We forecast that the net profit of the company from 2015 to 2017 will be 79 million yuan, 126 million yuan, and 175 million yuan, and the corresponding EPS will be 0.26 yuan, 0.42 yuan, and 0.58 yuan. The company's main business is growing steadily. Chayi, in which it has a stake, is a leader in the O2O model in the automotive aftermarket. It is optimistic about the company's development prospects in the automotive aftermarket and maintains a “highly recommended” rating. Event: On October 27, the company released its report for the third quarter of 2015: From January to September 2015, the company achieved operating income of 1,096 billion yuan, an increase of 21.27% over the previous year; net profit attributable to shareholders of listed companies from January to September was 501.2 million yuan, an increase of 22.36% over the previous year; in January-September, the company achieved earnings per share of 0.17 yuan. Revenue growth was stable: The company's revenue in the third quarter increased by 30.1% year on year. We judge that the main reasons are: 1) The overseas AM business greatly supported the company's performance. The AM business was less affected by economic fluctuations and was highly correlated with car ownership. The company's foreign business achieved 35.47% growth in the first half of 2015. 2) The company's domestic business mainly supplies own-brand cars. In 2015, own-brand cars bucked the trend and provided some support for the company's business launch. There was a slight decline in gross margin: the company's gross margin for the first three quarters was 16.1%, down from 18.3% in the same period last year. The decline in gross margin is due to the fact that two new projects, such as the company's 800,000 caliper project and 3.5-ton high-performance brakes, have just been put into operation. The upfront production scale is small, and fixed costs are high. As production increases, the company's gross margin will gradually rise back to the company's level of between 18-20%. Financial expenses for the third quarter fell sharply: financial expenses for the third quarter were -5132,100 yuan, compared to 7.924 million yuan for the same period last year. The company is an export-oriented enterprise with a high export business ratio. Benefiting from the impact of the RMB exchange rate, the company's exchange earnings increased dramatically, which in turn raised the company's profit level in the third quarter. The company's main business is the moat, and the aftermarket O2O business is the highlight: as the largest shareholder, the company participated in Cheyi Auto, a leading e-commerce player in the aftermarket. Che Yi focuses on the small B end and opens up the B2B2c chain in the automotive aftermarket through the construction of a management store system, and has broad development prospects. Furthermore, entering the domestic AM market is the company's strategic direction. In September 2015, the “Implementation Management Measures for Disclosure of Technical Information on Automobile Maintenance” was promulgated. The company's products are expected to enter the automotive aftermarket as parts of the same quality, and future growth is expected. Risk warning: Automobile sales have declined further, Auto Easy Development has fallen short of expectations, and the progress of cooperation between the company and foreign companies has fallen short of expectations.