering fixed increases and dilution), respectively, giving it a buying rating. Risk warning: sluggish demand in the real estate market, risks in overseas business operations, and fluctuations in raw material prices.