Key investment events: The company issued an announcement and recently received letters of intent to hold shares from some dealers. It intends to sign management agreements with relevant professional management agencies to obtain the company's shares by legal means. The total number of shares to be held shall not exceed 5% of the total share capital, and a single dealer shall not exceed 1%. The company will discuss specific details with relevant dealers. Comment: After employees hold shares, it is of great significance to promote dealer shareholding plans. The dealer's shareholding intention this time fully demonstrates the dealer's recognition of the company's management and good confidence in future development. The integrated ceiling industry is in a period of growth. Currently, channels are king. Through this dealer shareholding, the company will deeply bind the interests of high-quality dealers, which will not only help consolidate its advantages in the kitchen and bathroom sector, but also accelerate the market promotion of guest bedroom products. In November of last year, the company completed the first phase of employee shareholding. Combined with this dealer shareholding, the company completed the dual incentives of headquarters and channels, laying a solid foundation for subsequent development. Retail+engineering are going hand in hand, and we are optimistic that growth will accelerate in the future. Following the signing of a major contract with Evergrande earlier and achieving landmark progress on the B-side, this dealer shareholding will help the company further improve its retail channels. In the past, companies such as Gree, Boss Electric, Sophia, and Wuliangye have successfully implemented dealer shareholding. The practical results have been good, and a win-win situation has been achieved at the enterprise and dealer levels. We believe that with the collaborative power of retail channels and engineering channels, sales volume can be expected, which will be fully reflected in the company's future performance. Investment advice: Integrated ceilings are in a period of growth, and channels are king. This dealer's shareholding will bind the interests of the company to high-quality dealers. The development strategy is once again leading the industry. The subsequent development of kitchen, bathroom, and guest bedroom products is worth looking forward to. The retail and engineering businesses are flying hand in hand, and the growth momentum is strong. The retail business continues to gain strength, and the engineering business starts with Evergrande. Cooperation with other real estate developers will also accelerate in the future, and the company's operations will continue to improve. The 2017-2019 EPS is expected to be 2.10, 3.14, and 3.93 yuan respectively, maintaining the “buy” rating. Risk warning: real estate fell beyond expectations, industry competition intensified