Incident: The company issued an announcement that the garage enterprise controlled by the company's actual controller signed a contract of 28.77 million yuan for the three-dimensional garage project with the company. This transaction constitutes a related transaction, but does not constitute a major asset restructuring. Core view: The garage company's out-of-body operations have been carried out smoothly, which has positive significance for boosting the performance of listed companies. Currently, Dongjie operates as a holding enterprise with the company's controlling shareholder and actual controller. Dongjie Operating Company's main business is the development and construction of intelligent three-dimensional parking lots, parking garages, and parking buildings. It develops partners in first-tier cities and second-tier cities across the country, and forms regional parking operation companies with partners to develop the construction and operation of intelligent parking lots. Currently, the controlling shareholders of the company have set up four regional parking operation companies, and more than 30 projects are being negotiated. The equipment requirements of in-vitro operating companies are mainly fulfilled by listed companies, which will have a positive effect on boosting the company's performance. Operations drive demand for equipment, and the industrialization of three-dimensional parking accelerates the industry from an inflection point in the second half of last year, top-level design introduced a series of parking industrialization-related policies, including attracting the participation of social capital in terms of land, capital, parking pricing, and PPP models. Special plans for specific parking facilities in various regions have been introduced one after another, and the industrialization of parking will be substantially promoted. Intelligent three-dimensional parking garages are an intensive parking method, and rigid parking demand supports a market space of 100 billion dollars. Benefiting from the gradual advancement of parking industrialization, 2016 will be a turning point for the intelligent three-dimensional parking industry. Currently, demand for automated three-dimensional garages with public facilities continues to rise, and the three-dimensional parking industry has moved into a stage of healthy and rapid development. Investment advice: We forecast the company's operating income for 2016-2018 to be 5.53, 7.75 and 1,018 billion yuan, and EPS of 0.47, 0.70 and 0.99 yuan, respectively. The company has excellent software and hardware capabilities and good general contracting capabilities. Intelligent logistics is the purest standard, and we continue to maintain the company's “buy” rating in the field of three-dimensional garages. Risk warning: Demand from the main business is declining, garage business falls short of expectations; intelligent logistics and warehousing falls short of expectations.