Incident: Third Quarterly Report Announcement: The company recently released its 2017 three-quarter report. From January to September 2017, the company's total operating revenue was 1,527 billion yuan, up 27.11% year on year; net profit attributable to shareholders of the parent company was 296 million yuan, up 48.72% from the same period last year, and net profit attributable to shareholders of the parent company was 290 million yuan, an increase of 47.33% over the same period last year; project progress and solid waste revenue growth are expected to increase significantly: First, because Huizhou EPC carbon 5/carbon 9 separation and comprehensive utilization of EPC project equipment supply, engineering construction, etc. progressed smoothly and made significant progress. Profits have increased significantly; second, construction of the PPP project in Ulanqab is progressing smoothly. Some BOT projects have been completed and accepted, and are expected to increase the company's net profit significantly; third, it is due to the large increase in solid waste treatment revenue of Jilin Solid Waste Treatment Co., Ltd. Capital increases, mergers and acquisitions open up new business areas and enhance comprehensive strength: The water sector has become a wholly-owned subsidiary through equity acquisitions. The hazardous solid waste treatment business increased capital for solid waste in Jilin in the first half of the year. In terms of environmental protection equipment manufacturing, the joint venture with Japan's Toray entered a stable production period and achieved expected profits in the first half of the year. On the basis of consolidating the original business field, the company accelerated the market layout and development of new business areas and achieved good phased progress. Expenses were properly controlled, and expenses were drastically reduced: sales expenses for the first three quarters were 14.9362 million yuan, down 30.67% year on year, mainly due to lower freight costs due to reduced delivery of Haotian Energy; management expenses for the first three quarters were 18.229 million yuan, down 39.06% year on year; financial expenses decreased by 137.37% in the current period compared to the same period last year, mainly due to reduced current bank loans and a sharp decrease in interest expenses. The progress of the project is accelerating, and performance is expected to grow, giving it a “recommended” rating: we expect the company's EPS in 2017-2019 to be 0.45, 0.56, and 0.69 yuan, respectively. The current stock price is 45.0, 36.8, and 29.8 times for 17-19, respectively. The company increased capital and mergers and acquisitions to develop new businesses, improve its comprehensive strength, and gradually advance engineering projects. The annual report performance is expected to increase significantly. For the first time, coverage was given a “recommended” rating. Risk Warning: Policy Risk