The performance of the 2018 mid-year report increased 82% year on year: The company released the 2018 semi-annual report. The first half of 2018 achieved revenue of 1.02 billion yuan, a year-on-year increase of 58.32%, net profit of 332 million yuan, an increase of 82.34% over the previous year, net profit of 289 million yuan after deducting non-return net profit of 289 million yuan, a year-on-year increase of 79.06%, and earnings per share of 0.17 yuan. The performance growth was in line with expectations. High-end equipment continues to be developed, and 300 million orders confirm revenue: the company positions high-end equipment R&D and manufacturing, continues to invest in R&D, and achieves breakthroughs. Revenue in the first half of the year was 400 million yuan, a significant increase of 511.7% over last year. At the end of 2017, a major order of 300 million yuan was signed, and revenue was confirmed in the first half of the year. It is expected that the business sector will continue to contribute to performance as the product expands. The scale of power plant operations has expanded, profits have increased, and reserves are abundant: 162.8 MW of photovoltaic installed capacity was added in the first half of '18, with a cumulative installed capacity of 1.3 GW, an increase of 24% over the previous year. Achieved revenue of 566 million yuan, an increase of 32.63% over the previous year. The company has high-quality reserves, high profitability, and a continuous increase in scale, which has become the driving force for steady growth in performance. As production of new materials expands, it remains to wait for product production and sales volume: in the first half of '18, China's monocrystalline penetration rate reached 54%, and in the second half of the year, the leader project accelerated the monocrystalline replacement trend. The company invested in its own 5GW monocrystalline silicon material project in Wuhai, and will benefit from the monocrystalline replacement trend after production capacity is released. Profit forecast: The company's EPS for 18-20 is expected to be 0.4 yuan, 0.54 yuan, and 0.69 yuan, and the corresponding (August 31) valuations are 10.05 times, 7.6 times, and 5.92 times, giving a prudent increase in holdings ratings. Risk warning: PV installation falls short of expectations; progress in expanding monocrystalline silicon wafers falls short of expectations; prices of photovoltaic products fluctuate too much; equipment orders fall short of expectations.