Key investment points: The company's compressor business is growing steadily, and Jiayun Oil and Gas is also increasing the company's performance. With their many advantages such as high efficiency, energy efficiency, and stable performance, screw compressors are growing rapidly in the air conditioning and refrigeration market, and are the future development direction of the refrigeration compressor industry. The company has mastered the core technology of screw compressors by investing in OPCON and is committed to cooperating with leading international companies. The company has mastered the core technology of screw compressors, benefiting from the rapid growth in demand for compressors in the cold chain logistics system, and the company's compressor business is growing steadily. At the same time, the company completed the acquisition of Jiayun Oil and Gas through a non-public offering. Jiayun Oil & Gas promised that the 2016-2018 net profit would not be less than RMB 38.89 million, RMB 44.72 million, and RMB 51.42 million, respectively. Jiayun Oil & Gas began on April 28 and effectively increased the company's performance. The company quickly entered the fuel cell field with OPCON fuel cell air compressor technology and set up a hydrogen energy company to speed up the deployment of the hydrogen energy industry. OpCon began developing fuel cells in 1990, and received its first order for a fuel cell compressor from Ballard in 1992, and has more than ten years of technical reserves. For example, in 2006, the fuel cell buses provided by OPCON for European Clean City Transportation (CUTE) have been running for more than 3 million kilometers, with a cumulative operating time of more than 100,000 hours, serving more than 5 million passengers. The OPCON fuel cell air circulation system has two major technologies: turbine and screw. Compared to internal combustion locomotives, fuel cell vehicles require a gas supply system, screw compressors have a high pressure ratio and high efficiency, and the barriers to entry to car manufacturers are very high. The company is expected to expand the domestic market with leading fuel cell compressors. At the same time, the company established Shanghai Xueren Hydrogen Energy Technology Company and cooperated to establish a hydrogen energy industry investment management company, which is expected to accelerate the layout of the hydrogen energy industry chain. Maintain the company's “buy” rating. The company's compressor business grew steadily, and Jiayun Oil and Gas boosted the company's performance; it quickly entered the fuel cell field with OPCON fuel cell air compressor technology, and established a hydrogen energy company to speed up the deployment of the hydrogen energy industry. The company's 2016-2018 EPS is expected to be 0.06, 0.21, and 0.34 yuan. We continue to be optimistic about the company's expansion in the traditional main business of cryogenic compressors and the layout of the fuel cell industry, and maintain a “buy” rating. Risk warning: New business development falls short of expectations; risk of increased competition in the industry; uncertain risk of advancing related projects.