Abstract: The company is a leading domestic mobile air conditioner company and is in an absolute leading position in the bus air conditioning market. Using a unique “terminal sales” model, the company has established strong customer relationships with major domestic bus customers. Since it already has a first-mover advantage in terms of market position, combined with the company's development of new products, the company has significantly benefited from the new energy substitution process in the bus industry, and its market share has increased rapidly. The passenger car business later took the lead. The company's customers have achieved full coverage of own-brand passenger car companies, and the rise of independent brands has brought the company's business scale to a new level. At the same time, the company further expanded its joint venture brand customers. As the company's hardware strength improves, several developed and mature products are about to be mass-produced. The company has ushered in new opportunities in the supporting business of new energy vehicles and joint venture brands. Profit forecast: the company's bus business has a stable market position, providing a steady performance guarantee for the company. We are pioneering in the passenger car business, which has a larger market scale, and our own research and development capabilities are strong, and many new products will soon be mass-produced. The path for the company's future performance growth is clear. It is predicted that the company's EPS in 2017-2019 will reach 0.88, 0.93 and 1.0 yuan respectively, corresponding to the price-earnings ratio of 15.3, 14.5, and 13.5 times the current stock price, respectively, giving the company an “increase in wealth” rating. Risk warning: 1) New energy vehicles are becoming more popular than expected; 2) New customer expansion is lower than expected.