Performance growth was in line with Shenwan's expectations, and revenue from real estate development and tourism services grew at a high rate during the reporting period. During the reporting period, the company achieved operating income of 1,937 million yuan, an increase of 3.67% over the same period of the previous year, of which automobile operating revenue was 176 million yuan, a decrease of 6.64% from the same period last year; gas sales revenue of 941 million yuan, a decrease of 6.53% over the same period last year, mainly due to the reduction in sales prices of Hong Kong and China Gas non-residential gas; construction revenue of 128 million yuan, a decrease of 34.72% over the same period last year, mainly North China. The delivery of the Longchi Bay project confirmed revenue increase compared to the same period last year; automobile sales revenue was 65.096 million yuan, a decrease of 16.16% from the same period last year, mainly due to a decrease in automobile sales volume between China and North China compared to the same period last year; and tourism service revenue of 252 million yuan, an increase of 22.16% over the same period last year, mainly due to China-North Korea friendship actively expanding sales channels and increasing market sales strength in this period. Combining Internet innovation to create a platform for the passenger transport industry coincided with the introduction of a policy to legalize online car-hailing. During the reporting period, the company transferred the bus industry in Ning to achieve optimal allocation of resources for the passenger transport industry; and Shenzhen Didi New Energy Vehicle Rental Co., Ltd. set up an online car-hailing operation platform to steadily promote the launch of online car-hailing and gradually expand the scale of online car-hailing business operations. Recently, coincided with the release of the “Interim Measures on the Administration of Online Taxi Reservation Services”, the legal status of online car-hailing has been clarified. In the future, the mobile travel field under the new format of the sharing economy is expected to usher in new development opportunities, and the company's related business is also expected to develop further. Dig deep into the market potential of commercial users and expand and strengthen the energy industry. During the reporting period, the company continued to focus on the energy industry as a key development direction, actively exploring transformation and upgrading to a “comprehensive energy service provider” around the comprehensive utilization of natural gas. Within the existing business operation area, taking advantage of the opportunity of upgrading environmental requirements, we recommend “pipeline gas” and “non-pipeline gas” business expansion in an integrated manner, dig deeper into the market potential of commercial users, and vigorously explore business development opportunities such as CNG fueling, LNG fueling, LNG point supply, and distributed energy. Profit forecast and rating: Regardless of the majority shareholders' asset injection expectations, we maintain the company's profit forecast unchanged. The company's net profit attributable to the parent company in 2016-2018 is estimated to be 264 million yuan, 292 million yuan and 334 million yuan respectively. The corresponding EPS is 0.46 yuan/share, 0.51 yuan/share and 0.58 yuan/share, and corresponding PE is 21 times, 19 times and 16 times, respectively. The company's valuation level is low within the industry, and future transportation business models are expected to be innovative, and the prosperity of the gas industry has improved. Maintain a “buy” rating.