Achieved a significant increase in performance in the first quarter. The company's operating income for the first quarter of 2016 was 169 million yuan, up 141.77% from the same period last year; net profit attributable to shareholders of listed companies was 21,8194 million yuan, up 304.26% from the previous year; basic earnings per share were 0.11 yuan, up 320.00% from the same period last year. Revenue and profit margins rose by both revenue and profit margins in the first quarter, mainly for the three routes “Mengxi - Tianjin South”, “Ximeng - Shandong”, and “Shanghai Temple - Shandong”, and “Shanghai Temple - Shandong”, which contributed to the main profit. The period fee rate for the first quarter was 23.34%, which was a significant improvement over the previous year. The main thing is that the company's revenue increased sharply and the three major expenses were relatively stable. The gross profit margin for the first quarter was 39.11%, a sharp increase of 6.28 percentage points from 2015, mainly due to the increase in the share of UHV products with high gross margins. The net profit margin was 13.39%, up 7.46 percentage points from last year, and is at the highest level in history. We have always firmly believed that in the context of the acceleration of UHV, the company will usher in a double increase in revenue and profit margin. The capacity utilization rate has been greatly increased. In terms of production capacity, the company is currently operating at full capacity. After running in adjustments over the past year, the capacity utilization rate in the Double D port area has been greatly increased, and production in the Fujian plant has also effectively shared production tasks for conventional products. This means that the company's extreme production capacity may exceed our expectations. According to the State Grid's plan, a total of 13 UHV lines will be approved in 2016, which is 1.625 times that of 2015. If the State Grid can complete the plan at the beginning of the year, the company's performance this year will be further boosted. The leading position is stable and profit margins remain high. Currently, the capital market has two main concerns about the porcelain insulator market: 1. The winning bid share of the State Grid recently tends to be diversified; 2 is that the winning bid price in 2015 tends to win the bid at the lowest price. Our views on this are as follows. First, the market threshold for UHV insulators is very high. There are only four companies: Dalian Electric Porcelain, Su Ci, NGK, and Inner Mongolia Jingcheng. Looking back at the winning bid results in 2015, NGK and Inner Mongolia Jingcheng cannot guarantee the winning bid rate for some reason. Only Dalian Electric Porcelain and Su Porcelain have a stable ability to win the bid. Regardless of the quantity or bid amount, the company is still in a leading position. Second, we are currently in a golden period of development for UHV equipment vendors. All enterprises also have saturated orders, and there is no incentive to deliberately lower prices in order to win the bid. Production capacity is the bottleneck of each company's profit. Therefore, maintaining a relatively reasonable profit margin level in 2016 is a common demand of all companies. We believe that the company's porcelain insulators will remain at a high level. This is also confirmed by the quarterly report. The company that maintains a stable shareholding rating focuses on the production of porcelain insulators. Among UHV primary equipment companies, the company has the characteristics of high performance flexibility, while the company's total market value in the secondary market (as of April 28, 2016) is 4,031 billion yuan, and the circulation market value is 2,923 billion yuan. It is characterized by high stock price elasticity. We believe it is a scarce UHV sensitive target in the A share market. We are optimistic about the high prosperity of the UHV industry in the past two years and the company's development prospects. We expect the EPS for 2016-2018 to be 0.46, 0.55, and 0.67 yuan/share, maintaining an increase in holdings rating.