Significant increase in performance: In 2013, we achieved operating income of 589 million yuan, up 65.3% year on year, realized net profit attributable to shareholders of listed companies of 143 million yuan, up 92.7% year on year, and achieved basic earnings per share of 0.1036 yuan. Tiandi Ren's share acquisition contributed significantly to performance: The main reason for the sharp increase in performance was the Tiandi Ren equity acquisition merger report. The wholly-owned acquisition of Tiandi People was completed at the end of July 2013. Since August, it has been included in the consolidated financial statements. In August-December, Tiandi People achieved net profit of 71.03 million yuan, accounting for 48.5% of the company's total net profit. Looking at the full year, Tiandi Ren's revenue was 323 million yuan, up 26.2% year on year, and net profit was 78.05 million yuan, up 26.7% year on year. Multi-business collaborative development: (1) Municipal water supply and drainage business: By the end of 2013, the Ningyang and Zhangwu sewage projects and the Qiqihar Nianzishan integrated water supply and drainage project had been added, with a daily water treatment capacity of 1.497,500 tons corresponding to the current contract, an increase of 160,000 tons over the end of 2012, an increase of 12%. Although new projects were put into operation, the gross profit contributed by 5.1 million yuan to the same period last year for the water supply and sewage treatment business decreased by 5.1 million yuan, a slight decrease of 4% due to accounting adjustments and restrictions on water prices in the water supply business, making the increase in water prices insufficient to cover the cost increases caused by labor and raw material price increases. (2) Zhongke National Interest: Achieved operating income of 67.92 million yuan, up 46.1% year on year, realized net profit of 11.89 million yuan, up 32.0% year on year, and contributed 2.6 million yuan to net profit year on year. Waiting for rural water treatment projects to be implemented: Currently, the main focus is on rural water treatment. Strategic cooperation agreements with 200 towns have been signed with Shandong Province, and water treatment technology has been obtained through cooperation with overseas enterprises, etc. It is expected that specific projects will be implemented in April. Currently, the rural water treatment market is in a state of “racing ground”, and the company has technical advantages and pioneering advantages. It is expected that the company's traditional water treatment business will maintain steady growth and provide stable cash flow, and the rural water market will bring new development opportunities to the company. Investment suggestion: The company's EPS from 2014 to 2016 is expected to be 0.15 yuan, 0.22 yuan, and 0.30 yuan, respectively, corresponding PE of 35.7 times, 23.2 times, and 17.2 times, maintaining a “holdings increase-A” investment rating, with a target price of 7.5 yuan for 6 months. Risk warning: Risk of lifting the ban, project progress falling short of expectations, etc.