Key Investment Events On August 12, the company released its 15-year annual report. Revenue for the first half of the year was 261 million yuan, up 44% year on year, and imputed net profit was 32 million yuan, up 210% year on year. Our comments on this are as follows: Performance is on the fast track! 1) The main traditional sheet metal industry is growing steadily, actively transforming photovoltaics and electrode boiler equipment. In the first half of the year, sheet metal revenue was 196 million yuan, up 8.3% year on year. The photovoltaic division has completed the design, assembly, and testing of the prototype, and will carry out standardized mass production in the second half of the year; the complete electrode boiler equipment has also completed the delivery and installation of the prototype, and is planning for commissioning. 2) The net profit and revenue of Nanjing Youzhi in the first half of the year was strong enough for the whole of last year. In the first half of the year, Nanjing Youzhi achieved revenue of 65 million yuan and net profit of 28 million yuan, which directly forced last year's full-year revenue of 67 million yuan and net profit of 31 million yuan. The net profit margin is 42.7%, and the profitability is very strong! 3) In cooperation with CGN, Apani's performance in the second half of the year has entered a release period. In the first half of the year, Apani had revenue of 140,000 yuan and net profit of 5.44 million yuan. In June 2015, Arpani signed a cooperation agreement with the central enterprise CGN. By combining their advantages, the company will quickly seize the vast market. The first batch of Alpani heating projects is expected to be fully put into use in the third quarter. Construction of seven large-scale heating projects will also commence in the second half of this year. Flow monitoring and heat storage and heating businesses are going hand in hand! 1) Traffic monitoring at the forefront, with a market size of 20 billion: Environmental monitoring is on the cusp. Policies require full monitoring coverage, and measurements must also be accurate. Youzhi Technology has broken through the flue gas flow monitoring bottleneck in a matrix-like manner. There is no doubt about its technical advantages, with a market size of nearly 20 billion dollars nationwide. 2) With the conversion of coal to electricity for heating boilers and cooperation with CGN, the heat storage and heating business ushered in an opportunity for expansion: Due to the tightening of coal-fired heating, the low-valley electricity storage heating market is in a period of high growth. In terms of technology, Swedish Apani boilers were introduced. Previously, they were used in the nuclear power industry, but now they are for civilian use. There are no competitors in terms of technology. Absolute environmental protection and low valley electricity guarantee operating economy. Jinan has more than 70 boilers in just one district, and more than 1,000 boilers in the city to be reformed. It is conservatively estimated that the size of the national market is over 200 billion dollars. Investment advice: Maintain an increase in holdings rating. Regardless of this suspension of trading and additional distribution, we predict that Baoxin Technology's net profit for 15-17 will reach 13/21/320 million yuan. The company's business development is ideal, and is likely to exceed expectations. In the future, the company's business will continue to focus on energy saving and environmental protection, and strengthen expansion in fields such as environmental monitoring, clean heating, and photovoltaic power generation. The company is the absolute leader in the fields of matrix-type flow monitoring and low-valley electric heat storage and heating. Its performance has entered a period of accelerated release, and it continues to be highly recommended! Risk warning: Apani's business growth rate is lower than expected