The Chongqing project has entered the settlement cycle, with high performance growth: the company announced the third quarter results forecast. Net profit attributable to shareholders of listed companies from January to September was about 76 million yuan, an increase of 82% over the previous year, and EPS was about 0.42 yuan/share. Among them, the estimated net profit for July-September is about 8.5 million yuan, an increase of 208% over the previous year. The sharp increase in the company's performance in the third quarter was mainly due to the Chongqing project “Guoxing. North Bank Jiangshan” entering the settlement cycle. Targeted increases for major shareholders have been completed to help speed up the company's operations: the company's early issuance plan has been completed, and the majority shareholders' shareholding ratio has risen to 59.32%. The increase in the majority shareholders' control will strengthen the company's operating mechanism. In fact, after the announcement of the private distribution plan, the company has used various means to supplement land reserves and enhance the strength of the existing real estate business, and the company's development is already at an accelerated stage. The board of directors and name changes are imminent, and the change of management brings new impetus: the company announced that an extraordinary shareholders' meeting will be held on October 14 to elect a new board of directors and change the name of the company. After Zengfa completes the rationalization of management mechanisms, the corporate governance structure will also face optimization and transformation. At the same time, changing the name of the company may indicate that the company will enter a fast track of rapid development and diversified operations. We believe that the company's management will be proactive, enhance the company's competitiveness through accelerated group resources and own development, and enhance market competitiveness through product upgrades, etc., and this election may pave the way for the company's future development. Join hands with the Group to integrate resources: The company joined hands with the Group's environmental protection sector to develop cooperation in the field of environmentally friendly energy and investment in renewable resources, opening up the company's layout in the field of green real estate. Together with the majority shareholders' resources, the company will enhance the value of existing properties, and at the same time expand the space for cooperation with other fields under the Group. By opening up space for business imagination, the value of the platform will gradually be reflected: we determine that after the fixed increase is completed, the company's operating efficiency and strategic planning will make substantial progress. We expect the company's 2015-2016 EPS dilution to be 0.36 and 0.43 yuan, respectively, and the corresponding PE is 52 and 44 times. Although the company's valuation is higher than the industry average due to diluted performance, we are optimistic about the platform value and soft power of the company after rationalizing the management mechanism in the future, and maintain a “highly recommended” rating. Risk warning: The risk of declining profit margins in the real estate industry.