Matters: The company released its three-quarter report. From 1 to 3Q15, it achieved revenue of 740 million yuan, an increase of 23.08% over the previous year; net profit attributable to shareholders of listed companies of 70 million yuan, an increase of 14.71% over the previous year; and earnings per share of 0.19 yuan. The performance is in line with our expectations. At the same time, the company expects net profit attributable to shareholders of listed companies to change by 10%-30% throughout 2015. Ping An's view: The overall operation was steady, and the expense ratio increased slightly: in 3Q15, the company achieved revenue of 330 million yuan, an increase of 12.58% over the previous year; realized net profit attributable to shareholders of listed companies of 50 million yuan, an increase of 14.49% over the previous year. From 1 to 3Q15, the total investment in the domestic power grid reached 271 billion yuan, an increase of 2.88% over the previous year. The scale of investment was similar to last year, while the tender confirmation process was delayed. With the start of the $2 trillion distribution network investment and the completion of the company's acquisition of Fujian Aotong Maisheng, the company's distribution and transformation business is expected to develop rapidly. From 1 to 3Q15, the company's expenses for the period reached 28.82%, up 2.34 percentage points from the previous year, and the sales/management/finance expense ratio reached 9.41%/18.68%/0.73%, respectively, up 0.55/0.89/0.90 percentage points year on year. The core supporting documents for electricity reform will be issued, laying the foundation for the energy Internet: According to reports, the five core supporting plans for electricity reform, including the reform of the electricity sales side and the reform of the trading system, have been signed by the Ministry and Committee and are expected to be released before the end of the year, and the implementation of the energy Internet created in response to the power reform is accelerating. At present, the first regional (Shandong) smart energy public service platform created by the company in collaboration with China Mobile and Lenovo Group has been connected to more than 26,000 points of data covering the gas, water, and industrial energy saving industries. Since 2015, Jicheng Energy and Jicheng Software companies have been set up successively, and a 1 billion yuan new energy industry guidance fund has been set up to cooperate with Guangxi Guidong Electric Power in microgrid applications on the electricity demand side. We believe that, as an integrator of energy Internet platforms, Jicheng Electronics is expected to benefit deeply from the wave of electricity reform. Profit forecast and rating: Considering the overall delay in power grid investment, the company's profit forecast for 15-16 was lowered by 19%/22%, respectively. The company's EPS for 15-17 is expected to be 0.42, 0.61, and 0.83 yuan, corresponding to the closing price of October 29, 62.8, 43.4, and 32.1 times, respectively. We are optimistic about the company's first-mover advantage in the energy Internet field and maintain the “recommended” rating. Risk warning: The risk that the electricity reform plan falls short of expectations.