The project is progressing as scheduled. Shunfeng announced this week that it has signed a strategic cooperation agreement with the Luoyang Municipal People's Government in Henan, adopting a contract energy management model, which is in line with the progress of the company's potential projects obtained in our research at the end of April. This is Shunfeng's second green energy saving demonstration city project after the Changzhou strategic cooperation agreement signed in March this year. Among such projects, Shunfeng will provide facilities for solar photovoltaic power generation, urban and community lighting, heating and cooling, pure electric public transportation, electric vehicle charging facilities, and intelligent energy management systems. Green energy-saving urban projects are expected to save up to 50%. Shunfeng uses a contract energy management model to obtain sustainable profit revenue in urban energy saving plans over the next 25 years. Furthermore, according to an agreement signed by China Aviation Trust in early April, the two companies plan to establish a joint venture (each holding 50% shares). According to research, the joint venture will focus on energy-saving projects for commercial buildings, and China Aviation Trust is responsible for the joint venture's financing guarantee. Shunfeng's first low-carbon project is expected to be completed in June. The new Hongqiao International School is Shunfeng's first project using a contract energy management model. It is expected to be completed in June 2015. Shunfeng has built rooftop photovoltaic panels, provided ground source heat pump technology to reduce the load on air conditioning, ensure hot water supply, and is equipped with LED lighting, which is estimated to save more than 50% of energy consumption. Our profit model does not reflect the profit that this project may bring, and the successful implementation of this project will raise the profit level of Shunfeng in 2015. Geothermal heat pump technology opens up the heating transformation market in the north. The joint venture established by Shunfeng and Nobao Group has begun negotiations and is committed to the transformation of central heating (boiler rooms) in the northern part of the country, with a market space of several billion dollars. According to research, Nobao has no rival in this domestic field that can match it. Maintain a buy rating. We maintain Shunfeng's recurring net profit of 1.55 billion yuan in 2015 (up 397% year on year), 2.1 billion yuan in 2016 (up 27% year on year), and 2.7 billion yuan in 2017 (up 36% year on year). Excluding one-time earnings, diluted earnings per share remained at 0.23 yuan (up 306% year over year), 0.31 yuan (up 36% year over year) in '17, and 0.39 yuan (up 27% year on year) in '17. The target price remains unchanged at HK$8.6, which is equivalent to 15E 20x diluted earnings per share and 15E 2.8x PB. The stock price has room to rise 70%, and we maintain our buy rating.