Investment points: Maintain an increase in holdings rating, with a target price of 30 yuan. Maintain 2016-2018 EPS at 0.46/0.87/1.30 yuan. Comparable companies in the industry were valued 45 times in 2017. Considering that the implementation of the company's driverless platform strategy continues to be implemented, but there is still some uncertainty about the construction and commercialization process, we are offering a certain valuation discount. The target price is 30 yuan, corresponding to 34 times PE in 2017. Using charging stations as carriers, it aims to operate driverless infrastructure platforms. The company aims to deploy driverless infrastructure platform operations based on distributed photovoltaics and energy storage technology and charging stations as carriers. The company innovated its business model and built entirely next-generation charging stations. “Mushroom Cloud” will improve land use efficiency and introduce commercial projects such as three-dimensional parking and shopping. In the driverless era, infrastructure operations are being ignored, and energy storage and physical space are core elements. Just as the Ford Model T was released a hundred years ago, gas stations have sprung up to replace post stations. One hundred years later, marked by the release of Model 3, charging stations are expected to become infrastructure in the driverless era. Apple has been largely confirmed as entering this field. The industry threshold lies in energy storage technology and physical space. The former is a key technology for future urban charging station construction, while the latter is a necessary condition for the implementation of charging stations. Interests are deep and tied for a long time, and strong execution has built the king of driverless infrastructure operations. According to the announcement, the company built at least 100 large-scale charging stations in 2016. The company has superior resource endowments: 1) at the energy storage level, Beijing Baineng technology leads the world; 2) at the physical space level, the company has reached a strategic agreement with China Communications Construction. According to our estimates, the net profit of a single charging station in the city is expected to reach 5 million yuan after mature operation. The company's actual controllers and management team almost fully participated in the fixed increase of 1.5 billion yuan and locked in for three years. Under strong execution, the implementation of the company's strategy is worth looking forward to. Risk warning: the risk of the main business growth rate, charging station construction and commercialization process are lower than expected