The increase in performance exceeded market expectations, thanks to the fact that the centralized construction progress of key projects exceeded expectations; Incident: Chengdu Road and Bridge announced the first half of the year's performance revision announcement on the evening of July 15: The company's net profit attributable to listed companies is expected to increase by 90-120% in the first half of 2013, with a revised increase of 40-70% compared to the previous forecast. Reasons for the performance revision: Construction of the company's major projects progressed smoothly in the first half of the year. Municipal projects such as Chengdu Second Ring Road were completed centrally, and the company confirmed an increase in revenue; during the reporting period, completed BT projects confirmed an increase in investment income and an increase in net profit. Our view: The scope of the increase in performance has exceeded market expectations, thanks to centralized construction confirmation of key projects exceeding expectations; the infrastructure market space in Sichuan is huge and sustainable, which ensures that the company's 13-year order acceptance can still grow from the 12-year peak; at present, the public increase has been approved by the Securities Regulatory Commission, and capital acquisition is expected to drive a new round of leapfrog development. The company's EPS for 2013 and 2014 is expected to be 1.05 and 1.35 yuan (not considering additional distribution and dilution for the time being), giving 12 times PE in the 13 years before dilution, with a target price of 12.5 yuan, maintaining an increase in holdings rating.