Key points of the report describe the events of the quarterly report: Achieved revenue of 92.2 million yuan, an increase of 5649% over the previous year, and attributable net profit of 11.39 million yuan, an increase of 200%. The low base for incident reviews led to a high growth rate, and the overall operation in 16Q1 was relatively stable. The overall operation of the 16Q1 company was stable, but the year-on-year growth rate was high; revenue increased 5649% year on year, and attributable net profit increased by 200%; the reason for the high growth rate was the lower base for the same period: 15Q1 revenue performance was 1.59 million yuan, -11.37 million yuan, respectively; in fact, the core reason for the business fluctuation mainly stemmed from the specific construction season cycle of the construction metal roofing industry, and also had a certain relationship with the company's order structure and construction progress. Looking back, the 16H1 performance is expected to be between 70 and 76 million yuan (12.78 million yuan in the same period last year, an increase of 448% to 495%), which is also in line with expectations. Further judgment based on the past is that the second half of the year may be the peak of the construction cycle and revenue recognition, so the company completed the annual gambling performance of 361 million yuan, and more will be confirmed in the second half of the year. More attention should be paid to the company's strategic layout from a long-term perspective. The company increased its offer price by 26.28 yuan, raising no more than 1 billion yuan to make up for the entire flow; in addition to the majority shareholders, the issuer also included financial capital such as Fuxing, Zhongzhi, Oriental Venture Capital, and Haier Venture Capital, etc., and the lockdown period was 3 years, reflecting the company's full ambition for mid-term management. The short-term definitive layout direction may target fields such as overseas markets and smart roofing, while also looking forward to leapfrogging expansion in more new fields in the next 2-3 years. The promise of high growth performance supports confidence. When the company backed out of the shell, its performance in 15-17 years was 2.55/3.61/476 million yuan, respectively. Currently, looking at the successful completion of 15 years and slightly exceeding gambling, we judge that the larger incremental cashout in '16 may be concentrated on photovoltaic roofs and overseas, so there is nothing to worry about when it is completed. Going back to the shell is only the first step; expansion is progressing in an orderly manner. Strengthening the metal roofing business and becoming the absolute leader in the domestic industry is the firm goal of the company. After going public behind the shell, the company also quickly made major strategic expansion plans: 1. Signing a strategic cooperation agreement with Anhui Sichuang Electronics to strengthen cooperation in the field of airport construction and photovoltaic roofing, the other party promised to bring in an order of 300 million yuan; 2. Buying Shenzhen Sanyi in 2015, it promised to deduct non-net profit of 1,800, 2600, and 31 million yuan respectively from 16 to 18 years. Increasing performance is only one aspect. The greater significance is to use Sanyi's overseas channels to achieve complementarity across regions and expand a wider range of overseas business. We judge that in the future, the company will also make full use of the advantages of the only listing platform in the industry, and use the capital market to quickly grow bigger and stronger, gain a first-mover advantage, and become stronger. A dark horse that deserves continued attention. The 2016/2017 EPS is expected to be 0.473 yuan and 0.643 yuan, and the corresponding PE is 32 times and 23 times. Maintain an increase in holdings rating. Risk warning: Due to slow construction progress, revenue recognition is not as good as expected, and the profit of photovoltaic roofs is weak