Incident: On October 16, the CNPC West-East Gas Pipeline Project held a commencement ceremony, marking that the West-East Gas Pipeline Line 3 has officially entered the full commencement stage. According to information, the West Third Line has a total length of 7,378 kilometers, a design annual gas transmission capacity of 30 billion cubic meters, and a total investment of more than 120 billion yuan. It requires 25 compression stations. Recently, Sinopec's new Guangdong-Zhejiang pipeline project received road strips from the Development and Reform Commission. The total length of the new Guangdong-Zhejiang pipeline project is 8280 kilometers, an annual gas transmission capacity of 30 billion cubic meters, and a total investment of 159 billion yuan. The project has 58 process stations, including 23 compression stations. 3. Profit forecast and investment suggestions Considering the progress of domestic pipeline construction, we expect the radio, television, electrical, power and electronics business to maintain a growth rate of more than 40% in recent years. However, if radio, television, and electrical performance is to return to a growth trajectory, its complete equipment business should gradually stabilize, and the components business should gradually achieve successful marketing promotion. We expect the company's EPS for 2012-2014 to be 0.17 yuan, 0.22 yuan, and 0.27 yuan, respectively. Based on current stock prices, PE is 22 times, 17 times, and 14 times, respectively. We maintain a “Prudent Recommendation” investment rating.