Event: The company released its 2013 three-quarter report. During the reporting period, the company achieved operating income of 3,087 billion yuan, a year-on-year increase of 26.44%; net profit attributable to shareholders of listed companies was 400 million yuan, a year-on-year decrease of 28.81%; and basic earnings per share of 0.50 yuan. Investment advice: The company integrates textiles and clothing, comprehensive urban development, and industrial investment. On behalf of the government, the company is deeply involved in the development of the entire business in New Taipei; the 17.5 square kilometer high-speed rail area and 10,000 hectares of good land projects, which are in the first phase of construction, are progressing smoothly, and according to the contract company, they will receive 10% project revenue and a 5:5 share of revenue. Changzhou's housing price-income ratio is low, and the 439-square-kilometer Xinbei District has developed only 1/5, so there is room for expansion in the future. The company promotes the rejuvenation of textiles and clothing through a brand strategy (self-created ERQ jeans brand), and the Bank of Jiangsu, which it invests in, is expected to go public. Although the company's performance in the first half of the year was under pressure due to the decline in land collection and storage, the company expects full year net profit to be no lower than last year. Therefore, we expect the company's 2013 and 2014 EPS to be 0.56 and 0.73 yuan respectively, and the corresponding RNAV is 12.20 yuan. As of October 29, the company closed at 5.52 yuan, corresponding to 2013 and 2014 PE of 9.89 times and 7.60 times, respectively. We use the company's RNAV's 40% off 7.32 yuan as the company's target price for the next 6 months to maintain the “increase in holdings” rating.