Investment highlights Rapid performance growth in the first three quarters of this year. The company achieved revenue of 3.762 billion yuan in the first three quarters of this year, an increase of 49.48% over the previous year, and net profit of 271 million yuan to mother, an increase of 44.49% over the previous year, and a basic income of 0.53 yuan per share. The PV integration business exploded, and revenue grew rapidly, and domestic photovoltaic ground power plants were connected to the grid, and industrial roof projects and poverty-alleviation photovoltaic projects exploded. Driven by the company's comprehensive industrial technical advantages of integrating its own photovoltaic products and systems, the development, construction and operation of photovoltaic power plants was rapidly expanded, and obtained favorable market advantages, achieving revenue of 2,862 billion yuan, which is the main source of revenue growth. In September of this year, the company won the bid for the “Qinghai-Tibet Railway Company Gra Section Capacity Expansion and Renovation Project”, with a bid amount of 47.88 million yuan. The company also won the bid for the “Linqu County Photovoltaic Poverty Alleviation BOT Project”, with a total investment of 86 million yuan, enjoying the return on investment according to a 60% dividend ratio. Winning the bid twice further expanded the market share of the company's photovoltaic business and had a positive impact on future business performance. High-end power equipment stable development company is a leading enterprise in the UPS power supply industry and has strong brand and service advantages in high-end power equipment. In June of this year, Shenzhen Metro Line 11, which provides an uninterruptible power supply system for all weak electronic systems, was officially put into trial operation, which is conducive to expanding the domestic and foreign high-end power supply equipment markets. Traditional business revenue has maintained steady growth and maintained a leading position in the industry. IDC data centers have broad prospects. Under the country's continuous promotion of information infrastructure construction, the company is committed to building IDC data centers. The products and solutions have been successfully applied to data center projects such as Guangzhou Tencent, Guangzhou Baidu, and Guangdong Mobile. At the same time, the company is actively exploring and adopting various cooperation models of BT, BOT, and construction and self-operation. In September of this year, the company increased its capital of Shanghai Guofu Guangqi by 300 million yuan, holding 17.85% of its shares. The target company is mainly dedicated to research and development of related technologies such as cloud computing, big data, and education clouds. This capital increase will help the company further develop business markets such as IDC data centers and new energy systems, expand the company's operating scale, and have broad prospects for IDC data center business development. The technology is deep. Companies that have developed new energy vehicles and charging business have developed DC technology for many years and have sufficient technical accumulation. They have continued to develop efficient DC charging piles, bidirectional energy storage converters, centralized monitoring and control systems for charging stations, energy storage power plant battery energy management systems, and cloud-based charging station operation management systems. Various product technology improvements and new product launches have further enhanced the company's market competitiveness in the field of new energy vehicles and charging piles. With the gradual promotion of new energy vehicles and their charging equipment business, the company currently has more than 200 customer centers across the country, covering a wide area, providing a favorable service platform for comprehensive product promotion; it has built a number of charging stations in Dongguan, Guangzhou, Xi'an, Changzhou, etc., and the business volume will be further released as promotion efforts increase. Investment in R&D has increased. A number of patents have been obtained. This year, the company and subsidiaries added 58 new patents, including 30 invention patents, 26 utility model patents, and 2 design patents, and won honorary titles such as “National Intellectual Property Advantage Enterprise”, “National Certified Enterprise Technology Center”, and “Guangdong Provincial Government Quality Award”, improving the company's independent innovation ability and quality control capabilities, and enhancing the company's core competitiveness. Profit Forecast and Investment Rating We expect revenue of 5.376 billion yuan, 6.828 billion yuan, and 7.920 billion yuan respectively for 16-18. Net profit to mother for the same period will be 408 million yuan, 521 million yuan, and 610 million yuan, respectively, with earnings per share of 0.71 yuan, 0.91 yuan, and 1.06 yuan. The first coverage gave the company a “buy” rating, with a target price of 28.32-29.74 yuan.