Key investment points The company achieved operating income of 1,820 billion yuan in 2015, an increase of 19.57% over the previous year. Due to the low base of the previous year (revenue was basically the same as year on year in 2014), the company's business revenue achieved high growth. On a quarterly basis, the company's Q1, Q2, Q3, and Q4 achieved operating income of 407 million yuan, 411 million yuan, 420 million yuan, and 583 million yuan respectively, with year-on-year increases of 12.21%, 12.61%, 21.95%, and 29.31%, respectively. The quarterly revenue growth rate showed a trend of increasing quarter by quarter, while the base for the same period last year was high. Q4 revenue still achieved relatively rapid growth. The company achieved an operating profit margin of 4.14% in 2015, down 0.64% from the same period last year, and profitability declined slightly. On a quarterly basis, the company's Q1, Q2, Q3, and Q4 achieved operating profit margins of 5.3%, 5.6%, 4.3%, and 2.2% respectively, up -1.0%, 0.1%, -0.6%, and -0.7% from the same period last year. The company's total profit in 2015 increased 3.22% year on year, and net profit attributable to shareholders of listed companies increased 17.97% year on year. The increase in net profit was significantly higher than the increase in total profit, mainly due to the reduction in the corporate income tax rate. The company was rated as a high-tech enterprise in September 2014, and the income tax rate was lowered from 25% to 15%. We expect the company's income tax expenses in 2015 to be about 13.4 million yuan, a decrease of 35.6% over the same period last year. Excluding the impact of changes in income tax rates, the company's net profit increased by about 3.2% year on year. Profit forecast and rating: We expect the company's EPS for 2015-2017 to be 0.54 yuan, 0.55 yuan, and 0.59 yuan respectively, and the corresponding PE is 56 times, 55 times, and 52 times respectively, maintaining the company's “neutral” rating. Risk warning: business expansion falls short of expectations, investment growth rate is low, new orders are low expectations