Key investment points: Achieving a loss in the third quarter, the company achieved operating income of 412 million yuan in the first three quarters, down 3.08% year on year, and realized net profit attributable to the parent company of 17.259 million yuan, up 4.37% year on year, and achieved earnings of 190 million yuan per share. Looking at a single quarter, the third quarter turned a loss into a profit, achieving operating income of 230 million yuan and net profit of 29.926 million yuan. A large number of UHV lines were delivered during the reporting period between Huainan, Shanghai and Ningdong and Shaoxing, contributing to the main results in the third quarter. It is expected that the Ximeng-Shandong and Mengxi-Tianjin South routes will be delivered one after another in the fourth quarter. The winning bid amount for these two lines is 166 million. Furthermore, the company recently announced that it won the bid for the 40 million yuan UHV insulator project for the Jiuquan-Hunan and Jinbei-Nanjing UHV DC lines, which is expected to contribute profits in 2016, and overseas orders this year are also quite optimistic. Looking at the full year, it is expected that the company will probably complete the restricted stock unlocking conditions proposed in the equity incentive plan, that is, net profit for the year after deduction will increase 60% year-on-year. Firmly optimistic about the development of the UHV industry. Although construction progress in the UHV industry is currently slow, judging from the speed of national approval and bidding, it still shows the determination of the State Grid to vigorously promote UHV construction. We believe that the bottleneck in construction capacity will gradually be broken, the cargo pressure situation of various enterprises will also improve, and revenue confirmation will be more timely. Judging from the orders of various companies, production is basically running at full capacity, laying the foundation for future performance. The gross margin of UHV porcelain insulators is between 40-50%. Although recent tenders have shown signs of winning bids at low prices, the overall profit margin is still huge, and the driving effect on performance is outstanding. Profit forecasting and investment ratings We are optimistic about the development of the UHV industry and the company's high performance flexibility. We believe that the appointment of the new chairman will bring stronger development energy to the company, the company's business perspective will be broader, and the introduction of equity incentives will further stimulate management's motivation and achieve rapid growth in performance. Due to the delay in UHV delivery affecting revenue recognition for this year, we lowered the company's profit forecast and kept the recommended rating unchanged.