In the third quarter, gross margin increased 8% month-on-month, and sales expenses fell 34% month-on-month. In the first three quarters, the company achieved revenue of 2.01 billion yuan, a year-on-year increase of 13%, a net profit of 160 million yuan, a year-on-year increase of 242%, a year-on-year increase of 150 million in net profit, and a year-on-year increase of 333% in non-return net profit of 150 million yuan. Among them, quarterly revenue for the third quarter was 740 million yuan, up 24% year on year, net profit increased 654% year on year, and net profit after deducting non-return net profit increased 791% year on year. In the third quarter, the company's sales revenue increased 5% month-on-month, and sales expenses fell 34% month-on-month. We judge that due to strong downstream demand for copper-clad plate and the establishment of a trend of copper-clad plate products entering the seller's market, the company's bargaining power has also increased. There is a transfer effect, and the share of orders from major customers may have increased. Based on this, our previous judgment on the recovery in downstream demand in the industry has been verified. The company's gross profit margin was 19.3% in the first three quarters, an increase of 8% over the previous year. We believe that on the one hand, the company's newly built production capacity was released one after another, and the benefits of scale were highlighted. The main reason may be that the increase in the company's product prices since August was far higher than the cost increase brought about by the increase in copper foil prices, so the gross profit level continued to be optimized. The price of upstream copper foil has increased by more than 30%. The trend continues until 2018. The company's profitability will continue to improve. The price of standard copper foil has risen by more than 30% from year to date, and there is no market for prices. Due to the long expansion cycle, the tight supply and demand situation of copper foil will continue until the end of 2017 to the first half of 2018. Since copper foil is the main raw material for copper-clad sheets (accounting for about 40%), copper-clad plate companies have increased prices since March to cope with rising costs. The global copper-clad board leader Jiantao laminated board has adjusted prices by more than 40%, and the company also increased the price of copper clad sheets several times in August. The increase in price, which is far higher than the increase in costs, brought about an increase in the gross margin of copper-clad plate companies. The company's performance increase in the third quarter is likely to benefit from this, and will also usher in higher performance elasticity in the fourth quarter and throughout 2017. Driven by automotive electronics, downstream demand in the PCB industry is picking up, and orders from copper-clad board companies are optimistic about automotive electronics. Segments such as new energy vehicles, LED small spacing, and communication base stations are developing rapidly, and have become a new driving force for downstream demand in the industry. According to our estimates, the annual demand value of the global automotive PCB market is expected to reach 144.2, 1878, and 259.1 billion yuan, with a compound growth rate of about 34%. We judge that the downstream demand for PCBs is picking up, and the price increase effect of the copper foil-copper-clad plate-PCB industry chain will spread smoothly and continuously. The order situation for copper-clad plate companies has been optimistic since the beginning of this year, benefiting from increased downstream prosperity. The company is a leader in medium to thick copper clad plates in China, benefiting from the copper foil price increase cycle and the recovery in downstream demand. Maintaining the “buy” rating, the net profit for 2016-2018 is 3.2/8.0/1.31 billion, EPS is yuan, respectively, and the current stock price corresponding to PE is 47/19/12X, respectively. Maintain a “buy” rating.