Key investment events: The company announced that Nanjing Aotejia has become a European electric compressor supplier for German Volkswagen's global new energy electric vehicle platform MEB. The company received another order for electric compressors from international manufacturers, and the competitiveness of electric compressors was once again proven. The company announced that Nanjing Aotejia will enter the MEB European electric compressor package for Volkswagen's global new energy electric vehicle platform. It will develop, produce and supply electric air conditioning compressors to the platform's SEAT, AUDI, and SKODA European factories. The relevant models are expected to be launched in batches by the end of 2019. The company has previously received orders from NIO Auto (electric vehicle air conditioning system and cooling module), Jaguar Land Rover (UK headquarters, air conditioning system), FAW-Volkswagen MQB platform electric compressors, and PSA Europe (fixed displacement compressors). This time, orders from German Volkswagen further prove that the company's electric compressors are internationally competitive. The company is a leading domestic automobile compressor. New energy compressors are expected to be released in the second half of the year, and the new energy heat management business is expected to break through. The company's compressors and air conditioning systems have obvious advantages. They are the first to enter the new energy compressor market, and support customers to continuously upgrade their high-end products. 2017H1 sold 4.04 million compressors of various types, an increase of 23.9% over the previous year. The market share of own-brand passenger cars exceeded 60%, and the total automobile market share was about 30%. Based on traditional compressors, the company is entering the field of electric compressors and new energy thermal management. The company's electric compressors are expected to be released in the second half of the year as sales of new energy passenger vehicles grow. The company's international new energy heat management products for air conditioning are mature, and it is expected to enter the market for first-line battery supply. Leading automotive compressors, the new energy business continues to advance, maintaining the “gain” rating. The company is a leading automobile compressor. The product layout ranges from traditional compressors to air conditioning systems, new energy compressors, and new energy heat management systems, and has also developed new products such as marketable scroll compressors and electric heat pump compressors. Customers have penetrated from autonomy to high-end passenger car customers, and has successively obtained supporting systems from many domestic and foreign first-class enterprises. The company's net profit for 17-19 is estimated at 476/5.60/681 million, corresponding EPS of 0.15/0.18/0.22 yuan, maintaining an “gain” rating. Risk warning: New energy compressor sales fall short of expectations; the company's new product market expansion falls short of expectations.