Give it a “Highly Recommended” rating. The EPS from 16 to 18 is expected to be 0.25/0.34/0.37 yuan respectively, and the corresponding PE is 41.81/30.39/27.76 times. The company was given 40 times the corresponding target price of 13.60 yuan for PE in 2017, giving it a highly recommended rating.

Risk warning: the risk of a further decline in international oil prices, the risk that oil companies' investment in overseas projects will be delayed, the risk that the expansion of overseas Oilfield EPC business will fall short of expectations, and the risk that EPC orders for gas pipeline construction will exceed expectations.