Key events in the report describe Hyundai Investment's 2015 interim report. The company achieved operating income of 2,779 million yuan, an increase of 175.62% year on year, gross margin decreased by 34.81 percentage points year on year to 24.38%, and realized net profit of 239 million yuan, an increase of 37.45% year on year, corresponding EPS of 0.24 yuan. Incident review The main highway business picked up as scheduled, and the return on investment was the icing on the cake. The company's revenue in the first half of the year increased 176% year on year, while gross margin fell 34.81 percentage points year on year to 24.38%. Mainly, the acquisition of Shanghai Wogu Metal Materials Co., Ltd. specializes in commodity spot trading, which greatly boosted revenue while lowering the company's overall gross profit margin. On the highway side, with the continuous return of traffic on the Tanlei Expressway and the opening of the “guillotine road” of the Xuhuai Expressway this year, the gross profit achieved by the road transport business was 574 million, an increase of about 38 million over last year (of which the Xuhuai Expressway contributed 14.39 million gross profit increase). Although expenses for the period increased by nearly 24 million in line with the expansion of the business scale, due to the year-on-year increase of about 70 million in investment income, the company finally realized a 37.45% year-on-year increase in net profit to 239 million yuan, while net profit after deduction increased 16.51% year-on-year to 184 million yuan. Traffic on the two key roads has rebounded steadily, providing a driving force for the rise in performance. In the first half of the year, the Tanlei Expressway entered the second year after the overhaul was completed. Average daily traffic volume increased 8% year over year, and traffic flow recovery rate was at the same rate as Q1. However, due to the opening of the “Guillotou Road” on the east side of the Xuhuai Expressway, which was put into operation in early 2015, the average daily traffic volume for the first half of this year was 19,900 vehicles, an increase of 58% over 12,600 vehicles in the second half of 2014. The steady rise in traffic on the two key roads will be the core driving force for the company's performance increase this year. The exploration of PPP models for environmental business is progressing at the same time as the listing on the New Third Board. Modern Environment actively explores PPP business models (government and social capital cooperation) and investment methods such as TOT and BOT in the three major fields of heavy metal pollution prevention and control, domestic waste landfill, and soil remediation projects. It is the only enterprise in the environmental protection industry in Hunan Province that can undertake the engineering technology center of the Ministry of Environmental Protection. At the same time, the new Third Board listing process in the modern environment is already progressing steadily, and has played a benchmark role in the market's revaluation of the company's value. Reiterate the buy rating. In the current context of increased market amplification and reduced risk appetite, the company has benefited from “deterministic growth+firm transformation of auxiliary industries and loosening of highway policies”, which is our most optimistic road industry target. We maintain our 2015-2017 EPS forecasts of 0.53 yuan, 0.67 yuan, and 0.80 yuan, respectively, corresponding to 17, 13, and 11 times, and reaffirm the “buy” rating.