Event: On October 24, the company released its 2017 three-quarter report. The company achieved revenue of 914 million yuan in the first three quarters, an increase of 2,976% over the same period last year, net profit of 144 million yuan, an increase of 550.27% over the same period last year, and earnings per share of 0.21 yuan/share, an increase of 205% over the same period last year. The major environmental protection layout is gradually taking shape, and performance continues to grow rapidly. The company's performance in the first three quarters increased by 2976% year-on-year, mainly due to the completion of the merger, acquisition and restructuring of Jinglan Muhe in 2016, which achieved remarkable results in expanding the fields of water saving and energy saving. In the first three quarters of 2017, accounts receivable and other receivables increased 119.6% year on year and 403.94% year on year respectively, and prepaid accounts increased 342.27% year on year. The company's business volume grew rapidly and will continue to grow rapidly. The company's performance was gradually released, and the initial layout was verified. Increase capital mergers and acquisitions to improve the ecological environment industry chain. In February 2017, the company completed the acquisition of 90.11% of the shares of Jinglan Garden (North Garden) with a transaction consideration of 721 million yuan. Since Jinglan Garden and the company's existing business belong to different segments of the ecological environment industry, the two sides will give full play to synergies in market development, customer resource sharing, etc., to effectively enhance the company's overall competitiveness. In September of this year, Jinglan Garden received another 1.7 billion PPP order for the Weifang High-tech Zone. The Weifang High-tech Zone PPP project is an important layout and expansion of the company's business in the north after entering the landscaping and ecological restoration industry. It has increased the company's market share and brand influence in the Shandong region, is conducive to the growth of the company's garden environment technology service sector, and its annualized yield is as high as 36.5%. It is expected that the implementation of the project will bring considerable revenue and profit to the company. Water-saving faucets have strong ability to take orders, have abundant reserves, and performance growth can be expected. In the second half of 2016, the company completed the merger, acquisition and restructuring of Jinglan Muhe to achieve a preliminary layout in the fields of energy efficiency and water saving. Jinglan Muhe's business covers the production of water-saving irrigation equipment and general contracting of water-saving irrigation engineering design and construction. It is a leading water-saving irrigation enterprise in the Northeast region. It has obvious location advantages and strong ability to get orders. During the reporting period, Jinglan Muhe successively won bids for the Nanning Sugar Industry, Bahrain Youqi, Liangcheng County, Zoucheng, Toktor County, and Hulunbuir projects, and in September also won the bid for the “Tiantian Tong” project in Julu County. The company's market competitiveness and market share in the Hebei region will further increase. Currently, the company has plenty of orders, and performance growth can be expected. Investment rating and valuation: The company's net profit for 2017-2019 is estimated to be 354 million, 474 million and 609 million yuan, EPS of 0.48 yuan, 0.65 yuan, and 0.83 yuan, and price-earnings ratios of 29 times, 21 times, and 17 times respectively, giving it a “buy” rating. Risk warning: Project progress falls short of expectations; market competition risk