Investment Highlights: Announcement/News: The company issued an announcement. The wholly-owned subsidiary plans to withdraw from the Wuhan Tianfeng Ruixin Capital Investment Center fund project established in October 2014, and is expected to receive a total investment income of 42.51 million yuan. Received investment income of 42.51 million yuan, increasing annual performance by 10%. The Wuhan Tianfeng Ruixin Capital Investment Center has been in existence for three years. The company's withdrawal is a natural withdrawal at the end of the term. The total investment of the Wuhan Tianfeng Ruixin Capital Investment Center at the beginning of its establishment was 500 million yuan. Chutian invested 150 million yuan accounting for 30%, and the rest of Tianfeng's equity investment companies. Among them, Tianfeng Tianrui accounts for 10%. According to its website, Tianfeng Tianrui has participated in investing in various fields such as big consumption, health, and culture, and has participated in projects including Blue Whale Media, Pudding Hotel Chain, and e-Home Cleaning, and has rich investment experience. With the withdrawal of the fund, Chutian Expressway will receive a total investment income of 42.51 million yuan. It is expected to increase its first-quarter performance by 30%-40% and its annual performance by more than 10%. Miki Intelligence has completed the account transfer, and Chutian has achieved the first step in transformation and leapfrogging. On January 24, Miki Intelligence completed the transfer of ownership and officially became a wholly-owned subsidiary of Chutian Expressway. Chutian Expressway officially became the only listed expressway company to achieve employee ownership, and at the same time achieved industry transformation. Miki Intelligence is an advanced hardware equipment manufacturer in China. It is committed to the R&D, design and manufacture of IoT products, and has a complete communication equipment development and quality control system. At this stage, its main product, the tablet, is exported to Southeast Asia, India and other places. It is already one of the top 20 mobile phone OEM manufacturers in China, and has production capacity for smart devices such as medical equipment cases and VR glasses. At the beginning of 2017, the company also entered the domestic mobile phone market through cooperation with Philips. There is plenty of room for future market expansion and product category expansion. Thanks to the two-dimensional cooperation of capital and technology, Miki 2017 provided a profit of at least 100 million yuan. We believe that the two companies, which seem not very relevant to the industry, will cooperate on two dimensions in the future: first, Miki's field is a capital-intensive industry, and the stable cash flow of Chutian Expressway can help Miki expand production and further improve performance; second, Chutian Expressway uses Miki Intelligence to introduce “intelligent transportation” management services, which will help achieve intelligent monitoring, intelligent charging, intelligent traffic management, etc., to improve road traffic efficiency and service quality, or build a national model high-speed enterprise. At the same time, we believe that in view of Chutian's strong cash flow, we still expect continued mergers and acquisitions around the Miki industrial chain in the future. According to test preparation profit, Miki Smart will bring net profit of at least 100 million yuan to Chutian Expressway in 2017. The profit forecast was raised and the buying rating was maintained. Considering the 17-year increase in investment income and Miki Intelligence's combined statement, we raised the profit forecast. From 2016 to 2018, Chutian Expressway's operating income is estimated to be 2,810 billion, 3.44 billion, and 3.499 billion yuan, respectively, with net profit of 430 million, 512 million, and 545 million yuan (430 million, 476 million, and 520 million yuan before the increase), and EPS after dilution is 0.25 yuan, 0.30 yuan, and 0.31 yuan, respectively. times. We believe that the current stock price has not yet reflected Miki's intelligent value and maintained the buy rating.