Key investment points: Achieving net profit growth in 2015. During the reporting period, the company achieved total operating income of 507.1009 million yuan, an increase of 19.31% over the same period last year; operating profit was 3.4805 million yuan, up 6.74% from the same period last year; total profit was 7.4064 million yuan, up 18.19% from the same period last year. Net profit attributable to shareholders of listed companies was 6.8439 million yuan, up 38.26% from the same period last year. Basic earnings per share were $0.0333. Benefiting from UHV's accelerated performance, the company's traditional electromagnetic wire business is affected by poor economic conditions and fierce competition for low- and middle-end products, and profit margins are declining rapidly. The company's management actively adjusts the product structure, clings to the UHV product line, and at the same time expands UHV reactor products, extends the industrial chain, enhances profitability, and greatly improves the 2015 performance level. In 2015, the company completed partial supply of transposition aluminum conductors for the Lingzhou-Shaoxing ±800kV UHVDC transmission project and the Ximeng-Shandong 1000 kV UHV AC project. It is expected that 5 AC and 8 DC lines will also be approved in 2016. The dividends released by the UHV industry will greatly boost the company's performance. At present, the company has mastered the technology to develop and produce the highest-end hollow core reactors at home and abroad, which has become the company's core competitiveness in entering the market. In December 2015, Zhenneng Electric successfully won the bid for the “State Grid Corporation Ximeng-Taizhou, Shanghai Miao-Shandong ±800kV UHVDC Transmission Project First Batch of Equipment Bidding - Reactors”, with a total bid amount of about 60 million yuan. In 2016, the company is committed to entering the UHV flat wave reactor market. If it can break through, it will bring significant growth to the company's performance. Companies entering the cultural innovation industry released a plan for non-public stock issuance in 2015. The total capital to be raised from the non-public offering of shares will not exceed 60 million yuan (inclusive) for the “898 Innovation Industrial Park” project. The project is positioned as a “incubator for startups, an accelerator for growing enterprises, and a booster for leading enterprises”. By creating two major innovation spaces online and offline, the two main businesses can develop collaboratively. Profit forecast and investment rating We expect the company's EPS in 2016-2018 to be 0.05, 0.07, 0.08 yuan/share, maintaining an increase rating