Guide to this report: Q1 performance was poor due to various factors such as high coal prices, increased financial expenses, and reduced investment income. As projects under construction are gradually put into operation, the company's performance is expected to increase and maintain “increased holdings.” Investment points: Investment advice: The company's Q1 performance is lower than expected. Considering the gradual commencement of production of projects under construction, it is expected to increase performance. Maintaining the 18-20 EPS forecast at 0.24/0.33/0.38 yuan, giving 31 times PE for 18 years, maintaining the target price of 7.5 yuan, and maintaining the “increase in holdings” rating. Incident: On April 28, the company released its quarterly report. In 2018, Q1 revenue was 3.645 billion, up 42.22% year on year; net profit was 61 million yuan, down 45.87% year on year. Slightly below expectations. The increase in electricity volume has contributed to a sharp increase in revenue, and high coal prices have led to a decline in gross margin. On the revenue side, Q1 feed-in electricity volume was 7.355 billion kilowatt-hours, up 51.65% year on year. (including 5,237 million kilowatt-hours for coal-fired power generation, 1,071 million kilowatt-hours for combustion engine power, 355 million kilowatt-hours for wind power, 259 million kilowatt-hours for photovoltaic power generation, and 433 million kilowatt-hours for hydropower). The increase in electricity volume was mainly due to the fact that the Ghana Phase II combustion engine power plant, Xinjiang, and Hebei cogeneration projects were put into operation one after another in 2017, and the output of new units; however, due to the decline in electricity prices at the company's coal-fired power plants, Q1 revenue increased by 42.22% year-on-year, slightly lower than the increase in electricity volume. On the cost side, under the influence of high coal prices, Q1 operating costs rose 47.26% year on year, and Q1 gross margin was 19.06%, down 2.78 percentage points year on year. Due to poor Q1 performance, the commencement of construction projects is expected to increase performance. Due to the large number of projects under construction (the combination of various types of machinery under construction exceeds 5 million kilowatts), the scale of the company's debt increased, resulting in Q1 financial expenses of 4.1 million yuan, an increase of 30.06% over the previous year. In addition, Q1 investment income was only $012 million, a year-on-year decrease of 83% ($0.7 billion in the same period last year). The above factors dragged down the company's performance. Net profit for Q1 was only 61 million yuan, a year-on-year decrease of 45.87%. In the future, as projects under construction are put into operation, the company's performance is expected to increase. Risk factors: weak demand for electricity, higher coal prices than expected