Decorative blockchain technology has taken the first step in monetization. It is expected to activate the new potential of the industry. China Construction and the Shenzhen Branch of the Agricultural Bank recently signed a “Strategic Cooperation Agreement”. The Agricultural Bank agreed to provide the company with an intentional credit line of RMB 6 billion and cooperate with the company in blockchain finance. The Agricultural Bank connects to the blockchain supply chain finance platform related to Taige Information through a system docking method to provide financing support related to supply chain finance to the company's subsidiaries, participating companies, and upstream and downstream customers based on platform data; the company's subsidiaries and participating controlling companies can select relevant loan credit types within the scope of the Agricultural Bank's authorization. This cooperation agreement is an important step in starting to monetize the business model after the company and Tortoise Information sign an agreement to jointly establish a decorative blockchain technology platform. First, this cooperation agreement is rare in the decoration industry. It can improve the company's overall bargaining power in the industry and attract many partners to the chain. Second, while effectively addressing the pressure of upstream and downstream cash payments, it is expected that the company can collect certain handling fees and guarantee fees through supply chain loans, and the blockchain business model in the decoration industry is expected to be monetized. Considering that the intended credit line can also be used by the company itself, and currently the decoration industry generally faces the risk of banks reducing credit limits, this agreement provides a good idea for the industry to resolve financing issues, and the room for industry growth may once again open up. The property sector is further developed. In the future, it is expected that the integrated company will continue to acquire 100% of Jiazette'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 company's performance continued to accelerate in the first three quarters, bucking the trend and expanding. The cumulative amount of new contracts signed by your company in 2019Q3 was 4.681 billion yuan, a year-on-year decrease of 2.56%, but the order growth rate improved quarter by quarter. Revenue completed in the first three quarters of 2019 was 3,558 billion yuan, up 20.07% year on year. Among them, the cost ratio for the period was 7.94%, up 2.43 percentage points year on year, mainly due to the increase in R&D expenses to 2.98%, up 2.74 percentage points year on year. The company achieved net profit of 205 million yuan, an increase of 54.53% over the previous year, and the profit growth rate accelerated quarterly. 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, bucking the trend and increasing the number of new orders, which is really invaluable. Considering the implementation of the blockchain business model in the future, there will be room for continuous improvement in the company's financial expenses. The investment proposal focuses on the company's vigorous expansion in blockchain and other technology fields. The rapidly growing main business is expected to provide a good valuation margin, and expansion into the technology and property sectors is expected to bring positive valuation flexibility. We kept the company's net profit forecast of 267 million, 335 million, and 403 million yuan for 2019-2021. Considering changes in convertible debt-to-equity capital, the corresponding EPS was 0.39, 0.49, and 0.59 yuan/share, respectively. Maintain a target price of $12.5 and maintain a “buy” rating. Risk warning: Blockchain business progress falls short of expectations, and property sector integration falls short of expectations