Guide to this report: The company's long-term strategy is determined to make full use of water resources, increase the introduction of industrial capital such as Cao Guoxiong and Xie Shihuang. In the future, the transition from a single aquaculture to water environment management, photovoltaic power generation, and comprehensive utilization of water surfaces such as culture, sports, health, leisure and entertainment can be expected. Investment points: For the first time, coverage was given an “increase in holdings” rating, with a target price of 20.30 yuan. We believe that the company relies on its 1.8 million mu of lake surface resources, and gradually extends from simple aquaculture to water environment management, photovoltaic power generation, lake culture, health, leisure and entertainment, etc., and the transformation of the water surface to enhance lake surface yield is promising. The company's 2015-2017 EPS is estimated to be 0.02/0.03/0.06 yuan (regardless of the impact of additional sales and new business). Given that the company will gradually expand from a single aquaculture to comprehensive utilization fields of water surface resources such as water environment management, photovoltaic power generation, health tourism, and sports after the introduction of additional investment, coverage for the first time, a “increase in holdings” rating was given, with a target price of 20.3 yuan. 1.8 million mu of lake surface resources reserves, transformation of single aquaculture and comprehensive utilization of surface resources. The company has about 1.8 million mu of lake surface resources, of which the output of 1.23 million mu of Wulun Lake as a cold water lake is still very low. At the same time, the company's healthy natural stocking model also determines that the lake surface yield is low. In 2015, the company decided to make full use of water resources as a long-term development strategy. It will gradually expand from a single lake aquaculture to water environment management, photovoltaic power generation, lake culture, health, leisure and entertainment (the company's business scope has been revised) to enhance the value of lake surface yield, and at the same time achieve industrial upgrading and transformation through various methods such as Internet marketing, Internet finance, and “industry+capital” mergers and acquisitions. Additional issuance brings in strategic investors and starts a new round of expansion layout. Since 2014, the company has successively invested in companies such as Nanjing-style fish e-commerce, Qianhai Great Lake supply chain, Yuanjinshuo (P2P), Tibet Great Lake Investment, Dahu Aquaculture Hanshou Turtle, Yangcheng Lake Hairy Crab, etc., and has also strategically invested in companies such as Lily Network and Hangzhou Lihai Internet Venture Capital. In the future, after introducing industrial capital bosses such as Cao Guoxiong and Xie Shihuang in the future (increase price of 10.15 yuan/share), it will provide help in expanding Internet marketing, new businesses for comprehensive utilization of surface resources, and “industry+capital” mergers and acquisitions. In the future, the company will begin a new round of expansion. Core risk: additional distribution will not pass, transformation will advance low expectations