Incident: The company issued an announcement to transfer 70% of the shares of the Yunnan and Tianjin subsidiaries to the actual controller, Mr. Yao Buwen. After the transaction was completed, the listed companies no longer own the shares in Yunnan and Tianjin companies. Core view: The majority shareholder undertakes and nurtures the operating business outside of the company, which is beneficial to improving the performance of listed companies. This equity transfer changed the main body of garage operations, and also transferred the risks and benefits of garage operations accordingly. Since garage operations are currently in the early stages, following the self-built and self-operated model, it will suppress the current performance of listed companies. We believe that taking the initiative of majority shareholders to undertake and nurture in person reduces operating risks at this stage for listed companies and is conducive to maintaining the company's current asset structure and operating model. At the same time, in the future, off-site operating companies may still become Dongjie's equipment demand side, which will help Dongjie's garage business continue to expand. In other words, this transfer of shares in operating assets does not mean that the company completely terminates the garage operation business; rather, it is to protect the interests of investors to the greatest extent possible, and is borne by social capital and actual controllers that are more able to bear the risk. If the business goes well, there is still a possibility that it will return again in the future. The year of policy transition in 2016 drove the boom in the garage industry into 2016. The industry demand-driven logic is shifting from a real estate support model to policy-driven investment demand, and the policy side is loosening, in terms of land, capital, and operation models. Policy dividends are granted in all aspects such as the approval process. The operation of three-dimensional parking garages is still a major trend in the future. In the early stages of operation, equipment companies will be the first to obtain orders and performance flexibility. Investment advice: We forecast the company's revenue for 2016-2018 to be 553, 7.75, and 1,018 million yuan, and EPS 0.47, 0.70, and 0.99 yuan, respectively. The company has excellent software and hardware capabilities and good general contracting capabilities. It is the purest standard for intelligent logistics. It continues to be deployed in the field of three-dimensional garages, and we continue to maintain the company's “buy” rating. Risk warning: Demand from the main business declined, the garage business fell short of expectations; intelligent logistics and warehousing fell short of expectations.