Guide to this report: The net profit growth rate for the third quarter was 550%. The smooth expansion of Jinglan Muhe and Jinglan Energy Technology's business and Beifang Garden combined to drive rapid performance growth. We continue to be optimistic about the company's ecological layout and maintain the “increase in holdings” rating. Investment points: Maintain the “increase in holdings” rating: maintain the estimated EPS of the company in 2017-2019 at 0.47, 0.64, and 0.88 yuan, maintain the target price of 18.64 yuan, and maintain the “increase in holdings” rating. Water conservation and clean energy continue to gain strength, and northern gardens are also boosting growth. Currently, the company's core business segments are carried out by Jinglan Muhe (water saving), Jinglan Energy (clean energy), and Beifang Garden (ecological restoration). Among them, Jinglan Muhe and Jinglan Energy Technology were important contributors to the third quarter results, and the Beifang Garden's September 15 merger also contributed slightly to the performance. The fields laid out are all high-boom segmented industries. Currently, the total number of orders in hand (including frameworks) exceeds 26 billion yuan, driving high growth in the future without worry. The scale of assets is expanding, and there is still room for improvement in financial leverage. The company's total assets at the end of the third quarter were 7.888 billion yuan, up 93% year on year; net assets were 4,097 billion yuan, up 38% year on year. Among them, the balances of short-term loans and long-term loans were 12.98 billion yuan and 300 million yuan respectively, up 399% and 433% year-on-year respectively. The increase in debt indicates that future projects are expected to be implemented at an accelerated pace, and the current debt ratio of 48% is still at a low level. There is still room for improvement in financial leverage, driving accelerated performance growth and successful completion, and deep binding shows confidence. The company's acquisition of North Garden and the issuance of shares to raise supporting capital was completed on October 18, 2017. The actual controller Guo Shaozeng's Banding Asset participated in the subscription of 0.4 million shares, accounting for 5.89% of the total share capital, and the subscription price was 12.70 yuan/share. The full subscription further increased the actual controller's shareholding ratio in the listed company, demonstrating confidence in the company's growth. In addition, Yang Shulantian, the controlling shareholder of the company, increased its holdings by 200 million yuan at an average price of 15.7 yuan this year, achieving a deeper bond with the company's interests and providing safe marginal support for the stock price. Risk warning: macroeconomic risk; progress in smart agriculture and smart city business layout is lower than expected.