Report summary: Diversified layout to create an international leading clean energy overall solution service provider. Focusing on the strategic plan for developing clean energy, the company completed the business layout of the entire clean energy industry chain in the five major sectors of “energy equipment, energy engineering, energy operation, energy internet, and energy finance” through a series of mergers and acquisitions strategies such as the acquisition of Sichuan Hongda, Chongqing Xinyu, Andison, and Corel, and the establishment of a marine engineering research institute after listing. Make every effort to build a leading overall solution service provider in the field of clean energy, and will fully benefit from the development of the natural gas industry in the future. Heavy LNG trucks continue to recover, and demand for gas stations has increased dramatically. Since this year, production of heavy natural gas trucks has continued to rise. The cumulative production in the first eight months reached 55,312 volumes, an increase of 547% over the previous year, and the industry continued to pick up. It is estimated that by 2020, the number of LNG filling stations will increase by 2,890, corresponding to the demand for equipment by 7.2 billion, and the company will directly benefit. Acquired Sichuan Hongda to expand the energy engineering EPC business. Sichuan Hongda has rich project experience and complete qualifications. The business field of engineering general contracting business covers energy projects such as oil and gas, chemicals, gas, etc., which helps the company gain a first-mover advantage in the oil and gas energy field and natural gas distributed EPC projects. Benefiting from natural gas reforms and declining gas prices, the natural gas distributed energy sector is in a period of rapid explosion, and the company's expansion in this field will become a new performance growth point. Signing a strategic agreement on the comprehensive utilization of shale gas energy strategic cooperation agreement project is expected to significantly increase the company's performance. On August 28, 2017, the company signed a strategic cooperation agreement with the People's Government of Yongchuan District of Chongqing City and established a strategic cooperative relationship on projects related to the comprehensive utilization of clean energy in Yongchuan District. The project has driven a total investment scale of about 4 billion yuan. The cooperation includes 2 million m2/Tianshale gas liquefaction plant, 2×35MW distributed energy project and park heat pipe network construction, LNG ship filling station project, and LNG ship transformation projects, which are expected to greatly enhance the company's performance. Investment recommendations and ratings: The company's net profit for 2017-2019 is estimated to be 198 million yuan, 286 million yuan and 348 million yuan, EPS is 0.53 yuan, 0.77 yuan, and 0.94 yuan, and price-earnings ratios are 32 times, 22 times, and 18 times, respectively. Give a “buy” rating. Risk warning: The development of the natural gas industry falls short of expectations, and the EPC business falls short of expectations