Main opinion 1. Revenue rebounded steadily. Annual performance growth is expected to exceed 50%. The company released a three-quarter report. The third quarter revenue was 353 million yuan, an increase of 19.26% over the same period last year, and net profit of 23 million yuan was 23 million yuan, an increase of 244.42% over the same period last year. Since the beginning of the year, the company's operating income is 981 million yuan, up 3.04% year on year, and net profit is 46 million yuan, up 52.26% year on year. Meanwhile, the company's net operating cash flow in the third quarter was 194 million yuan, up 242.18% from the beginning of the year, and the situation improved markedly. The company expects the net profit of the mother to change between 50% and 100% in 2016. 2. Equipment steel structures have continued to win bids, and international business has helped performance soar. The company's international business accounts for more than 50% of the company's international business, taking advantage of the west coast of the Fujian Strait, and the international status of equipment steel structure products has been confirmed. During the reporting period, the company's orders for equipment and steel structures increased dramatically, and overseas orders helped the company's performance improve dramatically. On September 10, the company won a bid of 24.36 million US dollars from CB&I Korea Yuhanhoesa Co., Ltd., or about 165 million yuan, accounting for 12.9% of 2015 revenue. 3. Investment advice: We have always emphasized the logic of the company's old business bottoming out and the V-shaped reversal in new business performance. We predict that the EPS for 16-18 will be 0.10, 0.19, and 0.27 yuan, corresponding to PE 79, 41, and 29 times, which is strongly promoted! 4. Risk warning: steel prices are falling; overseas business expansion is unfavorable; automotive aftermarket business is progressing slowly.