Overstock ratings. The company's 2015 revenue and net profit were about 9.26 (+86.77%) and 266 million yuan (+151.37%) respectively, slightly lower than our previous expectations. However, in view of the company's breakthroughs overseas and in photovoltaic roofing, we maintain the 2016/2017 EPS forecast at 1.61/1.92 yuan. Referring to the company's valuation over the previous year and considering the company's intelligent building transformation expectations, we maintained a target price of 48 yuan, corresponding to about 29.81 times PE in 2016, and maintaining an increase in holdings rating. Operating cash flow reversed sharply, and government subsidies helped performance slightly exceed promises. 1) The company's net operating cash flow in 2015 was about 30 million yuan, an increase of 145.19% over the previous year, of which the Q4 quarter operating cash flow was 64.14 million yuan, achieving positive operating cash flow for 3 consecutive quarters. Among them, the large Q4 was mainly due to the fact that the completion progress of the 2015 Q4 project exceeded expectations; 2) The company received about 12.34 million yuan in government subsidies in 2015 (+5914% over the same period), contributing about 10.3 million yuan in profit after tax. Even after deducting performance, performance was still slightly equal to backdoor promised performance; 3) The company's year-end accounts receivable accounted for 19.35% of asset weight. 11.7pct, mainly due to rapid business development. Breakthroughs have been made overseas and photovoltaics, and the participation of major shareholders and Fosun Zhongzheng, etc. in price locking has boosted confidence. 1) The company's photovoltaic roofing and overseas business revenue accounted for about 15.35% and 23.81% respectively in 2015, of which the gross profit margin of photovoltaic roofing was 33.48%, and the gross margin of overseas performance was as high as 74.78%. Breakthroughs in photovoltaics and overseas markets opened up broad market space for the company; 2) Actual controllers, Fosun Ruizhe, Zhongzhi Financial Holdings, Haier Venture Capital, and Oriental Venture Capital locked in a fixed three-year increase in participation at a price of 26.28 yuan/share, showing that actual controllers and several famous groups have confidence in the future of the company; 3) If the company raises 1 billion dollars, it will be successful Significantly improve the company With the ability to undertake projects and develop business, performance is expected to continue to grow at a high rate. Catalysts: Intelligent business promotion and implementation, new orders, etc.