This report is read as follows:

In the first half of the year, the company achieved a net profit of 167 million yuan (169 million), of which the AMC plate contributed a net profit of 169 million yuan, while the oil service and refining and chemical sectors suffered slight losses respectively. The scale of the company's AMC business is expanding in an orderly manner, and the full-year profit performance is worth looking forward to.

Main points of investment:

Maintain the "overweight" rating and maintain the target price of 31.77 yuan per share: the company achieved a return net profit of 169 million in the first half of 2018. Due to the repayment of some disposal non-performing assets exceeding the reporting period, the current income could not be recognized. The actual performance is lower than the company's semi-annual report performance forecast (182 million-190 million). However, it still achieved 178.39% year-on-year growth, and the full-year performance is still expected to grow at a high speed. Maintain the forecast of 2018-2020 net profit of 405 million, 605 million and 954 million, corresponding to EPS0.84 yuan / share, 1.25 yuan / share and 1.97 yuan / share. Maintain the target price of 31.77 yuan, 59% space relative to the current price, and maintain the "overweight" rating.

The overall business development is in line with expectations, and the full-year performance is expected to increase significantly: by the end of the reporting period, the company's remaining self-held assets in the AMC sector totaled 10.663 billion yuan, management service assets totaled 14.068 billion yuan, with a total remaining 24.731 billion yuan, and the company's business scale growth was in line with expectations. Oil service plate through the divestiture of the loss-making business, the extent of the loss fell sharply. The net profit of homecoming in the first half of the year increased by 178.39% compared with the same period last year, maintaining the expected growth rate for the whole year.

The fact that the disposal income is not recognized in the current period is the main reason why the first half performance is lower than the forecast: the company's actual return net profit in the first half of the year is 169 million, compared with the forecast range of 182 million-190 million, the gap is 13 million-21 million. The main reason is that the income from some acquisition and disposal assets was not recorded in the reporting period, which is expected to be recognized in the second half of the year, so the expected performance growth can still be achieved from a full-year point of view.

Catalyst: AMC accelerated the release of profits, the annual performance continued to grow at a high speed.

Risk hint: the real estate market fell sharply; refineries failed to start production or profits fell short of expectations