Under the downturn in the decoration industry, the company achieved a strong breakthrough in performance. In 2015, the company's revenue and profit growth rate was close to 20%, achieving a strong performance breakthrough under the downturn in the decoration industry. The company's momentum is expected to continue. Due to the improvement of the main decoration industry and the expected revenue generated by photovoltaics in the first half of this year, the company expects net profit growth in the first half of 2016 to be in the range of 30% to 60%. If the median value is taken, a quarterly increase of 54.06% in the second quarter was 54.06%, which is at a high level during the same period. Expense rates have remained stable, and cash flow has deteriorated. Lay out photovoltaic buildings to cultivate profit growth points for the company in the future. The company positioned the photovoltaic power generation industry as its second priority development business. The company can accumulate technical experience in photovoltaic installation and construction through current power plant projects, gain a competitive advantage for future integrated photovoltaic construction business, and cultivate new profit growth points in the company's single main decoration business. The renovation of old buildings has advantages, and urban renewal has ushered in opportunities. The company's old building renovation project “Ruihe Design and Development Center Building” was completed and put into use, becoming a model for green and energy-saving renovation of old buildings. At present, the company has signed orders for the renovation design and construction of old buildings, such as the China Vision Fengde Copyright Industrial Building Renovation Project, and is following up on a number of old renovation projects, maintaining a leading edge in the stock market competition. Investment advice. It is not easy for the company to achieve stable and continuous growth in performance in the face of the downturn in the overall building decoration industry in 2015. In a situation where the decoration industry as a whole is under pressure and is undergoing transformation one after another, the company is in an orderly manner at the pace of transformation. By choosing the layout of the photovoltaic power generation field as the company's future development strategy, it is possible not only to enjoy the rapid development trend of the photovoltaic industry, but also to combine it with the existing old building renovation business, so as to beat us in the field of photovoltaic building integration (BIPV) and seize market opportunities. At the same time, the company is small, flexible, and has a lot of room for valuation to rise. We are optimistic about the company's determination and prospects for transformation. We expect the company's 2016-2018 EPS to be 0.76, 0.95, and 1.14 yuan, maintaining the “buy” rating. Risk warning. Business expansion fell short of expectations, and investment continued to decline.