Key investment points: Significant increase in performance in 2015, the company achieved operating income of 6088684 million yuan, an increase of 2.92% over the previous year; realized net profit of 36.1323 million yuan, an increase of 45.27% over the previous year. Earnings per share were 0.18 yuan/share, a year-on-year increase of 38.46%. UHV products improved performance The company's performance in 2015 benefited from the acceleration of UHV construction, and performance increased significantly. In the first half of the year, due to problems with the construction progress of the State Grid, the company's delivery schedule was somewhat affected. A centralized delivery period began in the 3rd quarter, and revenue was greatly recognized. In 2015, the company completed the supply of routes such as “Huainan - Shanghai”, “Ningdong - Shaoxing”, “Mengxi - Shandong”, and “Jiuquan - Hunan”. In 2016, “Mengxi - Tianjin South”, “Ximeng - Shandong”, and “Shanghai Temple - Shandong” did not complete delivery. We expect the above routes to be delivered in the first half of the year, laying the foundation for continued performance growth in 2016. UHV continues to accelerate the demand for equipment and continues to expand the construction of UHV lines. The completion of west-to-east transmission has risen to a high level of national strategy. In 2015, the country completed approval of eight UHV lines of “two traffic and six direct”, nearly three times that of 2014 (3 lines). In 2016, the State Grid expects to approve the “five traffic and eight direct” UHV project, striving for approval of the “three traffic and three direct” in the first half of the year and the “two direct traffic and four direct” approval in the second half of the year. The construction of the Zhundong-Southern Anhui DC project will be accelerated, and the “four traffic and five direct” project will be put into operation within the year. UHV construction has entered a peak period, and equipment vendors will continue to benefit. The profit margin from the release of production capacity is expected to further improve the company's current full production and operation. As the new plant in Fujian gradually reaches production, the production capacity of UHV products in the Double D port area has been fully released, and the capacity utilization rate has increased significantly. Due to the sharp increase in the share of UHV products with high profit margins, the company's operating income and profit margin levels will increase dramatically this year, and the first quarter results have already begun to show. Maintaining an increase in holdings rating We are optimistic that the UHV industry will be driven by demand for equipment during the high-speed construction period, and the company's market position and strength in the insulators field. We expect the company's 2016-2018 performance to be 0.46, 0.55, and 0.67 yuan/share, maintaining the increase rating.