Investment highlights: Company announcement: Through the Ningbo Qidi Yangming Investment Center, which it has joined, the company has invested 30% of the shares in Tianji, a big data industrialization platform owned by the Institute of Computing of the Chinese Academy of Sciences, for a total consideration of 131 million yuan. Furthermore, the company plans to provide a loan of RMB 19 million to Tianji Zhongchuang by inspiring Yang Ming. Inspiration Yang Ming invested a total of 150 million yuan in foreign investments, all provided by the company, and the company enjoyed all the profits, losses and risks of this investment. Tianji Co., Ltd. is a big data industrialization platform of the Institute of Computing of the Chinese Academy of Sciences. It has mature and advanced big data technology. Tianji Co., Ltd., which the company has invested in this time, is one of the main incubators incubated by the Institute of Computing of the Chinese Academy of Sciences to accelerate the transformation of big data technological achievements and promote the development of high-tech industries. It is currently one of the few autonomous and controllable big data engine product developers in China, focusing on the four major businesses of big data engines, data analysis, data services, security and management; and has core intellectual property rights in BDA big data analysis frameworks and algorithms, and BDE big data storage, management, and query. Its main product areas include: enterprise security test platforms, big data products and services in vertical fields such as local government and enterprise public opinion, business intelligence, financial securities, and big data search. Currently, the company has well-known partners such as Xinhua News Agency, State Grid, and China Mobile. The target companies are expected to achieve sales of 20 million yuan, 55 million yuan, 85 million yuan, and 1105 million yuan respectively in 2017-2020; the realized net profit is not less than 0 yuan, 15 million yuan, 30 million yuan, and 37.5 million yuan respectively. Develop in-depth cooperation with the Institute of Computing of the Chinese Academy of Sciences to jointly develop the market for big data products and services. According to the “Investment Cooperation Agreement” signed between Enlightenment Yang Ming and the Institute of Computing of the Chinese Academy of Sciences, the two sides can complement each other's strengths in various fields such as Industry 4.0, big data finance, big data public opinion and business intelligence, and new media services. Currently, the two sides are leading the cooperation, using Tianji Stock Data Technology Co., Ltd., a subsidiary of the Computing Institute, as a platform, based on the big data products and services market. The Institute of Computing of the Chinese Academy of Sciences promises that Tianji Co., Ltd. is the only industrialization platform for the industrialization development of the Key Laboratory of Network Data Science and Technology of the Institute of Computing of the Chinese Academy of Sciences in the direction of big data. This foreign investment is another major breakthrough in the company's strategic transformation. In 2016, the company acquired 100% of Nantong Qiyun's shares, thus entering the IDC data service field. At the same time, the company also acquired 15% of Beijing Computing Cloud's shares, thus entering the smart home business field. The company's acquisition of 30% of Tianji's shares by inspiring Yang Ming is one of the important steps for the company to lay out cloud storage, cloud computing and big data industries. The purpose is to expand the company's industrial chain layout in the fields of big data engines, data analysis, data services, data security and management, enhance the company's comprehensive competitiveness in the fields of data analysis, data services, etc., and accelerate the implementation and implementation of the company's industrial upgrading strategy. The company's own performance bottomed out and rebounded, and the IoT business began to be commercialized. The company expects net profit of 30 to 35 million yuan in the first three quarters, a significant increase of 2049%-2407% over the previous year. Recently, the company has received a series of large orders in the field of photovoltaic modules (1.5 billion plus 4 billion), significantly increasing the company's performance. Moreover, the company's smart home products have been officially launched. As the core system of the smart home, the smart information box realizes centralized and unified management of home devices, seizes key entrances in the Internet of Things era, and is in a different way with Google Home and the like. Our own IDC and big data processing graft of Tianji Co., Ltd. have laid a solid foundation for the company's future development of the Internet of Things. Maintain profit forecasts and maintain a “buy” rating. Since the company's board of directors and executive team changed blood in June of this year and the employee stock ownership plan was launched, the company's various businesses have made phased progress, showing a new look overall. It is expected that performance will gradually be released in the second half of '17. We have long been optimistic about the company's IoT layout and the recovery in the prosperity of the old business sector. Maintaining the profit forecast, the EPS for 17-19 is expected to be 0.10/0.25/0.38 yuan, and the corresponding PE is 101/40/27 times.