Revenue growth slowed in the first half of the year, and net profit grew negatively. In the first half of 2015, Jiulian Development achieved operating income of 1,868 billion yuan, +0.31% year on year; realized net profit attributable to the parent company of 92 million yuan, -9.21% year over year; realized deducted non-net profit of 90 million yuan, -10.88% year on year; and a weighted average return on net assets of 4.61%. In terms of the index per share, the company achieved EPS of 0.28 yuan in the first half of the year, net cash flow from operating activities per share was -0.36 yuan, and net assets per share attributable to shareholders of listed companies were 6.10 yuan. Earnings forecast for the first three quarters. The company's net profit is expected to change -40% to -10% year on year from January to September 2015, and the net profit is expected to be 8614.15 to 129.213 million yuan, EPS 0.40 to 0.59 yuan for the first three quarters of 2015; net profit for the 3Q2015 single quarter - 546.99 to 37.609 million yuan, a year-on-year decrease in net profit of 4813.76 to -5.066,800 yuan, EPS-0.02 to 0.11 yuan. Production capacity is expanding, and integrated services for blasting engineering are constantly being strengthened. The company continues to strengthen its integrated blasting engineering services. In the first half of 2015, the company's engineering construction business revenue was +26.86%. Compared with the first half of 2014 and the whole year, showing a continuous growth trend, it is expected to become a leading pop enterprise with strong competitiveness nationwide and even internationally. Rationalize the on-site mixed explosives management policy to achieve the expected benefits. The company applied for a blasting qualification in 2014, which met the requirements of industry management to a certain extent. It sold 6,657 tons of mixed explosives in the first half of the year, an increase of 58.73% over the previous year, achieving a gross profit of 10.21 million yuan and a gross profit margin of 32.38%. The on-site mixed capacity expansion project achieved the expected benefits in the first half of the year. Poly Group joined Jiulian and became an integrated platform for the civilian explosion business. Poly Jiulian Group plans to consolidate the company. After the integration is completed, the company's explosives production capacity will increase to 442,500 tons, and the company is expected to become a leading democratic pop enterprise with strong competitiveness nationwide and even internationally. The company will benefit from Western Development and the “Belt and Road” strategy. Since the implementation of the Western Development Strategy, the growth rate of fixed asset investment in the western region has been remarkable. At the same time, with the implementation of the “Belt and Road” strategy, the downstream industry's prosperity is expected to increase, and the company's performance is also expected to pick up. Profit forecasting and investment ratings. We expect the company's EPS from 2015 to 2017 to be 0.41, 0.77, and 1.11 yuan, respectively (based on the total share capital of 509 million shares after the completion of this increase). According to 2016 EPS and 40 times PE, we gave the company a target price of 30.80 yuan, giving it an “increase in wealth” investment rating. Risk warning. Uncertainty about blasting project orders; risk of a sharp rise in ammonium nitrate prices; asset injection progress falling short of expectations; overseas business expansion falling short of expectations.