Core view: The increase in holdings of the actual controller shows confidence in the future development of the company. The company's controlling shareholder, actual controller, Mr. Liu Nianxin, and his spouse, Ms. Chen Yuanfen (concerted actor), increased their holdings of the company's shares by 9729,996 million shares, resulting in an increase in the number of shares held in the company from 29.22% to 30%. The average increase price was 6.45 yuan per share, and the current price is 6.5 yuan per share. The third restricted stock grant was completed, and the third phase of restricted shares of the company tied to employee interests was granted on March 9 this year. The initial grant price was 3.86 yuan/share, and the number of shares granted was 42.652 million shares. The unlocking conditions are based on the company's operating income in 2016. The revenue growth rates in 2017, 2018, and 2019 were 12%, 24%, and 36%, respectively. Vocational education is firmly undergoing a transformation. In 2016, the company's vocational education revenue increased 132.78% year on year, accounting for 9.6% of total revenue. In 2016, cross-examination education completed the performance gamble, achieving revenue of 177 million yuan and net profit of 46.2752 million yuan; Schersen achieved revenue of 105 million yuan and net profit of 45.5858 million yuan, and failed to complete the performance gamble. Orders from the main decoration industry grew steadily, and the order structure was relatively stable. The company signed new orders of about 1.1 billion yuan in the first quarter, accounting for 37% of the orders in hand at the end of 2016. As of the first quarter, the company's on-hand orders were 3.3 billion, accounting for 14.7% of revenue in 2016, and order growth was relatively stable. The investment proposal shows confidence that the company's actual controllers have recently increased their holdings, and the third phase of restricted stock grants has been completed, further binding on employees' interests. The company's development is expected to accelerate this year. Currently, the company's decoration orders are growing steadily, maintaining its leading position in the high-end market; the vocational education business is also gaining strength, and the completion of cross-examination education is a gamble, and Xuelson's adjustments are also very smooth. Overall, we are optimistic about the company's future development. We expect EPS in 2017-2019 to be 0.18, 0.23, and 0.27 yuan. Risks suggest that the education business is not progressing according to expectations; the accelerated decline in investment affects the growth of the main decoration industry.