Incident: On May 27, 2016, the company issued a revised plan for the non-public offering of shares. Since the company completed the distribution of 10 shares and transferred 20 shares on April 27, the non-public offering price was adjusted from 26.28 yuan/share to 873 yuan/share, and 115 million shares were issued, raising no more than 1 billion yuan to supplement working capital. In addition to the actual controller, the remaining four strategic investors were identified as Yadong Fosun, Tibet Yuanze, Oriental Venture Capital, and Haier Venture Capital. Comment: Both main businesses benefit from the “13th Five-Year Plan” policy dividends. The “13th Five-Year Plan” clearly mentions that by 2020, the total number of transport airports in the country will reach more than 260. By the end of 2014, the number of airports will be 202. Coupled with supporting integrated transportation hubs, 30,000 kilometers of high-speed railways, and a large number of stadiums and fitness centers, etc., the downstream market for metal roofing will continue to be booming. In terms of photovoltaics, the cumulative installed scale of distributed photovoltaic power generation is expected to reach 70 GW by 2020, accounting for half of the installed photovoltaic capacity. Continuously integrate resources and practice internal skills. The company acquired Zhongwei Office and Zhongwei Steel Structure in 2016. The target company has rich design experience in fields such as high-rise buildings, steel structure public buildings such as large spans or cultural and art centers, and steel structure platforms supporting logistics transportation and distribution systems, which have had a strong synergy with the company's metal roof. The main product of Shenzhen Sanyi, which was acquired by the company in 2015, is also metal roofing. Not only are there domestic cases such as Wuhan Railway Station and Baiyun Airport, but in recent years it has also been deployed overseas. It also has operations in Southeast Asia, Central Asia, the United States and Australia, which can provide strong support for the company's overseas business. Bringing in strategic investors to help the company. The strategic investors introduced by the company in this fixed increase can fully support the company's long-term development. Yadong Fosun, Tibet Yuanze, Haier Venture Capital, and Oriental Asset Management can all provide rich project resources at specific business levels, while also providing equity investment and industrial chain integration in terms of capital operation to enhance the company's overall competitiveness for the first time, giving them a “recommended” rating. The company's EPS is expected to be 0.53 yuan, 0.67 yuan, and 0.90 yuan respectively in 16-18. Corresponding to current stock prices, PE is 22.1X, 17.7X, and 13.2X, respectively. Covered for the first time, giving a “recommended” rating. Risk warning: 1) Infrastructure progress falls short of expectations; 2) RMB exchange rate fluctuates sharply.