Investment highlights: Event: Company announcement '17 quarterly report. 17Q1-3 net profit grew 50+% year over year. The company achieved cumulative operating income of 728 million yuan in the first three quarters of 17 years, an increase of 29.25% over the previous year; since the year-on-year increase in operating costs was higher than revenue, the company's gross margin was 55.65%, down 8.47 percentage points from the previous year; and the company's net profit was about 200 million yuan, an increase of 55% over the previous year. The company's earnings per share were $0.25, up 13.64% year on year. Overall, due to the increase in real estate sales carry-over, the company's cumulative revenue for the first three quarters increased a lot year-on-year, and the company's profit improved. The level of leverage has increased slightly, and there is plenty of cash. As of 17Q3, the company's balance ratio was 35.56%, up 6.57 percentage points year on year; interest-bearing debt ratio was 17.58%, up 10.64 percentage points year on year. Although the company's debt level has increased slightly, the company has plenty of cash on its books. As of 17Q3, the company's book cash was 4,564 billion yuan. According to our estimates, the company's current ratio is 5.38 and the dynamic ratio is 3.27. The company has good asset liquidity and strong solvency. Actively promote project construction. As of 17Q3, the company's advance accounts were 130 million yuan, up 85.63% from the balance at the beginning of '17. The main reason for this increase is that real estate sales are better and pre-purchase prices have increased. Furthermore, according to the company's three-quarter report, the company is actively promoting the construction of the company's key projects, including the Beijing regional project, the Electronic City-Shuozhou Digital Project, the Electronic City-Tianjin Xiqing Science and Technology Industrial Park project, and the Electronic City-Xiamen International Innovation Center. At the same time, the company initiated a strategic transformation in the technology service industry and actively explored financing channels to strengthen capital reserves. Overall, the company is actively promoting project construction, and the completion of the new project is expected to increase the company's performance. Investment advice: maintain a “buy” rating. We forecast the company's 2017 EPS to be 0.67 yuan per share. The company's closing price on November 03 was 11.03 yuan per share, which is about 16.6 times the PE in '17. We maintain the price-earnings ratio valuation given to the company 25 times in 2017, with a target price of 16.75 yuan per share. Give it an “Overweight” rating. Risk warning: Projects are distributed in policy-controlled cities, and continued regulation may have an impact on both sales and prices.