Event: Dell Co., Ltd. released its 2017 three-quarter report: The company achieved a total operating income of 1,591 billion yuan in the first three quarters, an increase of 260.40% over the previous year, a net profit attributable to shareholders of listed companies of 91.31 million yuan, an increase of 1.78% over the previous year, and net profit attributable to shareholders of listed companies after deduction of 86.01 million yuan, an increase of 2.84% over the previous year, in line with expectations. Key investment points: Consolidated list of German CCI companies, building a strong performance guard team. During the reporting period, the main reason for performance growth was also listed for CCI company. Q3 In the single quarter, the company achieved operating income of 794 million yuan, up 522% year on year; realized net profit attributable to shareholders of listed companies of 27.92 million yuan, up 1.7% year on year; consolidated gross profit margin of 28.82% (y-7.15 pct), mainly due to the merger of CCI companies, whose silent system gross margin was relatively low; and the total rate of the three expenses was 22.92% (+7.49pct year over year), mainly due to consolidated German CCI and restricted stock fee amortization increases. Orders for new products were gradually released, and future profit margins can be expected. After years of technical preparation, orders for the company's new products, such as electric pumps and automatic transmission oil pumps, began to be gradually released in the fourth quarter. Among them, EHPS will achieve procurement volume of 300,000 models from internationally renowned automobile manufacturers in 2018. Production capacity is in short supply, and production capacity will be increased by 500,000 units in the future. In the second half of this year, automatic transmission oil pumps will begin to be supplied in batches to SAIC passenger cars and Shandong Shengrui. At the same time, production capacity for transmission oil pumps will also be increased by 1 million units. Profit forecast and investment rating: It is estimated that the company's net profit for 2017/2018/2019 was 1.4/27/360 million yuan, respectively, and the corresponding PE was 35/18/13 times, respectively. Driven by high growth expectations next year, the “buy” rating was maintained. Risk warning: the risk that the sales volume of the new product will not meet expectations; the risk that the sales volume of the automobile market will not meet expectations; the risk that the performance of the target acquisition will not meet expectations.