In the first half of 2017, the company achieved revenue of 733 million yuan, an increase of 18.07% over the previous year, and net attributable profit of 230 million yuan, an increase of 18.65% over the previous year. The overall production schedule for the first half of the year was tight, and the results for the second quarter increased sharply: in 2017, the Q2 company achieved revenue of 420 million yuan, net profit of 120 million, a year-on-year increase of 43%, and a significant increase in Q1 growth (2017Q1 revenue and net profit growth rates were -9% and 0.47% respectively, mainly due to the base effect. The net profit attributable to 2016Q1 and Q2 was 110 million and 84 million). Overall in the first half of the year, the company was in a state of strong production and sales, full production and sales. The gross profit margin for the first half of 2017 was 44.98%, up 4.7pct year on year; the period expense ratio was 15.67%, up 5.65pct year on year. Mainly, the increase in woodland maintenance costs led to a rapid increase in the management expense ratio, which increased 4.5 pct year over year. Downstream demand for container bottom plates is strong, and combined production capacity investment performance is expected to further accelerate: demand for container manufacturing has continued to pick up since this year, and tight production schedules of downstream container factories have been transmitted upstream, driving strong demand for bottom plates. The company's container floor sales grew by more than 40% in the first half of the year, and production capacity was limited to a certain extent. While expanding customer relationships through mergers and acquisitions of Xinhuachang Timber this year, the company also expanded leading customers in Bokdong such as Florens and Seacube. Combined with the company's 200,000 cubic bamboo and wood composite container board production line, it is expected that production capacity will be released in the second half of the year. The growth of the box board business is expected to accelerate further. There is broad room for future growth of environmentally friendly boards, and the wooden structure layout is worth looking forward to: in the first half of 2017, the eco-friendly board business was affected by production capacity, and sales declined (more production capacity was distributed to container floors). With the gradual release of container floor production capacity in the second half of the year, the COSB production line can produce more environmentally friendly boards (in 2016, when the box board market was sluggish, the company achieved rapid growth), and is expected to pick up again in the second half of the year. The company's OSB environmentally friendly board has outstanding performance, adapts to the upgrading of civilian board consumption, has broad growth space, and at the same time lays out the timber structure field, which is expected to become another new growth point. Investment advice: Maintain a “buy” rating: The company's container floor board business benefits from the recovery of industry prosperity. Combined with production capacity investment, it is expected to increase dramatically. At the same time, there is broad room for growth in environmental protection boards, and the wooden layout is expected to become a new growth point. We expect the 2017-2019 EPS to be 0.48, 0.62, and 0.81 yuan respectively, and the current stock price corresponding to PE is 20 times, 16 times, and 12 times, respectively, maintaining the “buy” rating. Risk warning: Downstream container demand has declined sharply, and raw material prices have risen sharply