Event: The company released its three-quarter report. In the first three quarters, the company achieved operating income of 484 million yuan, an increase of 28.47% over the previous year; realized net profit of 9.95 million yuan, an increase of 112.90% over the previous year; and basic earnings per share of 0.05 yuan/share. Among them, the third quarter achieved operating income of 128 million yuan, an increase of 16.10% over the previous year; net profit of 21.85 million yuan, an increase of 132.08% over the previous year, and basic earnings per share of 0.01 yuan/share. At the same time, the company announced its operating performance forecast for 2016: the increase in net profit of Huimu is 100% to 150%, that is, the change in net profit of Huimu is between 102 million yuan and 128 million yuan. Comment: During the reporting period, the company's operating income increased by 28.47% year on year, and net profit from the company increased by 112.90% year on year, mainly due to the increase in photovoltaic business revenue. The company's power plants are located in central and eastern regions such as Anhui and Zhejiang, and there is no problem with electricity restrictions. The profit is guaranteed. Currently, the gross profit is above 55%. It is expected that the net profit contributed by photovoltaic power plants will grow exponentially in 2016, and the photovoltaic business will become the company's new main business. Profit forecast: The company's EPS from 2016 to 2018 is expected to be 0.18 yuan, 0.39 yuan, and 0.54 yuan respectively, and the dynamic PE corresponding to the current stock price is 113 times, 53 times, and 39 times, respectively, maintaining the “increase in holdings” rating. Risk warning: 1) the risk of uncertain domestic and foreign economic environments; 2) the risk of raw material price fluctuations; 3) the policy risk of the photovoltaic power generation industry.