Investment highlights: The company issued an announcement, and Nanjing Aotejia, a wholly-owned subsidiary of the company, was identified as the supplier of electric compressors for BYD related electric models. Ping An's view: Becoming a BYD supplier, the market share is expected to increase: Nanjing Aotejia, a wholly-owned subsidiary of the company, has been identified as the supplier of electric compressors for BYD related electric models, and we expect to start supplying them in early 2018. According to China Automobile Association data, BYD sold a total of 83,000 new energy passenger vehicles from January to October, with a market share of about 21%. Previously, the company's electric compressor customers mainly included companies such as Zotye and Chery. BYD has a high share in the domestic NEV market, and becoming a supplier to BYD will help the company further increase its market share. Results for the first three quarters were under pressure, and the company actively improved: the company's performance in the first three quarters was under pressure. We believe that the main reason was that international air conditioning customers switched between new and old models, which affected orders for international air conditioning products; Nanjing Aotejia expanded production capacity in 2017, and the slowdown in sales growth led to a decrease in capacity utilization. It is expected that as the company's existing customers increase the number of new models, and the company continues to develop new customers, the business situation is expected to improve. Continuously expanding new customers, scroll compressors are expected to benefit from fuel point assessments: Previously, Nanjing Aotejia had become a supplier of electric compressors for PSA, FAW-Volkswagen, and German Volkswagen, which shows that the company's products are highly competitive. We expect that the company is currently actively communicating with domestic and foreign OEMs and is expected to develop more customers in the future. The assessment of fuel consumption points began in 2018. Scroll compressors have good energy efficiency. As a leading company of scroll compressors, the company is expected to benefit from the fuel consumption points assessment in the future. Profit forecast and investment advice: The company is a leading company for automotive air conditioning compressors and maintains the company's performance forecast. EPS forecasts for 2017-2019 are 0.14, 0.18, and 0.22 yuan, maintaining a “recommended” rating. Risk warning: The growth rate of the domestic automobile industry is slowing down; the expansion of new customers falls short of expectations.