The company will maintain a growth of more than 60% after deducting non-net profit in the next few years. It is estimated that EPS will be 0.10 yuan/0.17 yuan in 17/2018, corresponding to 125.5 times/72.5 times PE. Considering the leading strategic layout of Yeti Co., Ltd., the scarce nature of fuel cell air compressors, and strong acquisition expectations, it was given a “prudent recommendation - A” rating! The largest domestic producer of ice making equipment and ice making systems has established a horizontal development strategy in multiple fields with refrigeration compressors as the core through successive capital operations, forming a layout of five major business segments. Traditional businesses are breaking the growth ceiling, and the food sector and activities on ice are two-wheel drive. The overall market share of ice making systems is the highest in the world, and special equipment in the segment has a particularly high market share. Cooperate with CTC to establish Yeti Simco Ice and Snow Technology to enter the ice entertainment market; benefiting from consumption upgrades and changes in the food structure, the edible ice market is expected to break the ice making equipment ceiling. Compressors — the fastest growing speed. Master the brand's foreign core technology, dual brand coverage, rapidly growing core business, and maintain a rapid growth rate of 30% for 3-5 years. Screw waste heat power generation - the most explosive, domestic and foreign markets are being developed simultaneously. There are plenty of orders in hand. Currently, there are many projects under discussion, and the business is most explosive. After the future model is mature, 50% gross profit can be achieved. Fuel cell air circulation systems — the greatest promise. Fuel cell air circulation systems account for more than 10% of the value of fuel cell vehicles. Downstream is the general contractor for fuel cell stacks, and there are almost no domestic competitors. Strong cooperation with Xinyuan Power will increase foreign market expansion, and there may be a breakthrough next year. Oil and gas equipment - the three-year commitment has accumulated net profit of over 135 million yuan, and the synergy effect is obvious. Jiayun Oil & Gas is a first-tier equipment supplier to Sinopec and a leading company in the domestic oil and gas service industry, providing strong support for performance growth. The traditional main business is breaking the ceiling, compressors are growing rapidly, and the screw waste heat recovery business may explode in the next year. Regardless of other acquisitions, deducting non-net profit can maintain a rapid growth rate of more than 60% over the next three years. It is estimated that in 17/2018 EPS is 0.10 yuan/0.17 yuan, corresponding to PE125.5 times/72.5 times. Currently, the valuation is high. Considering the leading edge of the company's strategic layout, the scarce nature of fuel cell air compressors, and strong acquisition expectations, it is rated “Prudent Recommendation - A”! Risk warning: New business development falls short of expectations, acquisitions fall short of expectations, fixed increases are unbanned.