The prices of key investment products have risen, and gross margin has increased dramatically. The 2017 interim results of Jiantao Accumulation Board: Revenue increased 20.1% yoy to HK$9.036 billion; gross profit increased 99.7% yoy to HK$2,864 billion; gross margin increased 12.6 percentage points to 31.7% yoy; net profit increased 138.5% yoy to HK$2,012 billion, basic earnings per share of HK$0.65 (HK$0.28 for the same period last year). The board recommended an interim dividend of 32.6 HK cents per share (HK$13.5 in the same period last year). The increase in operating performance in the current period was mainly due to a sharp rise in the prices of copper-clad panels and upstream products at the same time. There is a shortage of raw materials, and the supply of copper-clad panels is in short supply. During the period, the shortage of raw materials such as copper foil, glass wire, and glass cloth did not improve, and the operating rate of copper-clad panels decreased, making it difficult to meet downstream demand, driving the price of copper-clad panels to rise sharply. With a vertically integrated production model, the company has drastically reduced production costs and maintained its own supply of copper-clad panels, with obvious profit advantages. In the first half of 2017, the profit of the company's copper-clad panel business increased by 128.56% year-on-year to HK$2,025 billion. Upgrade product portfolio and expand production chain capacity. The company's targeted R&D investment has achieved ideal results. Sales of high value-added copper clad panels such as thin sheets, halogen-free copper clad panels, and high temperature resistant copper clad panels continue to increase. The product portfolio is upgraded and optimized, and in line with the advancement of various production capacity expansion plans for copper clad panels, glass wire and glass cloth, is conducive to the continued expansion of the company's copper-clad panel market share. Our opinion: We believe: 1. Sales of copper-clad panels in the second half of the year will enter a peak season. The supply shortage will not change, and product prices may rise further. 2. The company's product portfolio has been upgraded, and the added value of copper-clad panels continues to increase. 3. The production capacity of the company's production chain has been moderately expanded, and the product market share has steadily increased. 4. Diversified product research and development, lithium copper foil has become a new growth driving force for the company's performance. We have initially predicted that the current stock price will be about 8 times the PE of the company's 2017 performance. Investors are advised to pay active attention. Risk warning: declining terminal demand; easing of supply and demand of raw materials; price correction of copper-clad panels.