HKUST Intelligence: Creating a two-wheel drive pattern of intelligent electricity+intelligent manufacturing. The company started with a medium voltage distribution carrier system business and gradually transformed into distribution automation systems and terminals, electricity automation systems and engineering. In 2014, the company began to transition to intelligent manufacturing and continuously acquired shares in Yongqian Electromechanical, Bojian Electronics, Shanghai Yingtong, Guanzhi Automation, and Huaxiao Precision. At present, the company has formed a “intelligent electricity+intelligent manufacturing” two-wheel drive business pattern. Yongqian Electromechanical: leading robot, product field continues to expand. The core products of Yongqian Mechatronics are robot products, which occupy a leading position in the field of intelligent robots in China. In recent years, the company has successively expanded into fields such as electrical equipment, lithium batteries, military industry, diapers, environmental protection, sanitary ware, and building materials. Currently, the automobile industry's share of revenue has dropped to around 50%. In addition to the continuous expansion of business areas, we judge that the company will also continue to make efforts in high-end products, in-depth production lines, and special aircraft product development. Guanzhi Automation: A grade supplier for Shanghai Volkswagen, customers continue to expand. The company's core products include an intelligent welding production line for white car bodies and bottom panels. The company is an A-level supplier to Shanghai Volkswagen, which accounted for about 90% of Shanghai Volkswagen's revenue in 2015. At the same time, the company's other customer expansion has shown good results. In 2016, it surpassed mainstream car companies such as Changan Ford and Geely (high-end product production line). We expect to break through major manufacturers such as GM and FAW-Volkswagen in 2017. Huaxiao Precision: A mainstream AGV company, collaborates with Guanzhi, Yongqian, and headquarters to help expand business. In 2015, the company's sales revenue was 100 million yuan, and the AGV market share is expected to be around 20%. The synergy between Huaxiao, Guanzhi, and Yongqian is obvious. Customers have covered more than 30 car companies, including Dongfeng Nissan, Dongfeng Renault, Zhengzhou Nissan, Nissan's global factories, BAIC, JAC, Chery, and Geely. Meanwhile, Huaxiao is also entering many other industries such as electronics, electricity, and machinery. HKUST Intelligence: Outreach & Endogenesis to create a giant in the field of intelligence. Based on the acquisition of Yongqian Electromechanical, Guanzhi Automation, Huaxiao Precision, and the continued expansion of the original main business, we believe that the company will continue to achieve both revenue and market value growth through extension and endogenous methods in the future. Profit forecasts and investment advice. It is estimated that in 2016-2018, the company's operating income will reach 1,583 billion yuan, 1,918 billion yuan and 2,330 million yuan; net profit of the mother will reach 258 million yuan, 327 million yuan and 401 million yuan, up 88.77%, 26.85% and 22.40% respectively from the previous year. After additional dilution, earnings per share were $0.35, $0.45, and $0.55. The overall valuation of the robot industry is high. The company's current valuation level is still slightly below the industry average, giving a valuation of 55 times that of 2017, corresponding to a price of 24.75 yuan/share, and an increase in holdings. risk factors. The risk of industrial integration falling short of expectations.