Matters: The company released its 2017 three-quarter report on October 29. In the first three quarters, the company achieved revenue of 2.190 billion yuan, +95.94% year-on-year; net profit of 218 million yuan, +132.60% year-on-year. Among them, Q3 achieved revenue of 817 million yuan in a single quarter, +97.65% over the same period; net profit of the mother was 71 million yuan, +77.08% over the same period last year. The performance was in line with expectations. The sharp change in performance was mainly due to the increase in the scope of mergers between Weifeng International and Vanderwell from the beginning of the year to the end of the reporting period. Our comments on this are as follows: Comment: Light conveyor belts are still booming, and the international layout promotes performance growth. The company is the largest lightweight conveyor belt manufacturer in China, leading the industry in market share, and the advantages of high-end products are obvious. In the first three quarters of 2017, the light conveyor belt market continued to maintain economic growth, and the industry prospects are good. In December 2016, the company completed the acquisition of Vanderwell in the Netherlands, taking an important step in the overseas expansion of the light conveyor belt business. By absorbing Vanderwell's advanced technology and experience in the field of light conveyor belts and using this to expand and penetrate the European customer base, the company has greatly increased the scale, brand efficiency and influence of the light conveyor belt business, and profit growth can be expected. The molding market has broad prospects, and Weifeng is also expanding its industrial layout. The company completed the layout of the molding industry through the acquisition of Yingdong Plastic and Weifeng International, extending the industry chain and is expected to achieve synergies. Among them, the subsidiary Yingdong Molding signed a cooperation contract with Tesla in 2015 and entered Tesla's supply chain to develop, supply products, and provide supporting services. If Tesla successfully builds factories in China in the future, the company's business is expected to expand rapidly. In October 2016, the company raised capital through a non-public offering of shares to purchase Weifeng International Holdings Limited and explore the precision molding market in the precision toys and consumer electronics industries. As the main supplier of well-known companies LEGO and Cal-Comp, Weifeng International has promoted the linear growth of the company's molding business scale and the integration of customer resources. Currently, the company still has great potential in the 100-billion-level molding market, and is expected to become a new growth point for the company's performance. The express delivery industry's listing dividends have driven rapid growth in the intelligent sorting industry. The company entered the field of intelligent sorting systems by holding Xinba Technology in July 2015. After two years of run-in and development, the company's business continues to mature. Currently, the industry has ushered in a period of explosive growth, and the collective listing of Four Links and One Delivery has sparked a boom in the construction of intelligent sorting systems in the express delivery industry. The subsidiary Shinba Technology is a core partner of express delivery companies such as Shentong. With the advent of the “Double Eleven” and other online shopping frenzy, we believe that this business will continue to explode in the second half of the year and maintain a continuous upward trend over the next 5-10 years. Risk factors: 1. The promotion of intelligent sorting systems falls short of expectations; 2. The decline in product sales brought about by the macroeconomic downturn. Maintain a “buy” rating. We maintain the company's net profit forecast of 342/4.45/543 million yuan, corresponding to EPS of 0.75/0.98/1.20 yuan, respectively. Based on 30 times PE in 2017, the target price was maintained at 22.6 yuan, maintaining the “buy” rating.