Highly recommended, target price of HK$2.70 per share. We covered Silver City Life Services Limited (“Silver City Life Services,” “Silver City,” or “Company” for short) for the first time. Based on our forecast, Yincheng Life Service's current valuations are 14.1x 2019PE and 6.0x 2020PE, which are lower than the average of comparable property management companies of 56.8% and 69.5%, respectively. We believe that as a leading property management company in the Yangtze River Delta region with strong marketability, the fundamentals of Yincheng Life Service's stability are not fully reflected in stock prices. Our target price of HK$2.70 is equivalent to 21.2x 2019PE, 9.0x 2020PE, and 6.5x202PE. Nanjing property management leader. Yincheng Life Service is a leading property management enterprise in the Nanjing region, founded in Nanjing and covering the Yangtze River Delta region. It enjoys a good reputation in Nanjing and the Yangtze River Delta region. According to third-party monitoring, in terms of revenue, Yincheng Life Service ranked first in Nanjing Property Management Company and fifth in Jiangsu Province in 2018. Strong ability to export to the outside world. More than 70% of the properties managed by Yincheng Life Service come from third parties. We expect this ratio to continue to rise to around 80%, demonstrating the company's strong expansion capabilities. The company is also focusing on promoting “business modularization” and “professional service”, setting up professional service companies for elevator maintenance, landscaping, engineering maintenance, etc., to provide professional services at home and abroad. These professional service companies will achieve revenue of 54 million yuan in 2018, of which external revenue will reach 5 million yuan. External customers of the company's specialized services include well-known property management companies such as Ya Life Services. Exploring non-residential business formats. As a leading property management enterprise in Jiangsu Province, Yincheng Life Service has been trusted by many local non-residential customers. It has established a good reputation in the non-residential sector and has undertaken many well-known projects, such as the headquarters of the Bank of Jiangsu, the Nanjing Ming City Wall, the Nanjing Olympic Sports Center, and the Jiangsu Federation of Trade Unions. The valuation is attractive. We used the relative valuation method and the DCF valuation method to value the company. Our relative valuation method shows that the value range of Silver City Lifestyle Services is HK$4.16-5.90 per share. For the sake of conservatism, we take HK$2.70 per share, the valuation obtained by the DCF model, as the target price. Risk warning: Third-party projects have fallen short of expectations, and profitability has declined due to rising labor costs.