Significant increase in revenue scale The company achieved revenue of 283 million yuan in the first half of this year, up 124.7% year on year, EBITDA of 212 million yuan, a sharp increase of 227.3% year on year. Net profit attributable to the company's shareholders was 243 million yuan, down 28.4% year on year, and earnings per share were 5.6 points. The increase in revenue was mainly due to increased installed capacity leading to a sharp increase in power generation. The decline in net profit was mainly due to increased installed capacity due to depreciation and increased financial expenses. As of the end of the third quarter of this year, the company had 25 power plants in operation, with a total installed capacity of 807 MW, with a total power generation capacity of 715 GWh in the first three quarters, of which the power generation capacity in the third quarter was 288.3 GWh, an increase of 50.2% over the previous year. The company's new installed capacity target for this year is 1 GW, and it is expected that a large number of power plants will be acquired in the fourth quarter. The investment in Zhangzhou Silk Road Company announced on December 10 that the company purchased 8.4% of the shares in Zhangzhou Silk Road at a cost of HK$15 million and will issue shares to the seller at a price of HK$1 per share to complete the payment. The main business of the Zhangzhou Silk Road is photovoltaic technology development, and it is currently seeking opportunities to expand its business into the field of carbon emissions trading. The company's current investment should be to cooperate with the seller China Solar Power, hoping to seize future opportunities in the carbon emissions trading market. The expansion of the valuation company's project progressed smoothly, and the company obtained the 100MW installation mission for the PV Industrial Park - Datong Demonstration Base approved by the country's first frontrunner plan. Compared to ordinary projects, the frontrunner plan will not bring significant revenue growth to the company, but the efficient cleaning concept promoted by it will enhance the company's brand effect. We lowered our target price to HK$1.05 to maintain the “buy” rating. (Current price as of December 14)