Winning 500 million orders from Evergrande highlights the company's competitive strength, and it is worth looking forward to in the future: incremental orders highlight strength and help the revenue scale grow rapidly: the company began to break through strict audits and quality control in 2015, became a national strategic partnership with Evergrande Group, and provided products and services to Evergrande Group in various regions. In 2016, the company sold 14 million yuan of products to Evergrande, accounting for 2.36% of total revenue; The signing of a three-year 500 million order with Evergrande shows that the company's brand influence and product quality has been recognized, further demonstrating the company's brand influence and product quality has been recognized, further demonstrating the company Competitive strength as an industry leader. In the future, as orders are placed, it will drive the company to increase revenue rapidly. Invest in partnership with Rui Can Investment to participate in Evergrande Real Estate's capital increase and begin in-depth strategic cooperation. It is expected that Evergrande's orders will continue to be implemented in the future: previously, Evergrande announced the introduction of 8 strategic investors through capital increases. Rui Can Investment is one of them, and will invest 3 billion yuan in subscription. The company invested 300 million yuan to join Rui Can Investment as a limited partner and participated in Evergrande Real Estate's capital increase. This investment is expected to open a deeper strategic partnership between the company and Evergrande Real Estate. Based on this sales, as Evergrande Real Estate continues to expand rapidly in the future, orders from Evergrande Real Estate are expected to continue to land. Seizing market share, future public equipment channel expansion is worth looking forward to: as the inventor of the integrated ceiling industry, the company has obvious brand and product advantages, and the order placement with Evergrande will further enhance the company's brand influence among real estate customers. In the future, as the national policy vigorously promotes prefabricated buildings and home decoration, the company will focus on first-tier real estate developers, continue to expand public construction engineering business, and take advantage of the increasing concentration of leading real estate companies to quickly seize market share and increase its own market share. Three new vice presidents have been hired to further strengthen the company's management strength and help the company expand rapidly and become bigger and stronger: the company announced the appointment of Mr. Luo Xuping, Mr. Qin Sihong, and Ms. Yao Huiqing as the company's deputy general managers. We believe that with the expansion of the company's production capacity and channels, the continuous expansion of business scale and the increase in management personnel will further enhance the company's management capabilities in engineering business development, product quality control, and back-office support, and provide management guarantees and support for the company's rapid growth, expansion and strengthening. Management optimization+channel diversification expansion+production capacity release drive a continuous increase in market share: 1) Sales management system optimization, the number of stores continues to increase and penetrate third- and fourth-tier cities, while improving dealer operation capabilities; 2) The company targets first-tier real estate developers as customers, continues to expand public service engineering business, and uses the trend of increasing real estate concentration to increase its market share. 3) Online channel applications are more proficient, and the drainage effect is obvious. 4) It is expected that the new production capacity will be gradually released and put into operation in '17, helping the company rapidly expand its market share and drive rapid performance growth. Investment advice: The integrated ceiling industry is one of the fastest-growing categories in the home industry. The company is the industry leader and the only listed company. Over the past few years, the effects of brand promotion, management optimization, and channel adjustment have gradually become apparent. Future multi-channel expansion and product category expansion will help the company once again embark on a path of rapid development. We expect the company's 2016-2018 EPS to be 1.43, 1.95, and 2.62 yuan respectively, and corresponding PE of 47, 34, and 25 times, respectively. The company's current stock price is lower than the employee stock price (73.54 yuan) and is in line with the fixed increase price (66.2 yuan). It has a high margin of safety and maintains a “buy” rating. Risk Warning: Real Estate Sales Decline Exceeded Expectations, New Business Expansion Fewer Than Expected