Burden relief was drastically reduced in 2016, and high growth in the first quarter of '17 indicates that the company announced that it achieved revenue of 765 million yuan in 2016, -23.41% year-on-year, and attributable net profit of -132 million yuan, or -592.4% year-on-year. At the same time, it is proposed to distribute 0.03 yuan for every 10 shares. In 2016, the company's assets depreciated to 72 million yuan. It was fully calculated, the burden was removed in one go, and 17 young people went to battle. The boiler transformation business has declined markedly and will improve this year. The boiler transformation business achieved operating income of 220 million yuan, a year-on-year decrease of 46.7%, and gross margin decreased 27.4 percentage points to 7.16%. Among them, the subsidiary Wuhan Fuel Control declined most significantly, with annual revenue of only 24 million and net profit losses. The company's flue gas treatment business declined -11.5%, water treatment revenue increased 17.1%, but net profit declined. The decline in the company's revenue is due to special reasons such as changes in actual controllers and poor management, and it is expected that the situation will improve dramatically in the new year. Net operating cash flow was corrected to $243 million. This is mainly due to the company's vigorous efforts to recover accounts receivable. Total accounts receivable decreased by about 150 million yuan compared to last year, and bad debt preparations increased by 53 million yuan to 136 million yuan. The company signed a new order of 590 million yuan in '16 and a new order of 72 million yuan in the first quarter of '17. As of the end of the first quarter, the company had unconfirmed revenue orders totaling 407 million yuan. The reversal of losses and high growth in the first quarter indicates that this year's performance inflection point has been determined. In the first quarter of '17, we achieved revenue of 205 million yuan, +64.3% year on year, realized net profit of 26 million yuan, +265.4% year on year, and net profit after deducting 2.58 million yuan, +112.2% year on year. The increase in revenue was mainly due to the growth of the traditional boiler business, and the disposal of non-operating assets such as rental housing also brought the company 32.52 million yuan of non-operating income, which led to an increase in profit. The new shareholders had a new atmosphere, and capital was deeply integrated with industry. After the company's repositioning and control was changed, the company's management was thoroughly sorted out, management and market-based talents were introduced, and various environmental protection business segments were vigorously expanded. The company's current business will completely reverse in the new year and get on the right track. The parent company, Fengli Wealth, has strong financial strength, abundant resources, strong capital operation capabilities, and has many highlights in the later stages. The PPP business will be a major growth point in the future, and order delivery will open up new development space. At the beginning of 2017, the company implemented equity incentives for 189 key managers, and the exercise threshold was high. Meanwhile, the company also recently launched a plan to increase executive holdings with a total limit of up to 1 billion yuan, demonstrating the confidence of management. Profit Forecast and Rating We estimate the company's net net profit for 17-19 to be $16/21/321 million, respectively. The company has been reborn, the business is back on track, there are many highlights of extension, PPP orders are being implemented at an accelerated pace, and the “buy” rating is maintained.