Incident: The company announced that it formed a consortium with Jiangsu Shenlong Offshore Engineering Group to become the pre-transaction social capital party for the PPP project for the comprehensive renovation of the Caoxian First Ring Water System. The project model is BOT. The cooperation period is tentatively scheduled for 15 years, including a construction period of 2 years and an operation period of 13 years. The total investment amount of the project is about 1.28 billion yuan, and the return on investment is 6.9%. We continue to win bids for PPP projects, and on-hand orders fully support our performance. In 2017, the company continued to win bids for the Uzbek Navoi Complex Project, the PPP Project for the Sewage Treatment and Pipeline Network Project in Longlou Town District and Tongguling Tourist Area in Wenchang City, Hainan Province, the PPP Project for the Fengdu Reservoir and Water Supply Project in Muling City, Heilongjiang Province, the commissioned operation of sewage treatment facilities and equipment in Longyan, Shuijiang, Nanping Group Sewage Treatment Plants in Chongqing, and the third network PPP project in Yiliang County, Kunming. The total investment for the Caoxian First Ring Water System Comprehensive Renovation PPP Project is about 1.28 billion yuan. With the final signing of subsequent projects and the gradual implementation of the original project, the company's performance is expected to maintain a rapid and steady growth trend. The seawater desalination industry is booming, and the company's business performance is impressive. The “13th Five-Year Plan for Seawater Utilization” issued by the Development and Reform Commission in 2016 mentioned that by the end of the 13th Five-Year Plan, the total scale of seawater desalination in the country reached more than 2.2 million tons/day, coastal cities added more than 1.05 million tons/day, and island regions added more than 140,000 tons/day of seawater desalination, so the seawater desalination industry is expected to maintain high growth. The scale of the Cangzhou and Yingkou seawater desalination projects under construction by the company is 100,000 tons/day. Of these, the Cangzhou Phase I 50,000 tons/day project is expected to be put into operation in the first quarter of next year. At the same time, the company signed a letter of intent to invest in the Qingdao Blue Valley Seawater Desalination Industrial Park. The successive commissioning of future projects will bring stable results. Actively engage in overseas mergers and acquisitions to build a comprehensive service provider for the entire water treatment industry chain. Since 2015, the company has acquired 100% of KWI's shares, 21.6% of LW's shares, and 67.65% of iTN's shares. In June 2017, it also acquired 100% of DHT's shares for 7.36 million US dollars. DHT specializes in providing seawater desalination, municipal sewage treatment, etc., and has rich engineering performance and a global commercial network. It has 200 projects in 25 countries, covering municipal and industrial fields. The company introduces advanced international and domestic technology, high-end equipment, excellent teams and global markets through investment and mergers and acquisitions to build the company's core competitiveness from a global perspective. Investment rating and valuation: The company's net profit for 2017-2019 is estimated to be $323 million, $423 million, and $516 million, and EPS of 0.48 yuan, 0.63 yuan, and 0.77 yuan, with price-earnings ratios of 19 times, 14 times, and 12 times respectively, giving it a “buy” rating. Risk warning: New projects are not progressing as expected