In the first three quarters, the incident company achieved operating income of 876 million yuan, a year-on-year increase of 33.84%, net profit of 121 million yuan, a year-on-year increase of 35.16%, and non-net profit of 114 million yuan, an increase of 56.14%; in the third quarter, it achieved operating income of 319 million yuan, a year-on-year increase of 37.59%, slightly lower than our expectations of 9% (348 million yuan) and net profit of 39 million yuan, a year-on-year increase of 15.77%, lower than the previous forecast of 15% (45 million yuan). The main reason why the Q3 revenue confirmation for the third quarter was slightly lower than expected due to the delay in delivery of some of the reviews, the sharp rise in advance payments, and the extension of the equipment delivery period for some of the company's local projects was the main reason why Q3 revenue confirmation fell slightly below expectations. The rapid growth in business scale led to a 66.91% month-on-month increase in Q3 advance payments and a 178.13% month-on-month increase in prepayments. Q4 will be a centralized equipment delivery period, and revenue recognition is expected to more than double compared to Q3. The scale effect has led to a decrease in the cost ratio. Increased repayment and cash flow continued to improve the company's gross profit margin of 35.60% in the first three quarters, which remained at a high level, and sales prices were stable. It is expected that the stability of steel in the fourth quarter will drive a slight increase in gross margin over the same period last year. During the reporting period, the company's expense ratio declined, mainly due to the expansion of sales scale. At the end of 2019Q3, the company's accounts receivable turnover ratio reached 1.30. Cash flow has continued to improve year-on-year for three consecutive quarters, and the company's policy to increase collection of accounts receivable has been effectively implemented. Approval for the fixed increase will increase parking equipment production capacity, closely lay out the “intelligent manufacturing+parking resources+Internet” strategy company, while actively deploying parking operations and adding 40,000 units/year of three-dimensional parking equipment production capacity through private fund-raising to further improve intelligent products. On September 7, the “Notice Concerning Applications for Non-public Stock Issuance and Approval by the China Securities Regulatory Commission Issuance Review Committee” was disclosed on September 7, which is currently awaiting approval. Profit forecasts and valuations expect the company to achieve net profit of 206 million yuan, 289 million yuan and 388 million yuan in 2019-2021, an increase of 57.39%, 40.10%, and 34.50% over the previous year, corresponding to the 19-year valuation of 22 times. Considering that the company has outstanding advantages in the rapidly growing three-dimensional garage industry, has strong growth potential, and is still undervalued, it maintains a “buy” rating. Risks indicate risks such as macroeconomic deterioration, major changes in industrial policy, or sharp price increases in raw materials.