Investment points: Revenue increased 39% in the first half of the year, and overall business was in line with expectations: In the first half of 2015, the company recorded operating income of HK$730 million, up 38.8% year on year; gross margin during the period was 25.0%, a slight decrease of 0.6 percentage points over the previous year. The main reason is that the mold business acquired a lot of business last year, and production capacity utilization declined due to slight delays in product delivery in the first half of this year, which lowered the level of gross margin. In the first half of the year, the company recorded net profit attributable to shareholders of HK$71.2 million, up 34.1% year on year; net profit margin was 9.7%, down 0.3 percentage points year on year. Earnings are generally in line with expectations. The mold business has sufficient orders, and late delivery puts pressure on gross margin: The company's mold business has sufficient on-hand orders, with revenue of HK$240 million in the first half of the year, a slight increase of 6.1% over the previous year; gross margin was 28.3%, down 5 percentage points from the previous year. Production capacity has increased due to declining demand in the overseas household appliance mold business and the company's acquisition of mold production bases at home and overseas respectively last year. In the first half of this year, the production capacity of the mold division increased 33% year on year, but demand could not keep up, and some of the molds produced were not delivered. As a result, the capacity utilization rate in the first half of the year was only 82.2%, down from 91.0% in the same period last year. The capacity utilization rate is expected to rise to 90% in the second half of the year. Both mold business revenue and gross margin are expected to increase in the second half of the year. The injection molding business grew rapidly, and production capacity utilization helped increase gross margin: The injection molding business developed optimally in the first half of the year, with revenue reaching HK$490 million, an increase of 64.0% over the previous year, and gross margin of 23.4%, an increase of 3.8 percentage points over the previous year. Orders from original customers were stable, and orders from some customers increased dramatically due to popular product sales. The share of orders from one smart product manufacturer in the company climbed from a low level last year to the fourth largest customer. Order growth from famous mobile phone manufacturers has been steady. Although orders for new products have contributed less, it has been very effective in increasing gross margin. The production capacity utilization rate of the injection molding business is expected to be around 70% throughout the year, up from 67.2% last year, and gross margin is expected to increase. Give a recommended rating, with a target price of HK$3.0: We predict that the company's 2015-2017 EPS will be HK$0.23, HK$0.26, and HK$0.30 respectively, giving it 13 times PE in 2015, which is equivalent to the target price of HK$3.0, which is 17.6% higher than the current price, giving it a recommended rating.