The main points of investment are to plan ahead of the rain and set up an electricity sales company to lay out the Guangxi electricity trading market. The company's establishment of an electricity sales company in Guangxi this time is an important measure to adapt to the reform of the national electricity system and the promotion of the electricity sales market, and actively participate in the Guangxi Zhuang Autonomous Region in carrying out a comprehensive pilot power system reform. Guangxi Province was shortlisted as a comprehensive pilot province for power system reform in May of this year, making it the region where electricity reform is progressing the fastest in the country. In July, Guangxi Electric Power Trading Center was officially established. Zhiguang Nanning Electricity Service Co., Ltd. and Zhiguang Guangxi Electricity Sales Company have formed a synergistic effect. The user resources accumulated by the electricity service company established in 2015 are expected to be directly converted into electricity sales company users, and Guangxi has become another key business expansion area for the company after Guangdong. Go to another city and acquire design companies to improve the entire power reform industry chain. The company's acquisition of Guangzhou Huayue Electric Power Engineering Design Co., Ltd. has improved the entire industry chain. The company has previously had a strong accumulation of power control equipment, power cables, comprehensive energy saving services and electricity consumption services. After the completion of this transaction, it can effectively supplement the company's relevant qualifications and talents in the field of power design and engineering general contracting, and form a good complementary relationship with existing business; therefore, the acquisition of Huayue Power can not only achieve a natural extension of the industrial chain, but also promote the development of existing industries and businesses, enhance synergy, and enhance overall profitability and competitiveness. Investment suggestions: 2016 is the year of development of the company's layout. It is estimated that the EPS for 16-18 will be 0.42 yuan, 0.60 yuan, and 0.79 yuan, respectively, and the corresponding PE will be 51.5, 36.1, and 27.3, respectively, maintaining an increase in holdings rating. Risk warning: Electricity reform does not advance as expected, and business development such as electricity services falls short of expected risks