1. The company's PPP is progressing smoothly and is expected to make sustained breakthroughs in business transformation.

The company won the bid PPP project with a total investment of about 1.3 billion yuan, which is expected to be completed within 2-3 years and will bring an average annual income of 300 million to 400 million. At the same time, the 10 billion PPP project, which won the bid last year, is progressing smoothly, is in the final stage, and is expected to release its performance in 17-18. We expect the company to make continuous breakthroughs in business transformation and are strongly optimistic.

two。 The company is a small leader of civil participation in the army, and will fully benefit from the promotion of civil-military integration.

The company's highway maintenance equipment has the qualification of a first-class military supplier, and continues to expand more military fields, and the newly expanded 3D printing technology is expected to become a new performance growth point of the company.

3. Profit forecast: the company is expected to achieve a net profit of 260 million and 340 million from 2017 to 2018, corresponding to 20X and 16X of PE, continue to push.

4. Risk hint: the development of PPP is not as expected, and the progress of military business is not as expected.