Investment points: Maintaining an overweight rating. Maintain the company's 2016-2018 EPS forecast of 0.09/0.39/0.58 yuan. Considering that the company's single crystal blades have been successfully sent for inspection, subsequent batch production may usher in rapid performance growth, maintaining a target price of 37.2 yuan, space of 57%, and maintaining an increase in holdings rating. It is proposed to participate in the establishment of a public fund. On the evening of the 29th, the company announced that it plans to invest 30 million yuan in shares to establish a public fund. Among them, the majority shareholder of the proposed public fund is open source securities, accounting for 35%; the company and Zhang Zheng, the actual controller, account for 20%/4.9% respectively. According to the announcement, “Through public funds, the company can make full use of the partner's investment experience and channels, seize investment opportunities, and accumulate experience and resources for the company's industrial integration and mergers and acquisitions.” We believe that setting up a fund can enhance the company's contacts with the capital market and enhance subsequent mergers and acquisitions capabilities. The company's catalysts continue, and the implementation of the blade industry chain layout is expected to accelerate. The company's catalysts have continued since the beginning of the year: 1) the majority shareholder and warring investor SF Express have jointly increased their holdings by 250 million yuan; 2) major changes in the management team, and Wang Lizhi, the top expert responsible for monocrystalline blades, was appointed as the deputy general manager; 3) the company has invested in the establishment of a public fund; 4) the company has emphasized in its annual report that “the construction of the project production line was completed during the reporting period. At present, self-developed alloy materials and mass-produced blades have been tested by authorities and reached the leading international level. After system certification and customer certification are completed, mass production can begin.” We believe that the company's monocrystalline blade industry chain layout will accelerate, and that the accelerated release of subsequent orders will significantly improve the company's performance growth. Catalyst: Single crystal blade released, order. Risk warning: The risk of single crystal blades not being successfully sent for inspection.