The incident company announced its mid-term earnings for 2020. It is expected that the comprehensive profit attributable to shareholders will record an increase of not less than 30%. Brief review The company's performance grew well in the first half of the year, and the scale of the parking business doubled, benefiting from asset revaluation to achieve profit for the first time. In the first half of 2020, the company achieved a net profit growth rate of more than 30%. Based on a base of HK$304 million in mid-2019, the company achieved net profit of at least HK$395 million during the period. It is worth noting that thanks to the rapid expansion of the company's parking spaces in recent years and their successive entry into operation, the revenue of the company's parking business increased by more than 100% year-on-year in the first half of the year. At the same time, due to the revaluation and appreciation of the parking assets of Vanke Property, which was acquired at a discount in 2019, the parking business achieved profit for the first time. In terms of fund business, driven by the continuous implementation of urban renewal projects, the scale of fund management has increased, driving a steady increase in the revenue and net profit of the fund management business. The official name of Shoucheng Holdings will be changed, and the value of the company's high-quality track and potential endogenous growth will be better explored. The company issued an announcement on June 10 stating that its English stock abbreviation was changed from “SHOUGANG INT'L” to “SHOUCHENG,” and the Chinese stock abbreviation was changed to “First Process Holdings.” It means “pursue industry leadership and build a better future together”. This is the first time that the company has shown a new brand image since promoting strategic transformation. We believe that the Chinese abbreviation of the company after this name change will attract more attention from mainland investors. Combined with the company's official transfer to Hong Kong Stock Exchange in April of this year after the joint stock exchange, the value of the company's high-quality track and potential endogenous growth will be better explored, which in turn will drive an increase in valuation levels. Maintain purchase ratings and target prices. We expect EPS in 2020-2022 to be HK$0.081/0.101/0.126, respectively, and corresponding PE 24/19/15 times, respectively. Maintain the target price of HK$2.1 (HK$0.42 before the joint stock). Risk warning. The acquisition of parking lots fell short of expectations; the growth rate of the scale of fund management fell short of expectations, etc.