Steady increase in power generation The company released electricity generation data for the fourth quarter of 2015. The company had a total of 25 grid power stations in the fourth quarter. The total installed capacity was 976 MW, and the total power generation capacity was 247.69 GWh, an increase of 36.67% over the previous year. The electricity generation capacity for the whole of 2015 was 938.2 GWh, and the company's power generation increased steadily. Research Bulletin Recently, we shared the company's recent status with Mr. Zhou of Investor Relations. The main points are as follows: 1. The company currently has 1GW power plants in a settlement state. Affected by electricity price adjustments, the new grid connection target this year has not been achieved. The company's target for adding a new network connection every year for the next two years is 1 GW. 2. Currently, 93% of the company's power stations are deployed in the northwest region. Electricity restrictions mainly occur in the Xinjiang and Ganyu regions. This year, the power limit rate for the company's power stations in Xinjiang is 10-20%, and the power limit rate for Gansu projects is 50%-60%. 3. The Huawei smart power station management system that the company has just put into operation is working well. Currently, it has 7 power station access systems. In the future, the remaining power stations will be connected one after another. The system can lock the problematic components within a range of 5 square meters, and workers can fix the problem in the shortest possible time. 4. The company currently has a rather cautious attitude towards decentralization. Currently, it is mainly considering cooperation with companies under China Merchants, such as China Merchants Logistics, China Merchants Bonded, etc. The valuation company failed to complete the acquisition target in 2015, and there were delays in the acquisition of some projects, which did not affect the rapid development of the company in the long run. Although the price of grid electricity for photovoltaic power plants dropped more than expected, the company will still maintain the standard of purchasing IRR of 9% or more for projects. We maintain the company's target price of HK$1.05 for a “buy” rating. (Current price as of January 13)