The investment logic comprehensively transforms the smart ecosystem and creates an “ecological environment+Internet” industrial chain. The company is a leading enterprise in the intelligent, efficient and water-saving industry. It is committed to becoming China's leading green and intelligent overall solution service provider and building an “ecological environment+Internet” industry chain. The company, formerly known as Longfa Co., Ltd., Tianlun Real Estate, joined Jinglan Holdings in 2014. In December 2015, the company divested the commercial real estate, coal, and mining sectors. In September 2016, it acquired Muhe Water Conservation to enter the energy saving and environmental protection industry starting from water-saving irrigation. In September 2017, it acquired 90.11% of the shares in North Garden. In the first three quarters of 2017, the company's revenue/net profit was $914 million /143 million, up 2976%/550% year on year, comprehensively transforming the smart ecosystem. Acquire Muhe to save water and enter the water-saving irrigation industry. The state requires an additional 100 million mu of high-efficiency water-saving irrigation area in the 13th Five-Year Plan, with an estimated market space of 150 billion yuan. The company acquired 100% of Muhe's shares in Water Saving for 1,588 billion yuan, using the water-saving sector as an entry point, first building a smart ecological water-saving industry chain and gradually improving the energy saving and environmental protection layout. The smart ecological water-saving sector received more than 10.6 billion yuan in new orders in 2017, an increase of 47% over the previous year, making it the company's largest business sector. Entering northern gardens, the “ecological environment+Internet” fell one more time. The current urbanization rate in China is 57.4%, and there is still a big gap from more than 80% in developed countries. Demand for landscaping in the middle and late stages of urbanization continues to be released. In September, the company acquired 90.11% of Beifang Garden's shares with 721 million yuan, issued 39.24 million shares at 1,349 yuan/share to pay 530 million yuan, and paid 190 million yuan in cash. At the same time, it raised 51 million yuan in supporting capital with an increase of 12.7 yuan/share. Northern Garden promised to deduct no less than 423 million yuan in net profit from non-return funds in the four years 2016 to 2019, and that the cumulative operating cash flow for the three years 2017 to 2019 will not be less than 174 million yuan, further improving the company's “ecological environment+Internet” industry chain. The 13th Five-Year Plan energy saving output target is 3 trillion yuan, and Jinglan Energy Technology opens up the industrial energy saving market. The “13th Five-Year Plan” for the National Strategic Emerging Industries Development Plan requires that the output value of high-efficiency and energy-saving industries reach 3 trillion yuan in 2020. China's industrial energy consumption accounts for about 70% of the country's total energy consumption, and is a key area for the energy saving industry. In April 2015, the company established Jinglan Energy Technology and held 51% of the shares to master seven industrial energy-saving solutions, including waste heat recovery from industrial enterprises, industrial exhaust gas cogeneration, and transformation and upgrading of coking enterprises. In 2017, Jinglan Energy Co., Ltd. added more than 1.2 billion new orders, successfully opening up the industrial energy saving market. Ecological Cloud provides big data support to promote integration between smart ecological sectors. The company's ecological cloud services are divided into four major segments: ecological environment monitoring cloud, blockchain ecological agriculture cloud, ecological cloud e-commerce, and ecological cloud financial services. Using cloud computing and big data technology, we provide industrial quality upgrading and transformation services based on the Internet, cloud, and hosting to promote the effective integration of the smart ecosystem and the Internet. The company's water-saving cloud platform development project has a budget of about 100 million yuan. Development began in June 2016. The cycle is 2 years. As of the first half of the year, 6.6% of the budget has been completed. From the second half of 2017 to 2018, it will enter a rapid implementation stage. The Nineteenth National Congress of Investment Proposals Report called for the expansion of the energy saving and environmental protection industry. The company's “ecological environment+Internet” industry chain was formed, and the water-saving, energy-saving, and garden sectors collaborated to drive a turning point in performance. New orders in 2017 exceeded 13.1 billion yuan, an increase of 44% over the previous year, to guarantee the company's performance growth. According to estimates, it is estimated that in 17/18/19, the company's net profit will be 3.7, 5.0, and 660 million yuan, and EPS of 0.56, 0.69, and 0.90 yuan. The corresponding PE will be 25, 20, and 15 times, giving it a “buy” rating. Risk warning risk of major policy changes; risk of order execution progress; risk of slow collection of accounts receivable