Blockchain development is the general trend. The company is leading the card industry and the Political Bureau of the CPC Central Committee conducted the 18th collective study on the current status and trends of blockchain technology development on the afternoon of October 24. General Secretary **** of the CPC Central Committee emphasized while presiding over the study, “The integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation. We need to use blockchain as an important breakthrough for independent innovation in core technology, clarify the main direction of attack, increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.” “We need to promote the deep integration of blockchain and the real economy to solve problems such as small and medium-sized enterprise loan financing difficulties, bank risk control difficulties, and departmental supervision difficulties.” In August, the company signed an “Agreement on the Joint Establishment of a Blockchain Financial Platform” with the well-known blockchain technology company Taige Information and decided to jointly establish a blockchain technology financial information service platform for the building decoration industry. Currently, Taige Information has many research and products in the field of auto finance. It has solved the problems of financial asset authorization, due diligence, post-loan risk control and related financing solutions in automobile financial asset financing. Part of the decoration industry is similar to the automotive industry. The newly established blockchain platform is expected to integrate information such as corporate profits, overdue rates, and bad debt rates, enhance the authenticity of financial and business data based on distributed bookkeeping and immutable methods based on blockchain technology, help companies effectively solve upstream and downstream cash payment pressure, reduce capital usage, and reduce capital costs. Results for the third quarter continued to accelerate, and there may still be an acceleration in the future. The company recently released a performance forecast for the first three quarters of 2019. The company expects net profit to increase 65%-85% year-on-year in the first three quarters, and is expected to increase 65%-85% in the third quarter over the same period last year. The company's performance in the first half of the year grew by 40%, and continued to accelerate in the third quarter. The growth rate exceeded our expectations. Since the company's current income tax rate is 25%, if the company successfully becomes a high-tech enterprise and receives a 15% preferential tax rate this year, we believe that the company's net profit growth rate may increase further. Against the backdrop of the current general deceleration in the performance of decoration companies, the company maintained high growth by strengthening the rapid carry-over of stock orders and expanding against the trend to increase new orders, which is invaluable. The property sector is further developed. In the future, it is expected that it will continue to be deeply integrated. The company recently announced that it plans to acquire 100% of Gazette's shares held by 13 natural persons in the form of cash and share payments (51.63% of the shares in the Science Park property). The company already participated in 25% of SEG Property's shares in 2017. Now that the property sector is moving further, it is expected that strong alliances will have a good synergy effect. The company has taken property as an important puzzle for the company's future development, and it is not ruled out that it will continue to cultivate and integrate the property sector in the future. The investment proposal company is ahead of schedule in the blockchain field, and the decision makers have a certain degree of foresight. It is expected that under the current trend, they will continue to invest in research and development to develop blockchain products suitable for the field of decoration. The company's main decoration business continues to grow at a high rate. We raised the company's 2019-2021 EPS to 0.44, 0.55, and 0.66 yuan/share (the original forecast for 2019-2021 was 0.39, 0.51, 0.63 yuan/share), raised the target price to 12.5 yuan, and maintained a “buy” rating. Risk warning: Blockchain business progress falls short of expectations, and property sector integration falls short of expectations