Quarterly report summary: According to the company's announcement, the company's revenue for the third quarter of 2015 was 307 million yuan, up 23.40% from the same period of the previous year; net profit attributable to owners of the parent company was 31.757 million yuan, a decrease of 38.12% over the same period of the previous year; and basic earnings per share were 0.12 yuan, a decrease of 60% from the same period last year. The company's total revenue for the first three quarters was 781 million yuan, up 25.07% year on year; net profit attributable to owners of the parent company was 118 million yuan, up 0.6% year on year, and basic earnings per share were 0.45, down 39.19% year on year. Comment: The results for the first three quarters are basically in line with expectations. The company achieved a total sales revenue of 781 million yuan in the first three quarters, completing 62.48% of the annual plan; at the same time, net profit for the first three quarters achieved 54.04% of the full-year plan. In January-September, the company signed a total of 545 million yuan in orders, including 417 million yuan for domestic orders (242 million yuan for tobacco and 174 million yuan for social packaging) and 128 million yuan for foreign orders, with a contract amount of 189 million yuan that had not been shipped until the end of September. In the first three quarters, the company's various businesses grew steadily, but the net profit growth rate declined somewhat. This is mainly because: 1. The company's overseas business was handed over from the original agent to Heidelberg, and Heidelberg sales and service personnel needed to be trained during the handover process, which had a slight impact on export progress; 2. In July, the 80 million dollar loan applied for by the bank caused an exchange loss of 1.71 million yuan, which affected the company's profit level to a certain extent. Overall, however, the company performed well in the first three quarters, which was basically in line with our previous expectations. The fixed increase helps the company lay out post-printing smart equipment manufacturing. In August of this year, the company plans to issue no more than 80 million shares through a non-public offering, and the total capital raised will not exceed 2 billion yuan. The net capital raised after deducting issuance fees will be invested in the construction project of a new intelligent green equipment manufacturing industry demonstration base construction project and a new intelligent green printing equipment R&D and innovation base construction project. It is estimated that the company's new intelligent green equipment manufacturing industry release base project will achieve annual revenue of more than 2 billion yuan and an average annual profit of more than 280 million yuan after delivery. At the same time, after completing the acquisition of Guilian, the company will speed up the company's implementation of the entire printing and output plan and build a model factory for intelligent manufacturing. This not only allows the company to occupy a high ground in post-printing smart device manufacturing, but also brings considerable profits to the company. Investment suggestions The company's business progressed steadily in the first three quarters. While building on its current business, it increased intelligent chemical factory solutions through targeted additional financing, which not only fits the “Made in China 2025” plan, but also seizes opportunities in the process of intelligence and automation in the printing machinery industry. At the same time, the company's cloud printing business is growing rapidly, and is expected to achieve a break-even balance before the end of the year, and is expected to become a new profit growth point for the company in the future. We are still optimistic about the company's future development. We predict that the company's 2015-2017 EPS will be 0.66, 0.86, and 1.13 yuan/share, respectively, maintaining the “incremental” investment rating for the company.