Incident: The company released its three-quarter report. Actual revenue for January-September was 708 million, up 45.75% year on year. Net profit attributable to the parent company was 15.3 million, up 63% year on year. Among them, the third quarter achieved operating income of 354 million yuan, an increase of 205.62% year on year, and net profit attributable to the parent company was 12.8 million, up 1792.48% year on year. Key investment points: The company's compressor business grew steadily, and Jiayun Oil and Gas combined to enhance the company's performance. With their many advantages such as high efficiency, energy efficiency, and stable performance, screw compressors are growing rapidly in the air conditioning and refrigeration market, and are the future development direction of the refrigeration compressor industry. By participating in OPCON and acquiring Italy's Lifecon, the company is committed to mastering the core technology of screw compressors by cooperating with leading international companies. Benefiting from the rapid growth in demand for compressors in cold chain logistics systems, the company's compressor business is growing steadily. At the same time, the company completed the acquisition of Jiayun Oil and Gas through a non-public offering. Jiayun Oil and Gas promised net profit of not less than 38.89 million yuan, 44.72 million yuan, and 51.42 million yuan respectively in 2016-2018. Jiayun Oil and Gas began on April 28 and showed an effective increase in the company's performance. The company quickly entered the fuel cell field with OPCON fuel cell air compressor technology and established a hydrogen energy company to accelerate the deployment of the hydrogen energy industry. OPCON began developing fuel cells in 1990, received the first fuel cell compressor order from Ballard in 1992, and has more than ten years of technical reserves. For example, the fuel cell buses provided by OPCON for European Clean City Transport (CUTE) in 2006 have been running more than 3 million kilometers, with a cumulative operating time of more than 100,000 hours, and serving more than 5 million passengers. The OPCON fuel cell air circulation system has two major technologies: turbine and screw. Compared to internal combustion locomotives, fuel cell vehicles require gas supply systems, screw compressors have a high pressure ratio and high efficiency, and entry barriers to vehicle manufacturers are very high. The company is expected to expand the domestic market with leading fuel cell compressors. At the same time, the company established Shanghai Snowman Hydrogen Energy Technology Company and cooperated to establish a hydrogen energy industry investment management company, which is expected to accelerate the layout of the hydrogen energy industry chain. Maintain the company's “buy” rating. The company's compressor business grew steadily, and Jiayun oil and gas combined to increase the company's performance; with OPCON fuel cell air compressor technology, it quickly entered the fuel cell field and established a hydrogen energy company to accelerate the layout of the hydrogen energy industry. The company's 2016-2018 EPS is expected to be 0.06, 0.21, and 0.34 yuan. We continue to be optimistic about the expansion of the company's traditional main business of cryogenic compressors and the layout of the fuel cell industry, and maintain a “buy” rating. Risk warning: New business development falls short of expectations; risk of increased industry competition; uncertain risk of advancing related projects.