Continued rapid growth in the third quarter: On October 18, the company released its three-quarter report. From January to September 2017, it achieved operating income of 693 million yuan, an increase of 47.23% over the previous year; net profit to mother was 116 million yuan, an increase of 41.51% over the previous year. On a quarterly basis, Q3 achieved revenue of 253 million yuan in a single quarter, up 49.04% year on year; net profit to mother was 472,151 million yuan, up 45.69% year on year, and continued to grow rapidly in the third quarter. Profitability has increased, and management and finance rates have increased. According to the announcement, the company's gross sales margin for the first three quarters was 33.06%, an increase of 1.8 pcts over the previous year. From January to September, the company's sales, management, and financial expenses were 19.5548 million yuan, 71.04 million yuan, and 4.78 million yuan respectively. The rate changes were -0.94, 1.65, and 1.78 pcts, respectively. The increase in management expenses was due to an increase in R&D expenses and share payment expenses charged to the equity incentive plan; the increase in financial expenses was due to an increase in exchange losses. Container shipping is recovering, and advance payments continue to grow. The level of prosperity in the container industry is closely related to the global trade situation. The growth rate of global trade in 2016 was only 1.3%, and the global economy is currently picking up. According to WTO forecasts, global trade volume increased by about 2.4% this year, which is a clear recovery; at the same time, the WTO predicts that total global trade volume will grow by 2.1% to 4% in 2018. The company is a leading domestic tank container manufacturer and continues to seize market share with a “differentiated” competitive strategy. The announcement shows that this year, while acquiring and maintaining major customers, it has further achieved development breakthroughs for small and medium-sized customers. According to the announcement, the company's advance account balance at the end of the third quarter was 224 million yuan, a year-on-year increase of 34% over the beginning of the year, mainly due to an increase in pre-received customer payments, which indicates the sustainability of the company's rapid growth. On September 27, the company announced that it plans to establish Nantong Sifang Energy Saving Technology Company with its own capital of 300 million yuan to develop new energy-saving building panels, insulation and sound insulation materials, and supporting products related to cold storage projects, extending the industrial chain, which is expected to further enhance its competitive strength. The first stock incentive was completed, showing confidence: On April 26, 2017, the company completed the registration of the first phase of the stock incentive plan, granted a price of 15.91 yuan/share, and awarded 344,600 restricted shares to 353 key employees, accounting for 1.64% of the current total share capital. The performance assessment indicators unlocked by the equity incentive plan three times are, respectively, that net profit in 2017, 2018, and 2019 increased by no less than 10%, 20%, and 30% compared to 2016, respectively. This equity incentive highlights management's confidence in the company's future development and injects new impetus into the company's rapid and stable development. Investment advice: Based on the positive trend of the company's business recovery, we raised our performance forecast. Net profit for 2017-2019 is expected to be 173 million yuan, 219 million yuan, 271 million yuan, and EPS of 0.82 yuan, 1.04 yuan, and 1.29 yuan respectively. Maintaining a buy-A rating, the 6-month target price is 32.80 yuan. Risk warning: exchange rate fluctuations, raw material prices fluctuate, industry competition intensifies