Matters: 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, up 82% year on year, and EPS was about 0.42 yuan/share (not diluted). Ping An's view: The Chongqing project has entered a settlement cycle, with high performance growth: The company announced the third quarter results forecast, and net profit attributable to shareholders of listed companies from January to September was about 76 million yuan, up 82% year on year, and EPS was about 0.42 yuan/share. Among them, net profit is expected to be about 8.5 million yuan in July-September, 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 entry into the settlement cycle of the Chongqing project “Guoxing. Bei'an Jiangshan”. Targeted issuance for major shareholders has been completed to help speed up the company's operations: the company's early issuance plan has been completed, and the shareholding ratio of the majority shareholders has risen to 59.32%. The increase in the majority shareholders' controlling interest will strengthen the company's operating mechanism. In fact, after the announcement of the private issuance 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 new term and name change of the board of directors is imminent, and the change of management brings new impetus: the company announced that an extraordinary shareholders' meeting will be held on October 14 to hold a general election for the board of directors and change the name of the company. After additional distribution 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 is proactive, enhances the company's competitiveness through group resources and the acceleration of its own development, and at the same time enhances market competitiveness through product upgrades, etc., and this election may pave the way for the company's future development. Joining hands with the group to integrate resources: The company joined hands with the group's environmental protection sector to cooperate in the field of environmentally friendly energy and investment in renewable resources, etc., to begin the company's layout in the field of green real estate. The company's partnership with major shareholders' resources will enhance the value of existing properties, while also expanding the space for cooperation with other fields under the group. Opening up space for business imagination, the value of the platform will gradually be reflected: we judge 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 to be 0.36 and 0.43 yuan respectively after dilution, and the corresponding PE is 52 and 44 times higher than the industry average. Although the company's valuation is higher than the industry average due to diluted performance, we are optimistic about the future platform value and soft power of the company after rationalizing the management mechanism and maintain a “highly recommended” rating. Risk warning: The risk of declining profit margins in the real estate industry.