Revenue for the first three quarters of 2016 increased by 13.52%, and net profit to mother increased by 64.29%. The company released the 2016 three-quarter report, achieving revenue of 622 million yuan, an increase of 13.52% over the previous year; net profit to mother was 83.2618 million yuan, an increase of 64.29% year on year, which is in the middle of the performance forecast. At the same time, the company also expects an annual performance growth rate of 80-110% for 2016, mainly due to the merger of Perting. Xiamen Perting completely boosted its performance. The implementation of European and American orders boosted market confidence. The company's net profit growth rate significantly exceeded the revenue growth rate during the reporting period. The main reason was that Xiamen Perting combined 80% of its remaining shares, boosting profit quality. Xiamen Perting's revenue reached 257.6720 million yuan, contributing nearly 41% of total revenue; contributing 42.5571 million yuan to net profit, accounting for 51.10%. We estimate that the total number of contracts currently being executed by Xiamen Perting is about 130 million US dollars. In September of this year, Pe Ting and Formosa Plastics Group signed two business contracts totaling US$30.5 million, achieving continuous business expansion in developed European and American countries and enhancing market confidence. Perting's overseas orders are denominated in US dollars and are expected to benefit from the depreciation of the RMB and slightly increase the reporting rate. The company announced the establishment of two equity investment funds to promote biomass cogeneration projects and mergers and acquisitions with environmental protection targets, with 3D Wire Investment as a limited partner, to establish a 3D Sianjie Fund with CITIC Trust and Anjie Asset, respectively, and establish a 3D Silk Huaxin Fund with Huaxin Kuanzhong, Guotai Junan, and 3D Wire Investment. Both funds are in the form of double GP, with a scale of 400 million yuan and 480 million yuan respectively. They are used to invest in the construction of Xixia County biomass cogeneration projects and mergers and acquisitions of environmental protection standards, respectively. We believe that the company's flexible use of financing methods is expected to further expand the environmental+clean energy sector. Competition for air treatment intensified, and the traditional environmental protection business declined due to various factors such as the market environment. The company's filter revenue decreased by 36.37% compared to the same period last year, and profits fell sharply. We believe that as ultra-low emission transformation enters an aggressive stage, market competition becomes more intense, and the company's atmospheric treatment business revenue is likely to fluctuate greatly. Against the backdrop of a decline in the number of hours used for thermal power, the replacement cycle of filter materials may also gradually increase, further affecting the company's performance. I am optimistic about Perting's long-term development space. Maintaining a “buy” rating considering that the atmospheric treatment business has declined a lot, we lowered the net profit from 2016 to 2018 to 1.42, 1.85, 255 million yuan (previously 1.61, 2.19, 284 million yuan), corresponding to dynamic PE51, 39,28 times in line with the company's performance guidelines. The company's acquisition of Pertingding increased the cost to 17.71 yuan/share, which has solid support compared to the current stock price. Optimistic about Perting's business prospects and the company's clean energy sector layout, maintaining a “buy” rating. Risk warning: Revenue recognition speed falls short of expectations, and order receipt progress falls short of expectations.