Report Summary: In line with Industry 4.0 trends and early deployment of intelligent manufacturing and medical service robots, the company has broad prospects for future development. The company will give full play to its technical advantages, upgrade the level of intelligent equipment in the molding machine industry around the two major strategies of “Smart Jinming” and “Health Jinming”, and fill the gap in the domestic rehabilitation robot field. Company executives and core employees subscribe to employee stock ownership plans to enhance the company's cohesion. On November 14, 2016, the company announced that it had completed the first phase of the employee stock ownership plan, with an average transaction price of 19.21 yuan, accounting for 1.68% of the company's total share capital. In this employee stock ownership plan, company executives and core employees participated deeply, demonstrating the firm confidence of shareholders and management in the company and enhancing the company's cohesion. The son of the controlling shareholder will participate in this private share issuance plan to ensure the smooth implementation of the company's strategy. The company plans to raise no more than 506.1688 million yuan in this private stock offering for special multi-functional membrane smart factory construction projects, agricultural eco-film intelligent equipment construction projects, and cloud big data smart service platform construction projects. Mr. Ma Jiazhen, the son of Mr. Ma Zhenxin, the controlling shareholder of the company, plans to subscribe for no less than 10,000 yuan and no more than 20 million yuan. This non-public offering plan will ensure the smooth implementation of the company's strategy and provide a guarantee for the company's sustainable, healthy and rapid development in the future. Covered for the first time, giving it a “Recommended” rating. We expect the company's EPS in 2016-2018 to be 0.16/0.28/0.35 yuan respectively, corresponding to 62 times PE in 2017. The company's future development will revolve around two major strategies: intelligent manufacturing and medical rehabilitation robots. The successful completion of this employee stock ownership plan will effectively enhance the company's cohesion. The majority shareholders' children actively participated in this fixed increase, demonstrating their confidence in the company's future development. For the first time we covered, we gave it a recommended rating. Risk warning: The company's fixed growth progress is lower than expected