Report summary: Deepening the industrial layout of the new energy sector. The company's photovoltaic, wind power plant design, construction and general contracting business is growing rapidly. The EPC/BT business is expected to achieve revenue of about 1 billion yuan and profit of about 100 million yuan this year. Through investment and acquisition of wind power and photovoltaic power plants, the company has actively extended its business to the field of operation of new energy power plants, and has also actively deployed fields such as energy storage, charging stations and smart grids. Haocheng Electric was acquired, and equipment manufacturing was further upgraded. Through the acquisition of Haocheng Electric, the company made up for shortcomings in the traditional electrical equipment business, accelerated the expansion of the State Grid and China Southern Power Grid markets, and helped the company turn losses into profits. Combined with Haocheng Electric's promises of net profit of not less than 45 million yuan and 51 million yuan in 2016 and 2017, respectively, it will greatly enhance the profitability of listed companies. Join forces with China Power Investment Corporation to kick off the integration of new energy resources. The controlling shareholder of the company and China Power Investment Finance Fund, a subsidiary of the state-owned new energy giant China Power Investment Group, and China Power Investment Finance and Leasing jointly formed a 2 billion yuan new energy industry fund within two years, which will help accelerate the integration of new energy assets with excellent returns. It is expected to complete the strategic plan to hold more than 1 GW of installed capacity of new energy power plants and reach more than 200 million yuan within three years. Equity incentives cover a wide range of areas, and unlocking conditions enhances momentum. The company has introduced a restricted stock incentive plan. The performance evaluation indicators are net profit after deducting non-recurring profit and loss: 30 million yuan in 2015, 100 million yuan in 2016, and 200 million yuan in 2017. It effectively binds the interests of shareholders, companies and employees, and is expected to achieve profit targets. Company profit forecast and investment rating: The company's estimated revenue for 2016-2018 will reach 1.72 billion yuan, 2.43 billion yuan and 2.93 billion yuan, net profit from the mother's mother is 110 million yuan, 180 million yuan and 260 million yuan respectively, earnings per share are 0.33 yuan, 0.53 yuan and 0.76 yuan respectively, and the target price for 6 months is 14 yuan, covering the company's “recommended” rating for the first time.