The core idea is that performance is growing against the trend, and the brand advantage highlights that the company's performance growth rate is better than the industry growth average. In the first quarter of 2016, it achieved operating income of 3.01 billion yuan, an increase of 46.99%; net profit attributable to owners of the parent company was 38 million yuan, an increase of 128.45% year on year. Performance bucked the trend and improved markedly. Based on the company's plan, the assessment of equity incentives for senior management, and the positioning of the China Aviation Industry Group, we expect that it will continue to grow rapidly throughout this year. Supply-side reforms, cable companies are strong, Hengqiang. We believe that the growth rate of the downstream cable demand-side market has shrunk, and the entire cable industry has surpassed demand, and the market has begun to move from fragmentation to concentration. In addition, the cable industry is a heavy materials and light industry, and enterprises with poor competitiveness will be merged and reorganized by large-scale enterprises in the market. Relying on AVIC to achieve industrial upgrading and begin epitaxial expansion, we believe that with the support of AVIC, the company has the dual advantage of “market+capital”. The 2016 conference will continue to accelerate horizontal integration within the industry, expand regional sales markets and specialty cable segment products, and consolidate the leading position in the cable industry. We covered the investment rating given to “Buy” for the first time. Based on PE35.0x in 2016, the target price was set at 13.3 yuan.