Events: Net profit attributable to owners of parent companies in the first half of 2016 was $36.2893 million, up 234.60% from the same period last year; operating income was $423 million, up 89.12% from the same period last year; basic earnings per share was $0.04, up 33.33% from the same period last year. Opinion: With the merger of Huaxin Mechatronics, the performance increased significantly over the same period last year. The scope of the merger increased Huaxin Electromechanical. Huaxin Electromechanical's main business revenue for the first half of the year was 200 million yuan and net profit was 19.52449 million yuan, accounting for 53.80% of the company's consolidated net profit. Excluding the impact of Huaxin Mechatronics, the main business revenue of Tianqiao Hoisting's parent company was 223 million yuan, which was basically the same as the previous year, with net profit of 16.76 million yuan, an increase of 55% over the previous year, mainly due to steady growth in aluminum smelting equipment, growth in maintenance business, and tax rebate contributions. Benefiting from falling steel prices, the gross margin of aluminum smelting lifting equipment and wind power equipment has increased. The mechanical parking garage project has been implemented, and the industrial chain has been further improved. The company's newly established subsidiary, Tianqiao Liheng, won the bid for the first three-dimensional parking garage, with a bid amount of 44.987 million yuan. It has a total of about 400 mechanical parking spaces. It uses the “intelligent multi-entrance circular tower three-dimensional garage” technology independently innovated by the joint venture Shenzhen Zhongkeliheng Garage Equipment Co., Ltd. The winning project will help Tianqiao Liheng, a subsidiary of the company, undertake the subsequent three-dimensional parking project in Zhuzhou. We expect next year to bring revenue of 100 million yuan and net profit of 30 million yuan to the subsidiary. In addition to the production of three-dimensional warehouse parts, the net profit contribution of more than 15 million dollars has been brought to flyover lifting. High-end equipment and strategic transformation bring opportunities, and the company's value is promising over the long term. The price-earnings ratio of Tianqiao Crane is at a medium level within the same industry, while the ratio of corporate value/EBITDA after comprehensive consideration of debt ranks first in the industry, indicating that the current price/performance ratio of the company's stock is very high, and it has long-term investment value. The reason for this is that the company has a presence in many high-end equipment industries: acquiring Huaxin Electromechanical to broaden the range of products and improving the technical level; the performance of the wind power business, which began in '14, improved markedly in '15; developed the subsidiary Eureko business, which aims to achieve import substitution; invested in Imbor for 15 years, participated in the establishment of the Yipo New Energy Industry Investment Fund in early 2016, and invested 60 million dollars to establish a lithium battery development fund to enter the lithium battery equipment field. Conclusion: Tianqiao Crane is a leading aluminum smelting crane. By expanding products and improving management efficiency, performance will maintain steady growth. We expect the company's operating income from 2016 to 2018 to be 1,359 billion yuan, 1,723 billion yuan and 1,895 billion yuan respectively. Net profit attributable to shareholders of listed companies is 131 million yuan, 172 million yuan and 209 million yuan respectively, and earnings per share are 0.15 yuan, 0.20 yuan and 0.24 yuan respectively. The corresponding PE is 36.34X, 27.66X, and 22.65X, respectively. For the first time, coverage was given a “highly recommended” rating, with a target price of 10 yuan for 6 months.