Main point of view 1. On the basis of maintaining the relative stability of the power automation business, expanding the market space for utility automation and microenergy grid operation, power automation is the traditional main business of electronics. The revenue of power grid automation, distribution automation, and power plant automation equipment and systems accounts for 80% of the company's revenue. On the basis of maintaining stability in the traditional main business, the company focuses on automating utilities such as gas and water supply, and expanding the construction of micro-energy grid operation projects. In terms of the company's strategic layout, the future revenue of the utility automation sector will reach 50%, which is two parts of the world with the main business of traditional power automation. The 212 million yuan fundraising is injecting blood into the microenergy grid industry layout. Accumulation Electronics is speeding up the fixed increase of 1.2 billion yuan, which is being used to accelerate the industrial layout in the fields of smart energy, micro energy grids, next-generation smart grids, new materials, etc., and supplement the working capital of enterprises. In the distribution of fund-raising funds, the maximum capital investment required for the micro-energy grid operation project reached 572 million yuan. The Jicheng Electronics Plan focuses on selecting pilot projects such as enterprises and industrial parks that account for relatively high energy consumption costs, and uses the company's advantages in energy efficiency management and energy informatization platforms combined with the transformation of high-efficiency and energy-saving processes to provide customers with comprehensive energy consumption optimization and energy saving management plans based on microenergy grids on the energy consumption side. 3. The performance in 2016 will be superior to last year, and net profit will increase by 20.8%. In 2016, the company's current industrial layout will continue to benefit from investment in smart city construction, energy management informatization, new urbanization, and new materials industry upgrading, and facing new development opportunities. It is expected to achieve operating income of 1.47 billion yuan in 2016, an increase of 13.9% over the previous year, and net profit of 174 million yuan, an increase of 20.8% over the previous year. Looking at the main business split, the power automation contract amount is expected to increase by 10-15%, and the contract size signed is about 1.2 billion yuan; the utility automation contract amount is about 500 million yuan, an increase of about 30%. 4. Risk warning: R&D technology risk, market competition risk, fundraising progress is lower than expected, business management risk.