The background advantage is obvious, and the operating income of charging stations is stable: the company, Huashang Sanyou and GCL Ruitong jointly funded the establishment of the “Longrui Sanyou New Energy Vehicle Service Company” to develop the construction and operation of charging stations for new energy buses. The majority shareholder of the company, Beijing Public Transport Group, has the advantages of space, vehicles, and other resources for public transportation operations in Beijing, and Beijing has vigorously increased the share of new energy buses to ensure a steady increase in demand; Huashang Sanyou and GCL Ruitong can provide integrated processes from product manufacturing, power station design and construction to charging pile operation and maintenance, etc., to enable the company to develop charging pile business. blessed, Performance growth is worry-free. Collaborative development of automobile services and media: The company controls scarce outdoor media resources: The huge passenger flow in Beijing has made the bus body the advertising medium with the largest audience group and the widest audience level, and the Beijing Public Transport Group has provided the company with an excellent media platform. The company's advertising media changed the business model of the original fixed rental media to the introduction of cooperative management by outdoor media marketing companies, achieved complementary advantages, and achieved a steady increase in advertising revenue in various fields through cooperative management, independent management, or a combination of the two. The automobile service industry chain has been improved: the company's subsidiary bus driving school has gradually expanded its admissions network through innovative marketing strategies, plans special marketing activities, and has maintained a steady growth trend in performance in recent years; the small passenger vehicle car service business has gradually matured, and the level of operation and brand scale are gradually expanding; the automobile after-sales service and vehicle scrapping and dismantling business have also been laid out. The automobile service industry chain is perfect, and there is huge room for development. Profit forecast and investment advice: We expect the company's 2016-2018 EPS to be 0.40 yuan, 0.55 yuan, and 0.67 yuan respectively, and the corresponding PE is 35 times, 25 times, and 21 times, respectively. We believe that the company is a scarce target in the field of charging operations. The background of the Beijing Public Transport Group provides a guarantee for the company's business development in the field of vehicle services and mobile media. The company is expected to benefit from the continued promotion of new energy vehicles, cover it for the first time, and give it an “increase in holdings” rating. Risk warning: the risk that the promotion of new energy buses in Beijing will fall short of expectations, and the risk that the construction of charging stations will slow down too fast.