Profit forecast: excluding the expectation of additional issuance and asset injection for the time being, the company is expected to achieve EPS0.44 yuan and 0.61 yuan respectively in 12 and 13 years, corresponding to 32.0 times and 22.9 times respectively. If the private placement and asset injection are completed within the year, even if factors such as equity dilution are taken into account, it can also thicken the company's 12-and 13-year EPS0.05.

Risk tips: 1) the slowdown in the growth of power grid investment may affect the development of the company's main business; 2) fierce competition in the industry may bring resistance to the improvement of the company's main business profits.