Guide to this report: The company released its 2017 quarterly report, and the sharp increase in performance was in line with our expectations. As the diversity of upstream gas sources increases and market regions expand, we continue to be optimistic about the steady development of the LNG trade logistics business in the future. Key investment points: Maintain an increase in holdings rating. Maintain the 2017/2018/2019 EPS forecast of 0.87/1.16/1.35 yuan. Maintain the target price of 39.6 yuan and increase your holdings. The sharp increase in the company's performance in the first quarter was in line with expectations. During the reporting period, the company achieved operating income of 702 million yuan, an increase of 86.12% over the previous year; net profit attributable to the parent company was 16.05 million yuan, an increase of 37.88% over the previous year. The company's gross margin declined slightly to 7.87% from 9.89% in the same period last year due to adjustments in the revenue structure. The three fees accounted for 3.78%, a slight decrease from 4.89% in the same period last year. The sharp increase in the company's revenue is mainly due to the steady development of the company's LNG trade logistics business. The company's cash flow from operating activities improved markedly. The company's operating cash flow increased sharply from -7.17 million yuan in the same period last year to 57.46 million yuan. Mainly due to improved repayment levels for LNG trade and logistics operations. Among them, the advance payment was 69.13 million yuan, a year-on-year decrease of 43%; the advance payment was 70.86 million yuan, an increase of 24% over the previous year, with a significant improvement. The LNG distribution business expands upstream gas supply and opens up market regions. The company's main gas sources in 2016 included Sinopec's Qingdao LNG terminal and domestic natural gas liquefaction plant. With the commissioning of the Guangxi Beihai LNG terminal in April 2016 and the expected Tianjin terminal in December 2017, the company's gas sources will be more diverse and the radiation market area will also be wider, providing a guarantee for the growth of the company's LNG distribution business performance. Risk factors: risk of falling oil prices, risk of cancellation of cooperation with Sinopec, risk of safety accidents.