In 2018, Societe Generale Solar recorded revenue of 3 billion yuan (up 3.9% year on year) and net profit of 230 million yuan (year on year increase of 185.7%). Our revised and diluted EPS forecasts are as follows: $0.20 to $0.44 in '18 (up 159% year over year), $0.27 to $0.47 in '19 (up 6.8% year over year), and $0.34 to $0.55 in '20 (up 17% year over year). We maintain our target price of HK$2.60. The current price still has 9% room to rise from the target price, and the upward rating is neutral. Revenue growth. In the first half of '18, construction contract revenue increased to $2.59 billion (up 11.4% year on year), accounting for 85.7% of revenue. Among them, revenue from the curtain wall and green building business was 790 million yuan (780 million yuan in the first half of '17), and the solar EPC business increased 16.8% year over year to 1.8 billion yuan. The gross margin of the sector increased from 25.3% in the middle of last year to 30.3%, mainly due to falling material costs (especially solar modules). Increased net profit. The company's net profit for the first half of '18 increased by 185.7% year on year; gross margin increased steadily from 20.8% in the first half of '17 to 24.4% in the first half of '18. Among them, construction contract business increased from 22.2% to 24.9%, and goods sales business increased from 16.1% to 21.1%. In addition, financing costs fell by about 18.6% year on year to $210 million, mainly due to the reduction in unexercised convertible bonds from 816 to 96 in mid-'17, and interest on convertible bonds fell 88.3% to 6.669 million. The solar power distribution structure has been improved. In June of this year, the company signed a sales agreement with Shaanxi Yunhe Photovoltaic Power Co., Ltd. to sell a 25MW photovoltaic power plant located in Gansu Province. The price is 200 million yuan, and 80 million yuan has already been paid. By the end of June '18, the company had a total of 327.7 MW grid-connected solar projects (320.0 MW at the end of 2017). Among them, most grid-connected solar power plants in northwest China have been included in the sixth and seventh batches of government subsidy projects. Upgraded the rating to neutral. Our revised and diluted EPS forecasts are as follows: $0.20 to $0.44 in '18 (up 159% year over year), $0.27 to $0.47 in '19 (up 6.8% year over year), and $0.34 to $0.55 in '20 (up 17% year over year). We maintain our target price of HK$2.60, which is equivalent to 5 times 18-year PE and 0.4 times 18-year PB, or 4.7 times 19-year PE and 0.3 times 19-year PB. The current price still has 9% room to rise from the target price, and the upward rating is neutral.