Description of the incident today, Shinour (002485) released its 2013 three-quarter report. The main business results are as follows: during the reporting period, it achieved operating income of 900 million yuan, an increase of 14.92% over the same period last year; achieved net profit attributable to shareholders of listed companies of 500 million yuan, down 47.5% from the same period last year. , achieving earnings of 0.16 yuan per share. Incident Review: Revenue grew rapidly in the third quarter. Gross margin declined in the first three quarters of 2013, and the company's revenue increased by 14.92%. Among them, the growth rate in the third quarter was faster than in the first half of the year, and revenue growth for the quarter reached 22%. However, the company's gross margin declined slightly, reaching 32.63% in the third quarter. It's almost an all-time low. Financial expenses increased dramatically, but the decline in sales management rate and management expense ratio led to a slight decrease in the overall expense ratio. In the third quarter of 2013, the company's financial expenses were 7.128,600 yuan, an increase of 224% over the previous year. However, management expenses and sales expenses remained at a reasonable level, and management expenses rates and sales expenses rates declined. The share of financial expenses is small, so there was little change in the overall cost ratio for the period, and there was a slight decrease compared to the previous period. The growth rate of accounts receivable increased compared to the second quarter. Cash flow deteriorated compared to the first half of the third quarter. At the end of the third quarter, the company's accounts receivable were 450 million yuan, up 109% year on year, up 20% month on month, and cash flow from the company's operating activities deteriorated compared to the first and second quarters. The increase in accounts receivable is mainly a relaxation of dealer policies. Asset margin loss is the main reason for the sharp drop in net profit. In the third quarter, the company's asset margin lost 3.91 million yuan, and the company's gross margin fell, which was the main reason why the company's net profit fell sharply. The company's net profit fell to -3175,000 yuan. Maintaining the “Cautious Recommendation” rating, our profit forecasts for 2013-2015 are 0.52 yuan, 0.59 yuan, and 0.64 yuan, and the corresponding PE is 12, 10.64, and 9.8 times, respectively. Maintain a “Cautious Recommendation” rating.