Performance growth was in line with expectations: operating income of 80,15946 million yuan during the reporting period, a year-on-year decrease of 9.72%; product gross margin increased 2.9 percentage points over the same period last year; realized operating profit of 463.193 million yuan, a year-on-year increase of 69.32%; net profit attributable to the parent company was 39.212,200 yuan, equivalent to EPS 0.06 yuan, up 45.40% year on year. The increase in performance is in line with expectations. The company's construction of the new project is progressing according to plan: the company's “DTY nylon filament project with an annual output of 20,000 tons” civil engineering has come to an end, equipment installation is scheduled to begin in October 2013, and production is scheduled to be commissioned in May 2014; “Hangzhou Hangding Nylon Technology Co., Ltd.'s annual output of 80,000 tons of nylon (polyamide) slicing project” “Hangzhou Hangding Nylon Technology Co., Ltd.'s annual output of 80,000 tons of nylon (polyamide) slicing project”” The civil engineering project has been completed, and equipment installation is expected to begin in 2013/12. Monthly commissioning production. Investment advice: Maintain a neutral-A investment rating, with a target price of 3.8 yuan for 6 months. We expect the company's revenue growth rates from 2013 to 2015 to be -0.9%, 33.2%, and 24.9% respectively, and net profit growth rates of 0.9%, 54.7%, and 36.3% respectively, maintaining a neutral - A investment rating. The target price for 6 months is 3.8 yuan, which is equivalent to a dynamic price-earnings ratio of 20 times that of 2014. Risk warning: the price of nylon has declined sharply