The company released a three-quarter performance forecast: The net profit attributable for January-September is expected to be 39 million yuan to 45 million yuan, a year-on-year growth rate of -6.4% to 8.0%. The third quarter results were lackluster, and the order growth rate was impressive: from the perspective of the performance growth rate, it was basically the same as the same period last year. Operating revenue increased 29% year on year during the reporting period, but the cost growth rate was higher than the revenue growth rate. Coupled with the impact of non-recurring profit and loss of about 6 million yuan, the results for the first three quarters were dragged down to a certain extent. The year-on-year growth rate is expected to be only -6.4% -8.0%. However, during the same period, the company achieved a year-on-year increase of nearly 70% in order revenue, showing a trend of rapid market expansion. As the project settlement process accelerates at the end of the year, it is expected that subsequent companies will continue to rise, and the fourth quarter results will be steady, moderate, and positive. Proposed additional working capital to optimize equity and financial structure: The company plans to increase the amount of 860 million yuan to supplement working capital. Prior to the fixed increase, capital advances increased due to scale growth, and the company's balance ratio continued to rise. The corresponding share of interest expenses continues to rise, crowding out the profit margins of enterprises. After raising capital to settle the loan, the reduction in the share of interest expenses is expected to increase EPS by 0.1 yuan, and the profit level of the enterprise will increase significantly. Focus on industry integration and enter retail business: As a leading enterprise in the door and window industry, the company has outstanding capital, talent, resources and technical advantages, and has industry integration capabilities. The company plans to continue to cultivate its main business, take advantage of industry development opportunities, develop mergers and acquisitions throughout the country as an opportunity, and develop differentiated mergers and acquisitions strategies. Furthermore, in order to improve the declining trend in gross margin, the company plans to enter the retail business with high gross margin, and the retail business will adopt a combination of online and offline forms. Currently, the company's retail business has been developed on a small scale through experiential stores, etc., and it is expected that there will be significant progress next year. Buy rating: As a leading enterprise in the door, window and curtain wall industry, Jiayu Co., Ltd. has outstanding talents, resources and technical advantages. It has strong ability to integrate industry resources, and has huge room for future growth. The company recently revealed 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 motivate the company to grow stronger and bigger. The company's orders have begun to increase since this year, which will drive the trend of next year's performance growth rate to pick up. We expect the company's 2014-2016 EPS to be 0.21, 0.31, and 0.48 yuan respectively (without considering fixed growth and dilution), which will be covered for the first time, and will be given a purchase rating. Risk warning: Demand in the real estate market is sluggish, overseas business operation risks, and raw material prices fluctuate.