There was a sharp increase in performance, and the advantages of asset injection were gradually realized: the company's performance growth was mainly due to the sharp increase in carry-over projects in the first three quarters, and the profit growth rate was significantly higher than the revenue growth rate. On the one hand, investment income increased sharply by 22 times over last year to 480 million yuan. On the other hand, the company's project carry-over gross margin reached 31.2%, an increase of 10.2 percentage points over the previous year. At the same time, the company expects full-year net profit to reach 2.5-2.8 billion yuan. In the fourth quarter, it is expected that some of the projects injected into the company's major asset restructuring assets will meet the company's carry-over revenue conditions. Among them, the net profit generated by the asset injection accounts for about 80% of the company's net profit in 2018, fully demonstrating the strong resource advantages enjoyed by the company after the asset restructuring. Asset injection is complete, and follow-up resource advantages can still be expected: in April 2018, the company completed 100% equity injection into Zhongxing Group. The total value of the injection project was about 50 billion yuan, and the overall strength was greatly improved. By the end of the third quarter, the company had 29 development projects with a planned construction area of 3.964 million square meters, of which Shanghai accounted for 59%. After the restructuring, the company's main development position within the real estate group will also give full play to its own development advantages, connect with the group's strong resources, and form its own unique project acquisition advantage in the Shanghai region. Cash reserves are abundant, and debt levels are manageable: At the financial level, by the end of the third quarter, the company's pre-collected accounts had reached 12.74 billion yuan, while holding cash of 12.6 billion yuan. Although the net debt ratio of 43.2% and short-term debt pressure of 46.5% had increased from the level at the end of last year, it was still at a low level within the industry. With its state-owned capital background and priority support at the shareholder level, the company enjoys a unique advantage in terms of financing and resources, and has sufficient room to operate in the current market environment where the overall financing of the industry is tight. Management changes have begun, and the increase in holdings has shown confidence: Real Estate Group, the controlling shareholder of the company, announced a plan to increase its holdings in July. It plans to increase its holdings by no more than 2%, with a cumulative increase of no more than 200 million yuan. By the end of the third quarter, the Real Estate Group had increased its holdings of the company by 0.41%. In terms of management change, Ling Xiaojie, the former deputy general manager of China Resources Land North China Region, and Wang Huihong, the deputy general manager of East China Region, were hired as the company's general manager and deputy general manager respectively, marking that China Resources Land will soon play an important role in the management level of Chinese enterprises. It will also help to further improve the execution efficiency of the company's real estate development business and optimize product positioning, R&D, development, marketing and management. Profit forecast and rating: The company's EPS for 18-19 is expected to be $0.30 and $0.32, respectively. Risk warning: Real estate policy continues to be tightened, sales fall short of expectations, etc.