Key points of the report Incident description The company disclosed its report for the 3rd quarter of 2015. The main financial data is as follows: Incident comment: The electricity demand in Chenzhou fell sharply in the third quarter, resulting in negative growth in the company's performance. The company achieved revenue of 1.703 billion in the first three quarters, a slight increase of 0.48% over the previous year, and net profit attributable to the parent company of 94.159 million, a year-on-year decrease of 5.81%. Overall, the company's revenue was the same as last year; although the project company performed well, electricity demand was sluggish in the third quarter (Hunan Province's Q1-Q3 single-quarter electricity consumption growth rate: 2%, 3.26%, 0.78%), which led to a cumulative negative year-on-year increase of 5.81% in the company's performance and a negative increase of 39% in the current period. Diversify the company's revenue based on electricity sales. The company's business includes: electricity sales, industrial gas sales, and tap water sales. Overall, the share of electricity sales and tap water sales has increased, but the electricity sales business is still the main one. As of the end of 2014, electricity sales accounted for 82.32% of total revenue. As far as tap water sales are concerned, the company strives to promote the Dongjiang River water diversion project, with a designed water supply capacity of 400,000 tons/day, and is expected to be put into operation in 2017. As far as sewage treatment is concerned, the second and fourth sewage treatment plants with a total treatment capacity of 100,000 tons/day are under construction. Future electricity reform will benefit the target. The company has franchise rights to supply electricity, and the company has rich experience in the construction, management and operation of local power grids. As the new power reform progresses rapidly, the company will benefit from the huge market brought about by the liberalization of the electricity sales side. Maintain a “buy” rating. As for the electricity reform revenue target, the company's EPS from 2015 to 2017 is expected to be 0.65, 0.77, and 0.84 respectively, maintaining the buying rating.