Event: Company announcement, announcement of the three-quarter report: Achieved revenue of 1,768 billion yuan, a year-on-year increase of 365.62%, attributable net profit of 94 million yuan, a year-on-year increase of 346.31%, and EPS of 0.32. Performance broke through as scheduled, and a short period of pressure slowed down: 1) Performance increased more than threefold: during the reporting period, the company achieved revenue of 1,768 billion yuan, a year-on-year increase of 365.62% (previous value -25.79%), attributable net profit of 94 million yuan, a year-on-year increase of 346.31% (previous value -78.05%). Short-term performance pressure in the first half of the year was alleviated, mainly due to an increase in delivery area during the period and an increase in settlement; 2) ROE increased: The company's gross sales margin during the reporting period was 22.43%, down 15 pcs from the same period last year. Net interest rate increased compared to the same period last year 2.47pc, ROE was 5.79%, an increase of 4.55pc over the same period last year. 3) High cash market value ratio: The company actively used capital market platform financing to complete debt financing of 1.47 billion yuan, and the total amount of capital to be raised in equity financing did not exceed 1.2 billion yuan (currently the fixed increase plan has been approved by the State Council's State-owned Assets Supervision and Administration Commission), greatly optimizing the company's capital structure. The company's short-term debt repayment pressure was in place during the reporting period. The net debt ratio was still optimistic, and there was plenty of monetary capital in hand. The cash market capitalization ratio reached 3.792 billion yuan during the reporting period. The cash market value ratio was 66.84%. Ample capital increased strong financial support for the company's subsequent projects and strategic development. Sales reached a new high, with strong multi-faceted strength to promote development: 1) Sales reached new highs: During the reporting period, the company achieved sales of 2,885 billion yuan, an increase of 199.58% over the previous year, benefiting from improved real estate conditions in 2016. Sales in the first three quarters reached 167.27% of last year's full-year sales; the average sales price was about 11,000 yuan/square meter, an increase of about 56.50% over the same period last year; the cumulative construction area during the reporting period was 6302,000 square meters, with a cumulative completed area of 1,214,600 square meters, respectively, of the previous year's newly started and completed area, 4695% 18.54 %; 2) Equity acquisition promotes development: On August 19, the company announced that the company plans to invest 533 million yuan to acquire 30% of the shares of the Suzhou company held by China Housing Group. By the end of the reporting period, the acquisition has been filed; the project held by the Suzhou company is located in the Yangtze River Delta economic circle, and is expected to benefit from the development of the economic circle in the future. The company's acquisition of the Suzhou company may provide new growth points for the company's future profits; 3) Strong capital expansion: September 19, the company announced that it plans to invest 190 million yuan in capital and stock expansion for the wholly-owned subsidiary Chongqing China Communications Greentown. Stock matters have been completed, and The name was changed to Chongqing Zhongjiao Southwest Real Estate Company; this capital increase and stock expansion will facilitate the development of project financing work and strengthen the strength of the Chongqing subsidiary. Investment suggestions: In January-September, the company achieved contracted sales of 2,885 billion yuan, which reached 167.27% of last year's full-year sales. Furthermore, the company's diversified financing channels can provide strong resource support for project development and construction; the acquisition of 30% of Suzhou's shares is expected to bring new profit growth points to the company; the company is expected to continue as a target of rare real estate with a small market capitalization with endowments in state-owned assets reform, and the catalyst brought about by deepening group resource integration is expected to continue. We expect the company's EPS for 16-18 to be 0.16, 0.18, and 0.23, respectively, and the PE multiples of the stock price corresponding to the suspension period are 118.2X, 107.5X, and 81.6X; we maintain a “buy-A” rating, with a target price of 24.5 yuan for six months. Risk warning: performance falls short of expectations, long-term revenue growth in real estate business does not increase profit