The company's performance in 2017 increased 19.7% year on year, and the first quarter of '18 increased 51.4% year on year. The company announced that it achieved operating income of 2,541 billion yuan in '17, an increase of 308.1% year on year, of which NVH products were 1,725 million yuan; realized net profit of 131 million yuan, an increase of 19.7% over the previous year; achieved net profit after deduction of 127 million yuan, a year-on-year increase of 23.7%; and achieved a fully diluted EPS of about 1.25 yuan. In the first quarter of '17, the company achieved revenue of 838 million yuan, an increase of 366.7% over the previous year, and realized net profit of 46 million yuan, an increase of 51.4% over the previous year. The large increase in the company's performance is related to the CCI merger (CCI achieved net profit of 91,72223 million yuan in 2017), as well as the rapid growth rate of the fundraising business. The inflection point of the company has been established. Fund-raising projects will continue to increase in volume in the face of industry changes. The company actively transforms and upgrades to cope with changes in market demand, and has developed products such as automatic transmission oil pumps, EHPS electrohydraulic pumps, EPS motors, and PEPS. According to the annual report, 500,000 units of electro-hydraulic steering pump production capacity were added in 2017. Transmission electric pumps have already been supplied in batches to SAIC passenger cars and Shandong Shengrui, and EPS motors have also obtained customer mass production plans. We expect the company's new business to continue to increase in volume in 2018. Various new businesses provide broad development space, and the company's transformation into a comprehensive solution service provider. We believe that the company's biggest focus in the future is electric pumps with high technical barriers. The penetration rate and double increase in bicycle value brought about by markets such as electric pumps, EHPS electro-hydraulic pumps, EPS motors, PEPS and other automotive electronics, transmission mechanical pumps, etc., will provide the company with broad development space. In addition, the company completed the acquisition of Carqueus, a supplier of noise reduction and insulation products, which is conducive to diversifying its products and expanding the global market. The company gradually began to provide system solutions, transforming from a supplier of steering system components to a comprehensive service provider of auto parts for steering, transmission, braking, automotive electronics, and body systems. Investment advice companies used to be automobile steering pump leaders, and their management capabilities and profitability remained at a high level for a long time. At the same time, the company has a number of automotive electronics technology reserves, and upgraded product projects such as electric pumps are progressing smoothly. It has broken through the steering system and entered the transmission and braking system. The endogenous growth is high. After the acquisition of CCI, the company achieved endogenous and epitaxial two-wheel drive development. We expect the company's EPS in 18-20 to be 2.33, 3.25, and 3.97 yuan respectively, corresponding to the current stock price PE of 17.3/12.4/10.2 times, maintaining the “buy” rating. Risks suggest that the growth of the traditional main business falls short of expectations; the expansion of new projects falls short of expectations; and the risk of integration after the acquisition of CCI.