Investment Essentials: Maintaining an “Overweight” rating. Recently, the company signed a strategic agreement with Global Car Sharing. The two sides jointly funded the establishment of a joint venture to operate timeshare leasing of new energy vehicles in Wuhu to promote the nationwide promotion of NEV leasing and smart city projects. We believe that signing a strategic agreement with Global Car Sharing is expected to drive sales of charging pile equipment and video surveillance equipment, and lay a solid foundation for the company to further develop the NEV industry chain. We maintain the company's 2016-17 EPS forecast of 0.37 yuan and 0.47 yuan, and maintain the “increase” rating and target price of 20.96 yuan. Join forces with Global Car Sharing to accelerate the layout of the NEV industry chain. Global Car Sharing was formed by integrating 2 electric vehicle rental companies, EVCARD and eXIANGTIANKAI. It is now a second-tier subsidiary of SAIC Motor Group. The timeshare rental scale has reached more than 2,000 vehicles and nearly 500 outlets, mainly in downtown and suburbs of Shanghai. We believe that signing a strategic cooperation agreement with Global Car Sharing is expected to improve the company's NEV industry chain layout and performance: ① SAIC Motor Group is backed by SAIC Motor Group, has a rich automobile sales network and NEV resources, complements the company's charging stations and security equipment, and is expected to promote in-depth cooperation across the country; ② Global Car Sharing Automation Platform has strong technical strength, and the two sides are expected to improve the development and upgrading of charging infrastructure management platforms through joint development and other methods; ③ SAIC's timeshare business development plan to reach 12,000 vehicles and 4,000 vehicles in three years The network, Global Car Sharing promises limited procurement of charging piles and video surveillance equipment under the same conditions, which is expected to improve the company's sales performance in the smart energy sector. Catalysts: Ping An City and charging equipment received an order, charging operation demonstration project implementation risk warning: the scale of the charging equipment won the bid, and the expansion of the Ping An City project fell short of expectations