Investment Essentials: Maintaining an “Overweight” rating. The company announced that its wholly-owned subsidiary CLP Xingfa received a tender notice for the Chuzhou Social Security Video Prevention and Control System Phase III project, with a bid amount of 296 million yuan. We believe that Chuzhou is located in Anhui Province. The company's bid winning indicates that the synergy effects of the merger and acquisition of China Electric Xingfa are growing. Considering that the company is expected to continue to receive large orders from Ping An City and the accelerated layout of the charging pile sector, we maintain the company's 2016-17 EPS forecast of 0.37 yuan and 0.47 yuan, and maintain the “gain” rating and target price of 20.96 yuan. It won the bid for 296 million Ping'an City order from Chuzhou, Anhui, and the synergy with CLP Xingfa continues to ferment. CLP Xingfa, a wholly-owned subsidiary of the company, won the bid for the Chuzhou Security Video Prevention and Control System of 296 million yuan. According to the Chuzhou Municipal Government website announcement, the project investment budget is 450 yuan/month for the purchase of a single camera. The number of cameras is 7,399, and the service period is 10 years. We believe that Chuzhou is located in Anhui. Winning the bid is a full reflection of the collaborative development between the company and CLP Xingfa. It is expected to bring the company nearly 40 million yuan in service costs per year, benefit from the accelerated construction of a safe city, and the synergy effect with CLP Xingfa is expected to continue to ferment. With charging module production capacity, the charging pile business is expected to usher in a breakthrough. The company already has the production capacity of DC charger core modules. The module power is 15kW. The module is designed in 500V and 750V specifications, which are suitable for charging passenger cars and buses, respectively. We believe that the core module will help the company reduce the production cost of DC chargers and enhance the market competitiveness of the company's charging equipment. It is expected that with the acceleration of product certification tests, the charging pile business is expected to usher in a breakthrough. 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