Matters: The company released its three-quarter report. From 1 to 3Q15, it achieved revenue of 740 million yuan, an increase of 23.08% over the previous year; net profit attributable to shareholders of listed companies was 70 million yuan, an increase of 14.71% year on year; and earnings per share were 0.19 yuan, which was in line with our expectations. At the same time, the company expects net profit attributable to shareholders of listed companies to change by 10% to 30% for the full year of 2015. Ping An's view: Overall operation was steady, and the cost ratio increased slightly: in 3Q15, the company achieved revenue of 330 million yuan, an increase of 12.58% over the previous year; achieved net profit attributable to shareholders of listed companies of 50 million yuan, an increase of 14.49% over the previous year. From the 1st to 3Q15, the total investment in domestic power grids reached 271 billion yuan, an increase of 2.88% over the previous year. The investment scale was comparable to last year, and the tender confirmation process was delayed. With the launch of the $2 trillion distribution network investment and the completion of the company's acquisition of Fujian Aotong Maisheng, the company's power distribution and transformation business is expected to develop rapidly. From 1 to 3 Q15, the company's expense ratio reached 28.82%, up 2.34 percentage points year on year, and the sales/management/finance expenses ratio reached 9.41%/18.68%/0.73%, respectively, up 0.55/0.89/0.90 percentage points year on year. The core supporting documents for the electricity reform will be issued, laying the foundation for the energy cloud network: According to reports, the five core supporting plans for electricity reform, including the reform of the electricity sales side and the reform of the trading system, have been signed by the Ministry and Committee and are expected to be released before the end of the year. The energy cloud network created in response to the electricity reform is being implemented at an accelerated pace. Currently, the company, together with China Mobile and Lenovo Group, is the first regional (Shandong) smart energy public service platform in China, which has been connected to more than 26,000 points of data covering the gas, water, industrial energy saving and other industries; since 2015, it has successively set up Jicheng Energy and Jiceng Software companies, participated in the 1 billion yuan New Energy Industry Guidance Fund, and cooperated with Guangxi Guidong Electric Power on power demand-side microgrid applications. We believe that as the culmination of the energy cloud networking platform, Accumulation Electronics is expected to benefit deeply from the wave of electricity reform. Profit forecast and rating: Considering the overall delay in grid investment, the company's profit forecast for 15-16 was lowered by 19%/22%, respectively. The company's EPS for 15-17 is expected to be 0.42, 0.61, and 0.83 yuan, corresponding to the closing price of October 29, PE 62.8, 43.4, and 32.1 times, respectively. We are optimistic about the company's first-mover advantage in the field of energy cloud networking and maintain a “recommended” rating. Risk warning: The risk that the electricity reform plan falls short of expectations.