Event: The company released its 2017 three-quarter report. In the first three quarters of 2017, the company achieved operating income of 1,659 million yuan, a year-on-year increase of 34.42%, net profit attributable to shareholders of listed companies of 64 million yuan, a year-on-year decrease of 14.78%, and basic earnings per share of 0.08 yuan/share, a year-on-year decrease of 14.77%. Comment: The company's performance in the third quarter increased. We expect that the geothermal power plant will greatly improve the company's performance after implementation. In the first three quarters of 2017, the company achieved operating income of 1,659 million yuan, a year-on-year increase of 34.42%, net profit attributable to shareholders of listed companies of 64 million yuan, a year-on-year decrease of 14.78%, and basic earnings per share of 0.08 yuan/share, a year-on-year decrease of 14.77%. Among them, the third quarter achieved operating income of 571 million yuan, an increase of 12.48% over the previous year, and net profit of 32.14 million yuan, an increase of 2.64% over the previous year. The company's performance in the third quarter increased. Compared with the first three quarters of last year, the company's net profit for the first three quarters fell by 14.78%, mainly because the company's geothermal projects in America and Southeast Asia are still progressing in an orderly manner. Since no revenue has yet been generated, expenses are currently large, which has temporarily had a negative impact on net profit. We expect the geothermal power plant to significantly improve the company's performance after entering the payment period. The company's geothermal power plant is about to enter the payment period, and this business is expected to become a booster for the company's performance. The company's screw expansion power generation technology and complete equipment have core independent intellectual property rights and a world-leading technical level. Combined with the company's transformation strategy to a world-leading multinational corporation operating renewable energy, the company has vigorously recruited senior professionals in the field of geothermal power generation from around the world and formed KS ORKA RENEWABLES PTE.LTD in Singapore. The US Open Mountain Energy, LLC geothermal development platform and global geothermal development and operation team combine the company's technical team's world-leading geothermal power generation technology with the geothermal development team's world-class geothermal exploration engineering capabilities and application capabilities, providing a favorable guarantee for the company to develop the global geothermal market and implement transformation strategies. In the first half of 2017, the company adhered to the innovation drive, closely focused on the goal of strategic transformation to a globally influential renewable energy operator and geothermal power generation complete equipment provider, increased R&D investment and team building efforts, and launched a new “one well, one station” geothermal power generation technology path with screw expansion power plants as the core equipment of distributed power plants, which was recognized by overseas geothermal power generation markets. In the first half of 2017, the company acquired the development rights of the geothermal power plant near Wabuska, Nevada, by Homestretch Geothermal 2010, LLC. This acquisition is of great significance to the company's entry into the US geothermal market company, the development of the South American geothermal market, and the smooth transformation into a renewable energy equipment manufacturing and operation company. At present, the company has obtained the 240MW Sorik Marapi geothermal project in Indonesia and the 30MW Sokoria geothermal project, and the 30MW (initial 2.7MW) geothermal power generation project of Turawell Geothermal Company in Budapest, Hungary. At the same time, the company will continue to develop geothermal projects in Indonesia, the United States, Kenya, Turkey and other places. In October 2017, the company obtained a geothermal resources license issued by the Ministry of Energy & Petroleum of Kenya, which gave the company the rights and privileges needed to explore and develop the Magadi geothermal project in Kenya. The company hopes to have the right to develop more than 1,000 MW of geothermal resources within the next 3 to 5 years. We expect that the company's geothermal power plant business will soon enter the implementation period, which is expected to help the company's performance take off in the future. The screw compressor business supports the company's performance. The company is a leading enterprise in the screw compressor industry. The technical level and energy efficiency of the company's screw compressor products have always been in a leading position in the industry. It has technical advantages, scale advantages, brand advantages, channel advantages, and cost advantages obtained based on the complete industrial chain. The domestic market share has always been at the forefront, and it has the ability to participate in international competition and gradually increase its sales share in the international market. In the first half of 2017, the company's screw machine business achieved revenue of 896 million yuan, a year-on-year increase of 59.62%, and gross margin of 26.78%, an increase of 3.85 percentage points over the previous year. The revenue of the screw machine business accounted for 84.33% of the total revenue, bringing steady growth in the company's performance. The company adheres to the drive of innovation, and R & D investment is increasing year by year. The company adheres to the drive of innovation and increases R&D investment. In the first half of 2017, the company's R&D expenses were 25.6 million yuan, an increase of 26.58% over the previous year, and the company's R&D investment maintained a trend of increasing year by year. The company attaches great importance to the management and protection of intellectual property rights. As of June 2017, the company has 111 patents. Profit forecast and rating: We expect the company's operating revenue for 2017-2019 to be $2,159 million, $3.449 billion, and $5.597 billion respectively, up 25.00%, 59.72%, and 62.27% year on year, while net profit is $181 million, $344 million and $603 million respectively, up 82.18%, 89.66%, and 75.47% year on year. According to the company's current share capital, the 2017-2019 EPS is expected to be 0.21 yuan, 0.40 yuan, and 0.70 yuan respectively, and the price-earnings ratio corresponding to the closing price on November 06 is 82, 43, and 25 times, respectively. We maintain a “buy” rating given the company's broad landscape of global geothermal leaders and the ability to monetize future resources. Stock price catalysts: Indonesian project implementation; geothermal industry development exceeds expectations; “Belt and Road” policy alignment. Risk factors: 1. Investment implementation of overseas geothermal projects falls short of expectations; 2. Risk of loss of core technical personnel; 3. Increased financial costs